Bolton, ON — Titanium Transportation Group Inc. announced its intention to implement a share purchase plan for eligible employees and Titanium’s eligible truck owner operators pending shareholder approval at the company’s upcoming annual and special meeting on June 13, 2017.
The plan will allow participants who enroll in the plan to acquire common shares of Titanium and to receive a matching share for every share purchased under the plan.
Mr. Ted Daniel, CEO of Titanium commented: “The goal of our share purchase plan is to encourage an ownership interest in the operation, growth and development of our company by all of our truck drivers and staff. Companies with employee share purchase plans have demonstrated superior profitability and lower employee turnover rates, two very important considerations, especially once truck transportation capacity begins to tighten in the industry. As the only Canadian trucking company with a share purchase plan like ours, we believe this will further differentiate Titanium from its competitors.”
The plan, which was approved by the Board of Directors on May 4, 2017 and conditionally approved by the Toronto Venture Exchange on May 8, 2017, will allow participants who have enrolled in the plan to contribute up to 5% of their compensation towards the plan in each pay period. Participants will include Titanium’s approximately 500 employees and independent truck owner operators, but exclude insiders of the company. Contributions under the plan will be used to purchase shares from treasury based on a 20-day volume weighted trading price on the TSXV. The company matched portion will be subject to a three-year vesting period in the case of employees, or a three-year deferred matching period in the case of independent contractors. The plan will be administered by Solium Capital Inc.