[iliad press release] iliad Group employee share offer Up2Share
Paris, April 19, 2021
iliad Group employee share offer
The iliad Group is launching another Up2Share employee share ownership program, aimed at giving its people a stake in the Group’s strategic objectives and business development.
On January 25, 2021, iliad’s Board of Directors decided on the principle of carrying out a share issue for employees who are members of iliad Group’s employee stock ownership plans in France (“PEG”) or outside France (“PEGI”), in accordance with Articles L. 3332-18 et seq. of the French Labor Code. The Board set the maximum number of shares to be issued at 296,552, representing 0.5% of the Company’s capital at December 31, 2020.
Employees who are members of the French employee stock ownership plan (PEG) – i.e. employees of the Group’s French entities – will have the choice between two types of investment formula with matching payments by iliad. Both formulas involve the employees' investments in iliad shares being held through specific compartments of the iliad corporate mutual fund (FCPE):
- a "Standard" formula, under which employees can subscribe for iliad shares at a 25% discount; and
- a "Leveraged" formula, under which employees are provided with a guarantee covering the original amount of their subscription and a multiple of the “protected” average increase in the iliad share price.
In Italy, only the "Standard" formula will be proposed, with employees who are members of the PEGI subscribing directly for the shares at the discounted price.
The shares subscribed for directly, as well as the corporate mutual fund units representing subscribed shares, will be locked up for a period of five years, except in the case of one of the specific events authorizing an early exit. At the end of the lock-up period, the shares held under the "Leveraged" formula will be sold on the open market. Those held under the "Standard" formula, either directly or via a corporate mutual fund, may be kept by the employee shareholders concerned.
Exercise of voting rights:
Subscriptions for the shares issued under the Up2Share plan will take place via the iliad corporate mutual fund in France and directly by the employees concerned in Italy.
The voting rights attached to the shares held via the iliad corporate mutual fund will be exercised by that fund’s Supervisory Board. The voting rights attached to shares held directly will be exercised by the employee shareholder concerned.