01/04/2008
More than 2,400 Stagecoach Group employees are set to share in a £15.1 million payout under the company’s Save As You Earn scheme.
Bus and rail drivers, engineers and other workers will receive average payouts of around £6,300, making average gains of more than £3,600, after the Group’s 2005 SAYE scheme matured today.
Under the SAYE scheme, staff can set aside a fixed sum of up to £250 from their salary every month for a three-year period. When the scheme matures they have the option to buy Stagecoach shares at a price set when they joined the scheme.
Stagecoach Group’s share price has more than doubled over the period, rising from around 115p in April 2005 to a closing price yesterday of 242.0p, and at that share price employees would achieve a return of around 145% on their investment under the scheme.
At a share price of 242.0p, staff who saved the maximum amount of £250 per month in the company’s scheme will receive payouts of £22,000, representing a gain of more than £13,000 each.
John Hamilton, Director of Pensions and Benefits, said: “Our employees have been at the heart of the growth of our company and it is right that they can share in the success of the business through this scheme.
“Giving employees a stake in their company and offering them an effective way of saving for the future is part of our wider reward package that recognises the key role our people play in making Stagecoach a market-leading transport group.”
ENDS
For more information, please contact:
Steve Stewart, Director of Corporate Communications
Tel: 01738 442111 or mobile 07764 774680
email: steven.stewart@stagecoachgroup.com
NOTES TO EDITORS
Stagecoach Group
Stagecoach Group is a leading international public transport group, with extensive operations in the UK, United States and Canada. The company employs around 30,000 people, and operates bus, coach, rail, and tram services. For further details, see www.stagecoachgroup.com.