Veidekke ASA: Veidekke executives buy shares

Some 413 senior executives in Veidekke have purchased 1.2 million shares for a total of NOK 40 million. As a result, the employees now own 19.4 per cent of the shares in the Group, worth a total of NOK 1.17 billion. "Co-ownership fosters commitment, and we are thrilled that so many executives have chosen to buy shares in the company," says incoming President and CEO of Veidekke Arne Giske. 

"The fact that more than 400 senior executives have bought shares for an average of more than NOK 100,000 each demonstrates their great confidence in Veidekke going forwards and that they recognise the value of owning shares in the company they work for. I am convinced that employee ownership is a highly motivating factor, and it is a cornerstone of our corporate culture," said Giske. 

 

"Twice a year, our employees are given the opportunity to buy Veidekke shares at a discount, on the condition that they do not sell the shares for two or three years. In the spring, the senior executives in the company are offered the opportunity to buy shares, and in the autumn, the offer is extended to all employees. This scheme helps ensure we remain a robust, profitable company with loyal employees," says Giske. 

The senior executives were offered the opportunity to purchase up to 5,000 shares each, with or without financial assistance, at a discount of 20 or 30 per cent respectively. The shares are subject to a three-year lock-in period.

Illustration (http://www.flickr.com/photos/veidekke/sets/72157632173560631/)

For more information please contact:
Incoming President and CEO Arne Giske, tel. [phone], [e-mail] (mailto:[e-mail])
SVP Finance Joergen G. Michelet, tel. [phone], [e-mail] (mailto:[e-mail])
Communications Manager Helge Dieset, tel. [phone], [e-mail] (mailto:[e-mail])

 

Veidekke is one of Scandinavia's leading contractors and property developers with a turnover of NOK 20 billion (2012) and 6,300 employees. Activities include building and construction projects, residential developments, asphalt plants, gravel and crushed stone and road services. Our values are professional, honest, enthusiastic and ground-breaking. Our goals for health, safety and the environment, HSE, have equal status with our financial goals. Veidekke is characterised by a strong corporate culture with employee involvement and co-ownership as important cornerstones. More than half of the employees are co-owners, holding around 20 per cent of the Group's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Veidekke ASA via Thomson Reuters ONE

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