Grafenia brings in new share scheme

Jo Francis
Thursday, April 30, 2020

Grafenia has instigated a new Share Stake Scheme that will allow the group to conserve cash while increasing stakeholder engagement with its employees.

AniMasks: chairman's fund will provide sewing machines for makers
AniMasks: chairman's fund will provide sewing machines for makers

Team members joining the scheme will receive new ordinary shares in exchange for foregoing a proportion of their salary.

Grafenia said that all of its executive directors had opted to take 20%-30% of their monthly net remuneration from 1 April for a period of seven months.

Chief executive Peter Gunning said that one of the group’s key leadership values for team members was to “think like an owner”.

“The best way we know to achieve this is actually becoming an owner, as a shareholder. Many team members participated in our three year Save-as-you-Earn scheme, which matured last month. The timing of that wasn't great, to say the least.

“So, we're inviting team members to become Grafenia shareholders a different way. Those that are helping the company conserve cash at the moment, will hopefully be rewarded when we come out the other side."

In addition, the group’s non-executive directors have agreed to received 100% of their fees in shares for the same period.

Chairman Jan-Hendrik Mohr has also set up ‘the chairman’s Seam Team Fund’ to support people who are sewing Nettl’s new range of AniMasks and is donating his fee to the fund.

“The fund will provide up to 100 sewing machines to seamsters who have been furloughed or made redundant because of Coronavirus. We're asking people who can sew to volunteer to the cause,” he said.

"Since the outbreak of the pandemic, our teams have been working hard to support our clients, partners and each other. We've launched new products and initiatives in an attempt to help.”

The washable AniMasks are intended to catch droplets and slow the rate of spread of the disease following the ‘face gaiter’ principles. They are available in sizes for adults and children.

All proceeds from AniMasks are going to the NHS.

Custom designs are also available separately.

The total number of new ordinary shares that may be issued under the scheme is capped at 3,000,000, representing 2.6% of the Company's enlarged issued share capital.

Grafenia’s share price rose from 6.25p to 7p following the announcement.

Grafenia's brands include Nettl and trade printer Marqetspace. 

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