JSW Will Cover Shares for Miners
JSW’s Management Board is offering five-year employment guarantees (as opposed to the ten-year guarantees demanded by the labour unions), free shares even for those employees who hereto were not entitled to such allotments, and preservation of the State Treasury’s majority stake subsequent to JSW’s IPO (to be enshrined in the company’s articles of association, and not in a legislative act, as requested by the unions).
Amendments to JSW’s articles must be approved by the General Meeting (the Minister of the Economy – no General Meeting has been scheduled yet). And what about the shares allotted to the workforce ? The group of entitled workers will be expanded, and it will be up to JSW to cover the cost.
According to the applicable statute, there are 47,075 individuals who are entitled to shares accounting for, in aggregate, a 15% stake in JSW. This figure includes 10,000 employees from JSW’s current 22,600-strong workforce as well as 37,000 former employees. (…)
15% of the shares out of the bloc set aside for employees entitled to acquire them free-of-charge on the basis of the legislative Act regarding commercialisation and privatisation may end up going to them on an exclusive basis, Leszek Koziorowski, partner in Gessel Koziorowski, explains to “Rz”. (…)