CAPITAL INCREASE RESERVED TO SALARIED EMPLOYEES
To help underpin its strategic plan for 2014-2016, in 2014 COLORADO carried out a capital increase operation reserved to its salaried employees.
A number of goals were set for the operation: first, to enhance loyalty to the company among the staff; second, to give them an additional incentive; and third, to enhance their feeling of belonging and ownership by making a direct linkage between them and the company’s capital, development and results.
The decision in favour of the capital increase reserved to salaried employees was taken by the Board of Directors on 7 May 2014 and ratified by the Extraordinary General Meeting on 11 June 2014.
The capital increase was in the amount of 200,000 (two hundred thousand) shares at an issue price of 58 (fifty-eight) Dirhams per share.
Once the Moroccan Securities Commission, the Conseil Déontologique des Valeurs Mobilières (CDVM), gave its approval on 10 November 2014, the capital increase was opened for subscriptions from 3 to 5 December 2014. A total of 66,156 shares were taken up, i.e., 33% of the total, with 71 subscribers among the salaried staff.
The subscribers benefited from an issue price that offered them a discount of over 40% on the market rate for the month of December 2014.