CleanR Grupa launches employee share option scheme

05 Apr 2024

On 27 March 2024, the shareholders’ meeting of CleanR Grupa, a group comprising Latvia’s leading environmental services companies, approved the creation of an employee share option plan and the associated increase of equity capital with a condition.  

The group’s employee share option plan foresees granting share options to the senior managers, members of boards, and heads of key business directions of CleanR Grupa and its subsidiary companies. By granting share options, the group gives share option holders the right to acquire a certain number of personnel shares of the new CleanR Grupa issue of shares, providing the criteria of the employee share option program are met.

To issue employee share options, the shareholders’ meeting of 27 March 2024 approved the associated increase of equity capital with a condition (conditional equity capital) by EUR 10 926 for the new issue of personnel shares, which will be used for the conversion of share options. The employee share option plan will be covered by single category personnel shares with the nominal value of EUR 1 per share. The number of shares intended for the personnel option program will meet 3% of the CleanR Group’s share capital.

“Share options are a great way to motivate the team in the long run and reward each individual team member. The group is led by seasoned industry experts who drive the growth of the group companies—rapid yet steady, well-balanced, and value-based, ensuring sustainable development of the organization,” tells Guntars Kokorevičs, the CleanR Grupa Chairman of the Council.

Company’s bond issue at the end of 2022 and listing on the Nasdaq Riga First North alternative market was its debut in the capital market, which was significantly – one and a half times – oversubscribed.

“Both the bond issue and reorganization carried out in the previous years have helped the group to streamline its corporate governance model and adapt its processes to meet the requirements of the capital market. The share option plan highlights the group`s openness and expansion of shareholders community to ensure more dynamic development,” states Kokorevičs.

According to its unaudited results reported in February, CleanR Grupa closed 2023 with steadily growing financial results – turnover reaching EUR 101 million, asset value – EUR 91 million and a strong equity position of 51%.

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