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Trustco Board allots NAD 35 million of shares to Trustco staff

Trustco Board allots NAD 35 million of shares to Trustco staff

TRUSTCO’s employee shareholding doubled in the triple listed company after the Trustco Group Holdings Board resolved to issue shares to employees in terms of the various approved employee retention incentive schemes. The board exercised their general authority to issue shares granted to them by the shareholders at the AGM of September 2019 and by so doing, they doubled employee shareholding of the group.

 

The Group Head of Corporate Affairs, Elmarie Janse van Rensburg, said, “Trustco has history of ensuring that its employees form part of our shareholder base and is a pioneer of Broad Based Economic Empowerment in the countries where it operates. This initiative was expanded to ensure that every employee that has worked for the group for more than a year becomes a shareholder and shares in the growth of Trustco.

 

Trustco has for the last two years running been the Best Company To Work For in Deloitte’s annual survey, and these employee retention incentive schemes demonstrate why we remain on top. The board decided to issue their shares now, in order to enable employees to share in the upside as the current economic situation improves.”

 

At the share’s height at the beginning of 2019, these shares would have been worth NAD 388.6 million. With this issue of these shares, an additional 80 employees now own shares. They join Trustco’s over 3600 other shareholders as part of the shareholder base.

 

Employees received these shares inter alia as part of the Shares Gift scheme, payable on the first anniversary of their employment, Recruitment shares, the Meya Prosperity Diamond Bonus scheme, and the Top 6 and Support 2018 bonus and retention scheme. The first shares issued as part of the employee Shares Gift scheme will vest on 16 April 2020, the five year anniversary of the implementation of this scheme on Dr van Rooyen’s birthday.

 

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