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Share options boost for newspaper staff

Johnston Press staff are to be given free shares as part of a new share incentive plan.

The scheme is designed to reward staff by giving them the opportunity to benefit from the regional newspaper group’s success.

The number of shares – given to staff who register for the scheme – will be dependent on the profits of the Edinburgh-based group, which owns 243 titles including the Yorkshire Post, Portsmouth News and Derbyshire Times.

A sharesave scheme already operates for workers, but the new share ownership offer will not cost staff anything and will be linked to hours worked, irrespective of salary levels.

The first allocation of shares will be made in March 2004 after the group’s annual results are announced and be conditional on profits reaching a performance level determined by the Board of Directors.

Chief executive, Tim Bowdler, said: “I am delighted that we have been able to introduce this scheme which recognises the vitally important contribution made by all of our staff to the success of the Group”.

  • Meanwhile, Norfolk-based Archant is set to offer a new share scheme to eligible employees following the phasing-out by the Inland Revenue of previous years’ profit-sharing style schemes. Eligible employees will be able to apply for free shares and buy further “partnership” shares.

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