The Board of Directors of Konecranes Plc decided to continue the Employee Share Savings Plan
Konecranes Plc’s Annual General Meeting of Shareholders 2012 decided to implement an Employee Share Savings Plan in the Konecranes Group (the Plan). The first Plan Period 2012—2013 was followed by a second Plan Period 2013—2014. In the Plan Period 2013—2014, the Plan was offered to approximately 11,000 employees in 42 countries, including China for the first time. The employee participation rate is 16 percent globally and 33 percent in Finland. Through the Plan, approximately 1,700 employees have become shareholders in Konecranes. During the first Plan Period 2012—2013, approximately 43,000 Konecranes Plc’s shares were acquired with the savings of the Plan participants, the company said in its press release.
On the basis of interest shown by the Group employees, the Board has decided to launch a new Plan Period. The new plan period will begin on 1 July 2014 and end on 30 June 2015. The maximum savings amount per participant during one month is 5 percent of gross salary and the minimum is EUR 10. Each participant will receive one free matching share for every two acquired savings shares. Matching shares will be delivered to a participant if the participant holds the acquired shares from the plan period until the end of the designated holding period, 15 February 2018, and if his or her employment has not ended before this date for reasons related to the employee. The total amount of all savings of the commencing plan period may not exceed EUR 8.5 million. The terms and conditions of the Plan Period 2014—2015 are unchanged from the previous Plan Periods.
An employee will participate in the Plan for one year at a time. Shares will be acquired with the accrued savings at the market price quarterly, after the publication dates of the Konecranes interim results, commencing in November 2014. Any dividends paid on purchased shares during the commencing Plan period will automatically be reinvested into additional shares on the following purchase date. These shares will have an equal right to matching shares.
The Board of Directors proposes to the Annual General Meeting of Shareholders to be held on March 27, 2014, that the Board of Directors be authorized to decide on directed share issue without payment needed for implementation of the Plan.
“The Employee Share Savings Plan has been well received, and a significant number of our employees have become shareholders in Konecranes. Based on good experiences, we are now happy to continue the Plan. We believe that the Plan will enhance our employee engagement throughout the world and at all levels of our organization”, says Mr Pekka Lundmark, the President and CEO.