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It turns out that the share price of 2 Rupiah is GOTO specifically for ESOP employees

It turns out that the share price of 2 Rupiah is GOTO specifically for ESOP employees

Andrianus.my.id , Indonesia -  The shares of PT GoTo Gojek Tokopedia Tbk ( GOTO ) have again caught the attention of market players in the last trade of this week, Friday (2/12/2022). 

This is because in the negotiating market, there were transactions of 57.3 million lots of GOTO shares (5.7 billion shares) valued at IDR 11.4 billion or the equivalent of an average price of IDR 2/share. 

This transaction also raises questions about why there are queues to buy at a price of IDR 2/share which is below the market price. This is considering that the price of GOTO's shares, according to data from the Indonesia Stock Exchange (IDX), closed corrected 6.38% ( lower auto reject /ARB) at Rp 132/share.  

After tracing, it turns out that IDR 2/share is the special exercise price for GOTO employees as part of a Share Based Compensation (SBC) scheme or a kind of employee stock option program ( Employee Stock Ownership Program /ESOP).  

The SBC scheme was actually mentioned long ago in the GOTO prospectus when the company carried out a corporate action in the form of an initial public offering (IPO) on April 11, 2022. 

The shares used in the SBC scheme are shares issued before the IPO so that employees are also bound by a lock-up rule for 8 months. As of last December 1, when the lock-up was opened, employees had the right to exercise their right to buy GOTO shares worth IDR 2/share.  

A number of GOTO employee testimonials have also started to appear on social media which acknowledge that the share transaction at a price of Rp. 2 is a GOTO employee share purchase transaction.  

In his official statement, RA Koesoemohadiani, Corporate Secretary of GoTo, explained that after the end of the lock-up period, all previously restricted shares can be traded freely on the IDX. For this reason, the Employee and Consultant Stock Option Program ( Shares Option Program ) managed by the Goto Peopleverse Fund (GPF) can also begin to be implemented as stated in GOTO's IPO prospectus. 

 "Regarding the Employee and Consultant Stock Option Program, we can convey that the stock transaction in the negotiated market in question is part of the implementation of the Employee and Consultant Stock Option Program," said Koesoemohadiani.  

He explained, in accordance with the prospectus, the participants who received the stock options could exercise the stock options they owned. Even though these stock options are given free of charge to each participant as a bonus and/or reward for the tenure or services provided by the participant, each participant must pay the full exercise price of the stock option to GPF to be able to obtain GoTo shares. 

 "The way GPF transfers its GoTo shares is through a negotiating market to participants who exercise their stock option rights," he explained.  He explained, according to prospectus information, the exercise price for stock options ranged from Rp 2 to Rp 202 per share, depending on the share option agreement between GPF and each employee.  

"The Employee and Consultant Stock Option Program is a form of appreciation and long-term compensation provided by GoTo for their service and their contribution in driving the company's growth in serving the needs of millions of consumers and partners in our ecosystem," he said.  Koesoemohadiani added, GoTo continues to be committed and focused on creating long-term value for shareholders. 

"We fulfill this commitment by driving sustainable product-based business growth, accelerating our path to profitability, and continuing to provide reliable products and services for consumers and add value to our ecosystem," he said. 

 "Our efforts are reflected in the strong performance results in the third quarter of 2022, including total transaction value (GTV) which grew 33% from the previous year and third quarter gross income which rose 30% from the previous year, reaching IDR 5.9 trillion, reaching the upper limit company performance guidelines,” he explained. 

 MNC Sekuritas Tirta Gilang Citradi analyst considers that the SBC scheme is commonly practiced by many startups as one proof of the incentives given to employees who contribute.

 "The share-based compensation model is commonplace because the aim is to motivate employees and key management to be motivated to contribute more so that it has a positive impact on company performance," he said.  

According to Tirta, the ESOP scheme allows employees to buy their company's shares below the market price and sell them on the stock exchange so that the margin or profit from the sale is counted as their compensation. 

"Even though there is a queue to buy the share price at Rp 2, it does not mean that this employee will sell GOTO shares at Rp 2. I think many will wait until the GOTO share price rises to its fair price before they sell it," he said.

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