Meridian Energy Ltd’s (NZX: MEL; ASX: MEZ) said this week that its employee share scheme for permanent Kiwi staff, called MyShare, was designed to allow them to purchase shares and receive bonus shares.
“Under MyShare, if participants remain employed by Meridian and retain ownership of their Meridian shares for three years then participants are eligible for a cash bonus,” the company said.
Meridian said the cash bonus is used by CRS Nominees Ltd to purchase shares at market price on behalf of participants.
In connection with the FY16 MyShare scheme, Meridian has given financial assistance for the purchase of shares in accordance with terms of the scheme.
Shares for which financial assistance was provided totalled 57,702 ordinary shares at a cost of $3.185 per share.
The aggregate amount of the financial assistance was $362,500 which included a cash bonus and an additional amount to cover operating costs of the trustee.