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Sea Harvest launches R25m share scheme for workers

Jun 12 2015 14:20
Dane McDonald, Fin24

(Photo: supplied)

Company Data

BRIMSTONE INVESTMENT CORPORATION LIMITED [JSE:BRT]

Last traded 13
Change 1
% Change 5
Cumulative volume 7
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Cape Town – At least 2 000 Sea Harvest staff stand to benefit from an employee share scheme launched on Friday.

Sea Harvest CEO Felix Ratheb told Fin24 that the rationale behind the scheme is for staff to share in the value of their company as it grows, and to have a seat at the table with other shareholders.

The fishing company will issue 4 258 138 shares, resulting in employee ownership of about 5% of total shares.

“The shares were issued at a massive discount to market price to the extent that they are worth R10 000 per employee (approximate value R20m to R25m) in today’s value. The balance of the purchase price would be settled on termination of the scheme,” said Ratheb.

Sea Harvest, which is a subsidiary of Brimstone Investment Corporation [JSE:BRT] and Kagiso Tiso Holdings, has a level 2 broad-based black economic empowerment rating with over 80% black shareholding.

The scheme has been structured with terms including that qualifying employees must have been permanently employed for an uninterrupted period of 24 months “before the date on which the Trust terminates, and who are in ‘good standing’ at all times”.

Sea Harvest was established in 1964 in Saldanha Bay and depends entirely on government-allocated fishing rights to sustain the jobs of more than 2 400 employees.
 
According to Ratheb, the scheme has been launched with a financial education programme to help employees understand how the share benefits work.

“This is set out in a booklet being distributed to staff. In addition, staff will have access to management should they have any further queries,” he said.

According to Brimstone executive chairperson Fred Robertson, at least 5 000 direct and indirect employees stand to benefit when the shares vest in 2022.

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sea harvest  |  agribusiness  |  empowerment

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