adminJOHANNESBURG. — WOOLWORTHS has announced a multimillion-rand black empowerment employee share scheme pay-out. “The strong performance of the business over the past eight years has created 2,4 billion rand for the participants‚ who have also enjoyed dividends of 332 million rand during the life of the scheme”‚ the retailer said in a statement on Thursday.
The Black Economic Empowerment Employee Share Ownership Scheme was launched in 2007. Shares were allocated to previously disadvantaged employees based on length of service and seniority.
The scheme represented approximately 10% of the ordinary share capital of Woolworths at the time.
A special trust has owned the BEE employee shares for eight years‚ and distributed dividends during that time.
Now that the scheme has matured‚ these shares have been converted into Woolworths ordinary shares — which the staff beneficiaries were entitled to keep‚ or sell.
The Woolworths Employee Education Fund will also benefit from the unwinding of the scheme. — RDM News Wire.
Online Reporter