Swedish pyrolysis operator raises funds through incentive scheme
Scandinavian Enviro Systems (Enviro) – a Swedish tire pyrolysis equipment manufacturer and operator – reports its options-based incentive scheme was approved at the Annual General Meeting on May 20; moreover, it had generated substantial interest among key employees and Board members when the subscription period ended on 11 June. The scheme raised a total of SEK 5,600,000 (EUR 550,000) to the Company as of 16 June this year.
Enviro proudly says that all eligible board members and all but two eligible key employees subscribed for options. Board members subscribed to a total of 66 per cent of the available options while key employees subscribed to a total of 68 per cent. The scheme targeting key employees (LTIP 2021/2024) aims to offer participants a personal ownership commitment to the company and also to support opportunities to recruit and retain skilled and committed key employees. The scheme targeting Board members (Board LTIP 2021/2025) aims to offer members an opportunity to receive remuneration that is related to and dependent on the long-term growth in value for the company’s shareholders that the members help to create in their roles as members of the Board and as actively involved in the company’s operating activities.
According to Enviro, the options in the scheme extend for three years for employees and for 3.5 years for Board members. At the end of the period, one option in the LTIP 2021/2024 and 2021/2025 schemes entitles the holder to subscribe to one new share at a subscription price per share corresponding to 130 per cent of the volume-weighted average price paid during the period 21 May 2021 to 3 June 2021. Full terms and conditions of the scheme are provided in the notification of the Annual General Meeting available on the company’s website.
Press release by Enviro.