Britvic IPO sees staff get £750 shares each
Britvic employees are to receive a free share windfall of up to £750 each and the chance to participate in a buy-one-get-one-free ongoing share offer after the soft drinks company floats in mid-December. The Revenue-approved share incentive plan (Sip) will be offered to all 2,900 UK based employees.
The British soft drinks company, which bottles Pepsi and owns Tango, will offer free shares to employees up to the value of £750 each. During the first three months following the float employees will also be given the option of buying shares on a buy-one-get-two-free basis. Then employees with have the chance to buy-one-get-one-free on an on-going basis.
There will be no change to the flexible benefits scheme called 'My Choice', which includes a pension scheme, private healthcare, home computing and childcare vouchers. A spokesperson from Britvic said: "We have informed all staff now, and compared to many other companies we believe we are offering a very competitive share scheme." The offering is being detailed in the prospectus this month.
The price range has been set at 210 to 250p. Britvic recorded a £78.7m profit and £698.2m in turnover for the 52 weeks ending 7 October. Current shareholders are Intercontinental Hotels with a 47.5% stake, Whitbread with 23.75%, Pernod Ricard with 23.75% and Pepsi with 5%. Both Pernod Ricard and Whitbread will retain 71% of their stake on flotation, while Pepsi will retain its 5% stake.