The British gaming giant Entain has announced the creation of an employee share ownership scheme across the entire group.
UK.- The sports betting and gaming group Entain has launched a group-wide employee share ownership scheme.
The company said the scheme, dubbed ShareSave, would give its approximately 22,500 employees at almost all levels and locations the opportunity to share in the success and growth of its global business.
Employees in the UK and Ireland, where Entain has 14,000 staff in retail alone at its 2,885 Ladbrokes and Coral shops, can apply to join the plan now.
Entain said ShareSave would initially be offered to colleagues working in countries representing around 99 per cent of its workforce, including the Philippines, India and Bulgaria.
It has initially placed a £100 monthly cap on contributions with the aim of maximising the appeal to all colleagues considering its global scale and currency differences across the workforce.
Entertain CEO Jette Nygaard-Andersen said: “Entain has been one of the highest performing companies in the FTSE-100 over the past year, which is the result of hard work and efforts from teams across our international business.
“Building a strong customer-centric culture where everyone contributes and shares in our continuing success is really important, so this plan is designed to be attractive and accessible to all.”
Under the terms of the ShareSave plan, employees can choose to save a monthly sum from £5 to £100 over three years. At the end of that period, they’ll have the opportunity to buy shares in Entain at 20 per cent less than their market value at the start of the invitation period.
They can then sell the shares for a potential profit, retain the stock as shareholders in the company or take their savings back, the company said.
Under the terms of the plan, someone putting aside £50 monthly would save £1,800 over the period, and an employee contributing the maximum £100 per month would save £3,600. After applying the 20 per cent discount, this would buy 142 or 284 Entain shares.
The new plan replaces previous employee share plans. The company has said it intends to increase those eligible to join the plan as it continues to grow through acquisitions.
The company, formerly known as GVC Holdings until its rebrand last year, said it could not estimate what portion of outstanding shares will be used in the plan ahead of participation by the employees.