THE WHAT? L’Oréal has announced the launch of its second Employee Share Ownership Plan, with the share purchase price being set on 14th September, 2020.
THE DETAILS The development follows the first ownership plan launched in 2018, and will be limited to 500,000 shares.
After a 20 percent discount, the share price will be equal to the average opening price of L’Oreal shares on the Euronext Paris exchange in the 20 days preceding the decision.
Jean-Paul Agon, Chairman and CEO, said: “This year, after the success of the first plan in 2018, we want to once again involve our employees in the prosperity of our Group. This second Employee Share Ownership Plan is a new opportunity to allow those who wish to do so to support the development of the company and participate in its strategic project. This new plan reaffirms our ambition to unite our employees even more closely with L’Oréal’s future.”
The subscription period is from 17th September-2nd October, 2020, with settlement set for 3rd November. According to Market Screener, beneficiaries will be able to purchase shares in a classic subscription route, with the price of the shares varying alongside the L’Oréal share price.
THE WHY? Set to roll out worldwide, the plan is said to allow employees to have a greater hand in the company’s development.