Eircell staff to benefit from Vodafone shares scheme
Monday, 2 July 2001Vodafone is to grant share options with a provisional value of £375m sterling to more than 42,000 employees in 42 countries, including 1,500 in Eircell.
Qualifying Eircell employees will receive an option to buy Vodafone shares with a face value equal to half of their annual salary.
The shares, priced at 1.57p sterling, are based on Vodafone's closing price on Friday, and the shares can be cashed in in either three or ten years' time. Vodafone shares closed at 1.68p sterling in London this afternoon.
Vodafone said the move was aimed at ensuring the commitment and motivation of employees, as they must still be employed at the company in order to cash in the shares.
Vodafone chief executive Chris Gent, and chief operating office Julian Horn-Smith are two of the biggest beneficiaries after receiving options over eight million and five million Vodafone shares respectively. The option levels are valued at four times Gent's salary, and three times Horn-Smith's.
Vodafone's share scheme already operates in the UK and the USA.
