Redcape Hotel Group employees in $1,000 equity bonanza
Redcape Hotel Group to gift equity to employees ahead of Initial Public Offering (IPO) and listing on the Australian Securities Exchange (ASX)
Redcape has confirmed it will issue $1,000 worth of stapled securities to all full-time and permanent part-time employees when it lists on the ASX on the target date of 30 November 2018.
Stapled securities typically represent a combination of two different securities, such as a share in the company and a share in a related unit trust. Their bound nature means they cannot be bought or sold separately.
Redcape Chief Executive Officer, Dan Brady said, “We recognise the challenges for entrepreneurial hospitality staff to enter into hotel ownership so one of the key attractions in listing Redcape is that we are able to offer our people an equity stake in the business.”
“We also like the idea of our staff having a drive to acquire more and the opportunity to build financial wealth for their families, having meaningful learning and development exposure, in a trusted environment that values ‘peer to peer’ team collaboration among friends.”
Redcape also confirmed interest in the IPO had exceeded their minimum expectations.
Along with creating the ability for staff to invest, Redcape has recently appointed a Head of Talent and Development to support their development programs for high-quality hospitality leaders.
“This is a rewarding industry and one that can provide fantastic career opportunities for young people. As a business, we continually challenge ourselves to build a strong employee value proposition. One that focuses on the development of our teams both personally and professionally and fosters a work environment that is dynamic, rewarding, challenging, supportive and puts our people first.” Mr Brady said.
The Redcape portfolio comprises 32 high quality hotels across 28 communities in New South Wales and Queensland and employs over 700 staff.