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L’Oréal (OTCPK:LRLCY) is launching the third installment of its Employee Share Ownership Plan, per CEO Nicolas Hieronimus.
“After the success of the first two operations in 2018 and 2020, which enabled some 30,000 employees to demonstrate their commitment and confidence in the future growth and values of our Group, we are again pleased to offer them this year another opportunity to strengthen their link with L’Oréal’s future financial and extra-financial success,” he said.
The share purchase price will be set on June 3rd, and will reflect a 20% discount to the average price in the 20 days preceding the decision. The plan is limited to 500,000 shares, which will be available for purchase between June 8 and 22. Shares purchased under the program must be held for a five-year period.
The initial iteration of the Employee Share Ownership Plan was launched exactly five years ago on Wednesday. Since that initial program was launched, shares have risen over 60%.
Read more on L’Oreal’s recent struggles in China.
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