The Board of Schibsted ASA has approved a new employee share saving for employees in the Schibsted Group. The plan is offered to employees in the Group working for companies where Schibsted’s ownership is more than 50 percent. The purpose of the plan is to motivate and retain employees as well as to increase the interest for the Group’s results and performance through owning Schibsted shares.
It is the Board’s intention that the plan shall be a continuing part of the company’s employee incentive scheme. However, the Board shall have the right to decide, in its sole discretion, whether or not the plan will be extended in the future, the terms of the plan, and to which eligible Group companies it shall extend the offer.
For 2014, the company offers a share saving plan based on an annual savings range of NOK 2,000 – NOK 50,000 (or equivalent in local currency) but maximum 5 percent of annual gross fixed salary. Employees can enroll and change the savings amount quarterly. The savings amount is deducted from the monthly net salary. The savings amount is used to purchase Schibsted shares quarterly on behalf of the employees. The purchase of shares will take place through DNB on the day or days following publication of the interim accounts. The first purchase will take place after the publication of the Q2 2014 interim report. The purchase price and the number of shares acquired by the company will be reported in accordance with the applicable regulations. Employees will be allocated shares at the purchase price which is the market price on the purchase date (i.e. no discount).
After two years of ownership, the company will allocate one bonus share for every two shares bought in connection with this offer.
Attached to this release is a list of employees that are primary insiders and that have subscribed in the share saving plan for 2014. The subscribed amount disclosed is the total amount for 2014. Primary insiders can not change the savings amount quarterly. The purchase price and the number of shares will be reported when allocation is done.
Jo Christian Steigedal, VP Investor Relations. Tel: +47 415 08 733
Oslo, 9 April 2014
Jo Christian Steigedal
VP Investor Relations