Entain launches share ownership plan for employees
- Entain launches share ownership plan for 22,500 employees
- Ladbrokes/Coral High Street bookie staff included in deal
- Offering extends as wide as India, the Philippines and Bulgaria
- Plan approved at the last AGM
Gambling company Entain has revealed a new share ownership plan for its 22,500 global employees.
Everyone from a Ladbrokes High Street bookie in the UK to a tech consultant in India will be able to join the Sharesave scheme.
The system will involve the employee saving a set figure a month into the scheme, starting at as little as £5 a month. After three years, the final sum will be used to purchase Entain shares at a 20% discount.
Share in success
Management sees the Entain Sharesave plan as the ideal way for members of staff to share in the company’s future growth and success.
In the UK, where Entain has 2,885 Ladbrokes and Coral shops spread across the UK and Ireland, almost 14,000 retail colleagues can apply.
Entain said the scheme would be open initially to countries where most of its workforce operates, and that will include the UK, India, Bulgaria and the Philippines.
Contributions will be capped out at £100 per employee, at least to begin with.
Jette Nygaard-Andersen, Chief Executive of Entain, 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.”
Open to all
The new plan replaces any employee share plans introduced by country markets and independent businesses that went on to be acquired by Entain. The business also indicated staff from any new acquisitions would also be able to join the Sharesave scheme.
Under the terms of the ShareSave plan, colleagues 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% less than their market value at the start of the invitation period, which they can sell for a potential profit. Alternatively, they can retain the stock as shareholders in the company or simply take their savings back.
Under the terms of the plan, an employee putting £50 a month into the scheme would save £1,800 over the period, compared to £3,600 with the maximum £100 a month. At the end of the three years, applying the 20% discount would buy 142 or 284 Entain shares. The new plan is being implemented this year as approved by shareholders at the company’s last annual meeting.