Coffin Corner,
The original share issue, I believe, was intended to reward the employees of Jersey European Airways at the time for their loyalty and hard work over a period of years - you didn't get it just because you happened to work for them on the day the share certificates were issued.
It is the loyalty part which meant that if you left the company, as I did, that you had to return the certificate. I also recall that there were restrictions as to how any shares received at the eventual flotation could be disposed of, but I no longer have the details - one of your more senior colleagues might be able to tell you more.
The majority of the work force didn't get anything because the majority of the work force haven't/hadn't worked there long enough to be entitled to them. If that somehow seems unfair maybe balpa should take it up.