Gucci has terminated the Company’s Employee Stock Ownership Plan established in February 1999

Redazione Nove da Firenze
Redazione Nove da Firenze
11 novembre 2000 01:23
Gucci has terminated the Company’s Employee Stock Ownership Plan established in February 1999

In February 1999, the Company issued approximately 20 million shares under an Employee Stock Ownership Plan administered by a Dutch Foundation . On May 27, 1999, the ESOP was declared invalid by the Enterprise Chamber of the Amsterdam Court of Appeal. On September 27, 2000, the Supreme Court of The Netherlands vacated the judgement of the Enterprise Chamber, thereby reviving the ESOP.
On November 8, 2000, the Company and the Foundation agreed to terminate the ESOP for a consideration of one (1) guilder.

At the same time, the Company agreed to award shares to its employees, employed when the ESOP was adopted, equal to the NLG 12,500,000 in shares which would have been given to the employees, if the ESOP were terminated at its expiration date of February 18, 2003. This action has no effect on new stock ownership plans being developed by the Company.
Gucci Group N.V. is one of the world's leading multi-brand luxury goods companies. Through the Gucci, Yves Saint Laurent, Sergio Rossi and Boucheron brands it designs, produces and distributes high-quality personal luxury goods, including ready to wear, handbags, luggage, small leather goods, shoes, timepieces, jewelry, ties and scarves, eyewear, perfume, cosmetics and skincare products.

The Group directly operates stores in major markets throughout the world and wholesales products through franchise stores, duty free boutiques and leading department and specialty stores. The shares of Gucci Group N.V. are listed on the New York Stock Exchange and on the Amsterdam Stock Exchange.

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