AutoWallis owner supports ESOP program with shares
Wallis Asset Management (WAM), the main owner of listed auto trader AutoWallis, announced that it will support the business via shares, after providing the necessary 7.35% share portfolio for AutoWallisʼs Employee Stock Ownership Plan (ESOP).
The program means no extra expenses or obligations for AutoWallis besides the operational costs of the ESOP organization, as the 7.35% share portfolio necessary for launching the program has been handed over by WAM free of charge, resulting in a decrease of its share to 72.36%, according to a press release sent to the Budapest Business Journal.
Initially, 24 managers of the Group will take part in the two and three-year programs, who will only receive their AutoWallis shares (and the related dividends paid up until then) if targets derived from the long-term strategy are met, contributing to the long-term increase in the share value. The ESOP organization behind the program has to be independent from the company.
Earlier this year, AutoWallis presented its strategy for the years until 2024, and its vision until 2029, in which it calculates with robust growth for the next 10 years. It highlighted its goal to become a major mobility service provider not only in Hungary, but in the entire CEE region.
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