Shares for Veidekke Employees - not Options
Employees of Veidekke are now in the process of purchasing shares in their own company for more than NOK 50 million. "We offer shares to all our employees in Norway, Sweden and Denmark, because we believe it is important that as many employees as possible contribute to and share in the Group's value creation," says Veidekke ASA's President and CEO Terje R. Venold.
Veidekke's employees have been offered shares at a price of NOK 177.50. This is 20 per cent lower than the market price during the subscription period 13 to 19 November. However, the shares have a two to three-year lock-in period. Subscription is now closed in Norway, but the subscription period has been extended until 24 November in Denmark and Sweden (due to delays in postal deliveries). As of today, 674 employees have subscribed for 288,930 shares with a total value of NOK 51.3 million.
"We regard it as very important at Veidekke that our employees are shareholders in their own company. Two thousand employees as co-owners means a high level of commitment and involvement in our operations. And it also means that many employees both care about and get a chance to share in the value created by the company," Mr Venold concludes.
"Veidekke's employees appreciate working in a company with an orderly system for pay, bonuses and shares. One of the top management's priorities is to have a pay system that is motivating and found acceptable by the employees - and not the exact opposite. It is naturally much better to be an employee and an employees' representative in a company with no option agreements of any kind, particularly in view of all the attention these have been getting recently," says Steinar Krogstad, Group representative for Veidekke's craftsmen.
Around 2,000 employees hold a total of 14 per cent of the shares in Veidekke ASA. It is Veidekke's aim to have at least half of its employees as shareholders, and the Group works continuously to facilitate and increase employee ownership.
For further information, please go to www.veidekke.no or contact:
Terje R. Venold, President and CEO, tel +47 21 05 77 01 or 905 82 323, terje.venold@veidekke.no
Arne Giske, Executive Vice President CFO, tel +47 21 05 77 80 or 90 58 95 26, arne.giske@veidekke.no
Kai Krüger Henriksen, Executive Vice President Communication, tel +47 21 05 77 04 or 90 51 93 60, kai.henriksen@veidekke.no
Steinar Krogstad, Group employees' representative, tel + 47 73 82 35 00 or 91 77 19 48, steinar.krogstad@veidekke.no