Corporate Traveller gives a piece of the pie to its people

  • FLT’s people to receive circa 1.9m in total shares
  • Expected non-cash cost of circa A$30m
  • All staff members globally (excluding board members and senior executives) included

Corporate Traveller, as part of Flight Centre Travel Group (FLT) has unveiled it will gift all employees share rights if they continue their careers with the company.

This will total an investment of 1.9 million in shares for FLT staff who continue their employment with the travel giant through to December 2022, at an expected non-cash cost of $30 million based on today’s share price.

Most participants, including those in New Zealand will receive a one-off grant of 250 share rights, which will vest in February 2023, when the company will release its 2022 half yearly results.

David Coombes, Managing Director Flight Centre Travel Group NZ said “our people have given so much to Flight Centre over the past 16 months and we could not be more appreciative of their hard work. We wanted to reward that by giving a piece of the business to each of our dedicated employees. It’s our way of saying thanks and showing our confidence in the recovery of the industry and our business.”

Coombes said the program “underlines our people’s importance and recognises their efforts, resilience and loyalty since the pandemic began and heavy travel restrictions were imposed, adversely impacting their earning potential, while they continued to work incredibly hard to help customers secure refunds or rearrange their travel plans”.

“This is first and foremost a reward and retention program that thanks our people and encourages them to continue their employment with us during what we believe will be an important 18-month period as vaccinations progress, trading conditions start to normalise and the recovery gains momentum”.

In total, about 7500 employees worldwide are expected to receive shares under the program, just over 400 of which are in New Zealand.

*This statement is for informational purposes only and does not constitute an offer under the GRR program. No person is entitled to receive an offer under the GRR program as a result of this statement. Any offer to be made by FLT under the GRR program will be made to eligible employees through formal offer documentation tailored for each relevant jurisdiction. This announcement does not constitute or form part of any offer purchase, a solicitation of an offer to purchase, an offer to sell or an invitation or solicitation of an offer to sell, issue or subscribe for, securities in or into Australia, the United States or in any other jurisdiction.