Entain launches employee share ownership plan15th April 2021 9:40 am GMT
Entain has launched a group-wide share ownership plan to give more than 22,500 employees the opportunity to share in its success.
Employees at all levels of the business can now apply to join Entain’s ShareSave plan. In the UK and Ireland, where Entain has 2,885 Ladbrokes and Coral shops, almost 14,000 retail colleagues can apply for the plan.
With starting monthly contributions at just £5 or more, Entain hopes to put share ownership within reach of everyone, including people across its international operations.
“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,” said Entain CEO Jette Nygaard-Andersen. “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.”
ShareSave will initially be offered to colleagues working in countries representing around 99 per cent of Entain's workforce, including the Philippines, India and Bulgaria. The company has initially placed a £100 monthly cap on contributions to reflect the global nature of its business and currency differences across the workforce, with the aim of maximizing the appeal to all colleagues.
The new plan overtakes previous employee share plans introduced in country markets and companies that have, by acquisition, become part of Entain in recent years. The company intends to expand those eligible to join the plan in future years as it continues to grow through acquisition.
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 this period, they will have the opportunity to buy shares in Entain for 20 per cent less than their market value at the start of the invitation period.
Shares in Entain plc (LSE:ENT) climbed 1.28 per cent to 1,627.60 pence per share in London Thursday morning following the release of the company’s Q1 trading update.