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Fenix Employee Ownership Programme Pay-out In Africa

 

Off-grid energy company Fenix International is announcing a
pay-out to employees such as customer service associates, sales managers,
chefs, and guards under their unique inclusive employee ownership programme in
Africa.

The ‘Fenix Flames’ programme extends benefits to employees
in lieu of traditional company stock options. As part of an employee benefits
programme, the scheme was designed to offer a pay-out in the event of an
acquisition or public listing. Following Fenix’s recent acquisition by global
energy company ENGIE, 350 employees based in Africa will now benefit as a
result of the programme.

The unique ownership initiative was created to ensure all
full-time Fenix employees, beyond those eligible for traditional stock options,
benefit from the business’ performance and value creation, including an
acquisition or IPO event. African-based employees, including sales managers,
call centre staff, support teams, chefs, cleaners and guards, will each receive
a pay-out, with longer-serving employees receiving up to 2-5 times their gross
annual salary.

Fenix Flames are a core part of Fenix’s mission to create
long-term impact in their African markets, where the average Ugandan earns as
little as $1.50/£0.90 a day. In offering a long-term vested interest in the
business, it helps Fenix to attract and retain the best talent and has proved a
powerful performance driver for the team as Fenix has rapidly expanded.
Alongside ownership, Fenix and ENGIE provide employees with professional
development, comprehensive health insurance, parental leave and other benefits
to empower and develop the team.

Lyndsay Handler, CEO of Fenix International, said: “At
Fenix, we believe that employee ownership is powerful. Fenix Flames drive the
team to go above and beyond to achieve our long-term goals, to collaborate
across traditional department lines, to operate with integrity and to achieve
profitability. We spent over two years
working with lawyers, investors and financial advisors to carefully craft the
Fenix Flames programme and all of this hard work has paid off today."

Fenix held an all-hands meeting to let employees know the
value of their Fenix Flames options.

Denis Mutti, National Sales Manager at Fenix International
said: "I must say it wasn’t easy to leave a secure job in microfinance to
join Fenix in its start-up stage, but today I celebrate taking that leap into
the unknown. Alongside being a part of the company’s growth and helping to
change the lives of millions of people, I have also been able to earn Fenix
Flames which are enabling me to acquire a property in Kampala – a dream come
true. Only one in a million companies would do this in Africa. Now that the
ENGIE acquisition is finalised we will all be working hard to take Fenix to the
next level."

Carol Akello, Chef at Fenix International said: "It's
not everyday that one can get an opportunity to receive such a package. To
date, I still can't believe it. I have worked in Fenix for over 3 years now.
This money is going to bring a big difference in my life. The dreams I had only
in my head can now be brought to life."

Lyndsay concludes: “Today there are very few companies who
extend ownership to employees –despite the transformative effect it can have on
customers, employees and shareholders.
We hope that programmes like Fenix Flames demonstrate the feasibility
and impact of employee ownership and that this is just the beginning. In a few years, we want to see a vibrant
business community with many more inclusive employee ownership programmes
across Africa, and we will actively support this."

Fenix International is a next-generation energy and
financial services company. Their flagship product, ReadyPay power, provides
ultra-affordable, clean, safe energy to off-grid families and small businesses.
Financed through mobile money, the technology allows customers to build a
credit score which can then be used to power and finance other life-changing
products and services from Fenix. Fenix
Flames would not have been possible without the support of the Fenix Board of
Directors, legal advisors Wilson Sonsini, ENGIE and financial advisor Enclude.


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