Enviro Incentive Scheme Raises Funds

Scandinavian Enviro Systems

An options-based incentive scheme approved at the Annual General Meeting of Enviro on 20 May had generated substantial interest among key employees and Board members when the subscription period ended on 11 June. The scheme raised a total of MSEK 5.6 to the Company as of 16 June this year.

Enviro Raises Total of MSEK 5.6.

All eligible Board members and all but two eligible key employees subscribed for options. Board members subscribed to a total of 66 per cent of the available options while key employees subscribed to a total of 68 per cent. The scheme targeting key employees aims to offer participants a personal ownership commitment to the company and also to support opportunities to recruit and retain skilled and committed key employees. The scheme targeting Board members aims to offer members an opportunity to receive remuneration that is related to and dependent on the long-term growth in value for the company’s shareholders that the members help to create in their roles as members of the Board and as actively involved in the company’s operating activities. 

The options in the scheme extend for three years for employees and for 3.5 years for Board members. At the end of the period, one option in the schemes entitles the holder to subscribe to one new share at a subscription price per share corresponding to 130 per cent of the volume-weighted average price paid during the period 21 May 2021 to 3 June 2021. Full terms and conditions of the scheme are provided in the notification of the Annual General Meeting available on the company’s website.

About the author

Ewan has been editor of Retreading Business since 2006 and of Tyre & Rubber Recycling since the magazine was founded. During this period he has become an expert on the global tyre recycling sector. He has many years' experience as an automotive journalist including a period at Tyres & Accessories.

Email: ewan.scott@tyreandrubberrecycling.com

 

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