ASDA colleagues receive free Wal-Mart shares

Thousands of workers from ASDA stores and depots across the country are celebrating today following the maturity of the company's Colleague Share Ownership Plan which today pays out more than £1.6 million in free Wal-Mart shares.

The plan which matured earlier this week paid out to 13,000 colleagues across the ASDA business.

The Colleague Share Ownership plan was set up in 1995 giving thousands of colleague's free shares in the ASDA business. To date, colleagues have received millions of pounds in free shares through the scheme which gives colleagues a free stake in ASDA's parent business - Wal-mart.

Colleagues who have held options for three years can now cash in on the profit for the sale of their shares. Each option this year was in profit by $5.34, which means on average each colleague will receive £130 should they choose to sell.

The maximum payout colleagues will receive is £941. In total 56,000 Wal-Mart shares have been given to ASDA colleagues this year.

Caroline Massingham, People Director for ASDA commented, "At a time when people are strapped for cash, we're giving thousands of colleagues a well earned bonus. Whether this will go towards holiday spends or a treat for the kids, the proceeds of these shares will hopefully make a difference in the current climate."

More ASDA colleagues will benefit from the maturity of their free shares every year now until 2012.