Hundreds of LSL staff will be able to buy shares in the company at less than half price following the closure of LSL’s first save-as-you-earn scheme.
The scheme enabled staff at LSL, parent company of Your Move and Reeds Rains estate agency chains, to save between £10 and £250 per month for the past three years.
Staff now have the option to use these savings to buy LSL shares at a discounted price of £1.15.
The price was set at the start of the scheme and compares with the current share value of around £2.75.
It means those who invested the maximum £250 per month – £9,000 in total – could now get £22,000 worth of shares.
Simon Embley, CEO of LSL, said: “As a plc we are obviously delighted to have been able to offer this opportunity to staff – something many of our competitors simply can’t do – and enable them to celebrate the ongoing success of the group and, of course, their contribution to it.
“We’ve already opened a new scheme for staff to take part in and very much hope that in a few years’ time we’ll be able to report a similar good news story.”
Alexy Armitage, of ifs ProShare, an organisation that encourages and promotes wider employee share ownership, said: “It’s great to hear that LSL has had the foresight to offer this opportunity to its staff.”
A number of staff have already signed up to the new LSL save-as-you-earn scheme, no doubt buoyed by the fact that several directors of the company are to be given their own share incentives if they hit ambitious growth targets, which include raising the price of the shares to reflect strong company performance.
Comments
As a tax payer and therefore part owner of Lloyds banking group Am i entitled to anything as LSL bought HEA for £1 + about £30m in properties and cash.