On 30 December, RS2 Software plc announced the implementation of a share option scheme within the terms and conditions set out in the IPO Prospectus of the Company issued on 16 May 2008. The Board of Directors has resolved to set up a trust, named RS2 Employee Trust, to encourage the participation of employees in the ownership of the Company through a share option scheme.
The RS2 Employee Trust has been funded through a loan by the Company and which will be repaid back by the Trust by not later than 31 December 2022 or upon termination of the Trust, whichever is the first to occur.
The announcement also states that the Trust purchased a total of 750,000 RS2 shares on 29 and 30 December 2010 at €0.48 per share. As a result, the Trust holds 2% of the Company’s issued share capital and voting rights. The shares will be held by the Trust in order to satisfy the future exercise of options to be granted to employees via the share option scheme. When the options are exercised by the respective option holders, the share capital of the Company will not be diluted.