Cape Town - Shareholders of the Laser Group, the specialist supply chain logistics and human resources company, yesterday passed a resolution to amend the employee share incentive scheme to spur growth.
The new scheme will consist of 20 percent of the share capital, up from 15 percent, and increase the maximum number of shares held by any employee to 3 percent from 2 percent of the total.
The plan was opposed by two Old Mutual nominee companies holding 9 percent of the shares but was carried by other shareholders.
Bill McAdam, the well-known businessman who was made chairman at the meeting following the recent acquisition by Commercial Finance Corporation of 30 percent of Laser shares, said in fact none of the incentive shares were about to be issued.
He said the scheme was part of a strategy to get top business leaders into the company and "kick-start the growth of the company. We won't be spewing the shares around in generous largesse."
A number of acquisitions were in sight but were not yet near conclusion, said Michael Fuller, the chief executive.
The share was untraded yesterday at 285c.