ACHESON, ALBERTA--(Marketwired - Jan. 4, 2016) - ENTREC Corporation (the "Company" or "ENTREC") (TSX:ENT) advises that it has granted 1,229,498 restricted shares (the "Restricted Shares") to its employees, officers and directors, pursuant to the terms of ENTREC's Restricted Share Plan. The annual grant of Restricted Shares was issued to about 450 employees of ENTREC and is similar to the annual grant in prior years.
ENTREC is a firm believer in broad based employee ownership and differentiates itself from other companies in its industry by allowing its key employees to become owners. Employee ownership provides employees with a vested interest in ENTREC's future and allows them to fully participate in the benefits of the Company's success.
Of the Restricted Shares granted, 1,098,833 were granted to employees (excluding officers), 64,000 were granted to officers and 66,665 were granted to directors. With the exception of Restricted Shares granted to non-employee directors, which vest immediately prior to the next annual general meeting, the Restricted Shares vest at 20% per year over 5 years commencing January 1, 2017. All of the Restricted Shares are due to expire on January 1, 2026.
Historically, as part of the annual Directors compensation, the Directors have received $20,000 in Restricted Share Awards. However, given the depressed value of the Company's share price and the potential dilutive effect of such an award, the Directors unanimously decided to accept this portion of compensation as an additional cash award for the 2015 year. For the 2016 year, once again to avoid the potentially dilutive effect of the share award, the directors have unanimously decided to instead accept a reduced amount of Restricted Share Awards with this year's grant having a current market value of $3,867 per director (13,333 Restricted Shares per director) who served for the full calendar year in 2015.
ENTREC is an employee-owned heavy haul and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT.
Source: Marketwired (Canada)
(January 4, 2016 - 7:00 AM EST)
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