(MENAFN- GlobeNewsWire - Nasdaq) LVMH announces the launch of“LVMH Shares”, an international employee shareholding plan aimed at 70% of its global workforce. It will be deployed in 11 locations and regions in Europe, North America and Asia.
With its preferential subscription conditions, this plan is an opportunity to involve employees in the Group's development. It also shows appreciation for their everyday work and commitment.
LVMH Shares is opening up a new way to join forces and talents with a view to facing the coming years with determination.
“This plan builds on the fundamentals of our Group: its family spirit and its values of innovation & creativity, excellence, entrepreneurship and commitment. Shared by all our employees in stores, workshops and head offices around the world, these values guide us every day towards a common goal: to arouse desire. I am confident that our future success depends on our ability to work together to continue expanding our Group”, points out Bernard Arnault, Chairman and CEO of the LVMH Group.
“LVMH Shares is aptly named: this sharing programme is aimed at all employees indiscriminately, and reflects the Group's desire to work together over the long term. This inclusive plan recognises everyone's contribution and talent because we are convinced that, at LVMH, it is the men and women who make all the difference. LVMH Shares is yet another example of this”, says Chantal Gaemperle, LVMH Group Executive Vice President Human Resources & Synergies.
The share subscription price, determined on 18 October 2024, will be equal to the average opening price of the LVMH share on the Euronext Paris market during the twenty trading days preceding this decision, minus a 20% discount.
Employees eligible for the offer will benefit from a matching contribution under the conditions described in the documentation prepared for them.
The plan will involve a maximum of 200,000 newly issued shares.
The subscription period will run from 24 October to 13 November 2024 and delivery of the securities is scheduled for 18 December 2024.
All dates indicated are given as a guide and may be changed due to events affecting the smooth running of the plan.
Shares subscribed for directly or via an FCPE will be blocked, unless one of the cases of early release occurs in accordance with the laws or regulations in force.
Application for the LVMH shares issued as part of the plan to be listed on the Euronext Paris market will be made as soon as possible after the capital increase. These shares will be listed on the same quotation line as existing shares (ISIN code: FR0000121014) and will be fully fungible as soon as they are admitted to trading.
***
International warning
This press release does not constitute an offer to sell or a solicitation of an offer to subscribe for LVMH shares. Outside France, the offer is reserved for the beneficiaries mentioned in this press release and will only be made in locations where such a plan has been registered with or notified to the relevant local authorities, or pursuant to an exemption from the requirement to file a prospectus or to register or notify the offer. This press release is not intended for locations where the offer is subject to approval by the relevant authorities. More generally, the offer will only be made in locations where all the necessary registration procedures and/or notifications have been completed and the required authorisations have been obtained.
Attachment
LVMH SHARES_Press Release
MENAFN21102024004107003653ID1108802869
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.