The French multinational IT major, Capgemini, announced the launch of the seventh Employee Share Ownership Plan in Paris on September 16, 2020, as per reports.
Who Can Get These Benefits?
The new employee share ownership plan is being offered to over 96% of the employees as this is part of the Group’s policy to associate all employees with the company’s development and performance.
Before this, the employee shareholding resulted in 5.1% of Capgemini SE’s share capital from the existing ESOPs.
With the launch of this seventh ESOP, it will be implemented through a capital increase reserved for the Capgemini employees for a maximum of 3,000,000 shares.
Which stands at 1.77% of outstanding shares with settlement-delivery no later than December 17, 2020.
According to the framework of subscription leveraged and guaranteed formulas, employees will be able to subscribe to Capgemini shares.
Basically, these formulas will allow employees, until the shares become available, to benefit from a guarantee on the amount invested into this plan.
For the voting rights, it will be exercised by the subscribers depending on the formula and the applicable country – will be an FCPE, the employees via direct shareholding and/or the financial institution structuring the offer.
What Does Capgemini Say?
Capgemini said, “As in 2019, the Board of Directors of Capgemini SE at its meeting of June 10 and 11, 2020 decided to authorize a dedicated share buyback envelope. This envelope could be used within the next 12 months to neutralize all or part of the dilutive effect of this capital increase. The terms of these transactions are in accordance with the authorizations granted by the Shareholders’ Meeting of May 20, 2020.”.
Further, the reservation period will be opened from September 17 to October 6, 2020 (inclusive), and will be followed by a subscription/revocation period from November 10 to November 12, 2020 (inclusive) as per the press release and the planned schedule.
For the subscription price for the new shares, it will be set on November 5, 2020, and the capital increase will be concluded on December 17, 2020.
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