It is proposed that all eligible employees will be offered Quickstep Holdings shares to the value of $750 each in year one, with no consideration payable by employees. This offer provides employees with a financial share in the company and, through share ownership, Quickstep employees will have further incentive to contribute to the company’s financial performance.
Share ownership will align employees’ interests with those of Quickstep’s shareholders and with the company’s overall performance. Quickstep believes that employee share ownership drives increased focus on individual contribution to the company’s overall performance.
Quickstep CEO, Mark Burgess said, "In August 2017, I outlined a new strategic direction for the company; the OneQuickstep initiative. This was implemented to accelerate profitability and growth for the company through six key segments. A principal component of this program is focused on building a positive culture that drives our business."
Given the current number of eligible employees and recent share price, the company expects to issue up to 1,875,000 shares in total under this inaugural offer.
The company intends to expand the opportunity for employees to grow their share ownership in future years in accordance with the terms of the share plan.
"Today the Board and management have decided to grant shares to each employee as a testament to the wonderful work our valuable employees do in achieving great results for our customers. We want our employees to be proud to work at Quickstep and with this new share plan, we will continue to build the great culture we have and continue the growing success of the company and its overall performance," Burgess said.
All permanent full‐time and part‐time staff and employees of Quickstep with six months' service and who are also Australian tax residents are eligible for the share plan. In the inaugural offer, each eligible employee will be offered shares to the value of $750. The actual number of shares will therefore be dependent upon the price applicable at the time of offer.
In future years, the number of shares allocated to each individual employee will vary, depending on their level of participation and any determination of the board at that time.
Quickstep is the largest independent aerospace‐grade advanced composite manufacturer in Australia, operating from state‐of‐the‐art aerospace manufacturing facilities at Bankstown Airport in Sydney and a manufacturing and R&D/process development centre in Geelong.
The group employs more than 200 people in Australia and internationally.