Shareholders of all three companies in the Lasco Group have voted in favour of a stock option plan as part of employee remuneration packages.
"We have been producing excellent results and this is a way to motivate them to do even better as we have plans to double our profits, so this is motivating the staff," said Lascelles Chin, chairman of the Lasco Group of Companies, at the Lasco Distributors Limited annual general meeting on September 30.
The stock options will be capped at five per cent of the issued ordinary shares of the company, subject to required rules and regulations. The vote at the AGM also gives the directors the authority to determine the terms and conditions of the plan.
"Five per cent of all three companies is a lot of money. Roughly, with all three companies valuing about J$14 billion combined, that five per cent would be good money," Chin said.
He said the directors would have to decide if the exercise price will be market based, while pointing out that if the units are sold below the stock market price then it would be taxed.
All three Lasco companies - Lasso Distributors, Lasco Manufacturing and Lasco Financial - are listed on the Junior Stock Exchange.