Archant staff are set to receive up to £900,000 worth of free shares in the company following its 2004 Share Incentive Plan.

A record 2,232 staff from the group, which publishes the Eastern Daily Press, East Anglian Daily Times, Norwich Evening News and Ispwich Evening Star as well as more than 85 weekly titles, applied for free shares.

Another 1,924 also applied for partnership shares through the scheme which closed on April 30.

Staff who took up their full entitlement will gain shares currently worth up to £500 for an outlay of around £75.

Archant chairman Richard Jewson said: “The board is keen to encourage share ownership amongst employees and believes the Archant SIP provides an excellent way for them to benefit from the success of Archant.”

The scheme was co-ordinated by assistant company secretary Tony Richardson, who said he was pleased that 81 per cent of staff eligible had taken up the free shares.

He added: “We are particularly encouraged that over 86 per cent of applicants decided to invest their own money by purchasing partnership shares.

“As the company gives two matching shares for every partnership share purchased, and based on the current share price, Archant will be distributing free to employees around £900,000 worth of shares.”

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