The Board of Elegant Hotels, the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, announced this morning that it has approved the grant of a tranche of share options to subscribe for ordinary shares of 1 pence each in the Company, pursuant to the Elegant Hotels Long Term Incentive Plan and the Elegant Hotels non-employee Long Term Incentive Plan, details of which are outlined in the Elegant Hotels admission document dated 11 May 2015.
A total of 947,945 Options will be granted on the terms of the LTIPs, of which 533,748 Options will be issued to certain directors and 414,197 will be issued to the senior management team.
The vesting date of the Options will be at the end of the performance period once the Remuneration Committee has determined the extent to which performance criteria have been met, with the performance period ending on 30 September 2019. Performance criteria required for the Options to become exercisable have been set by the Remuneration Committee and are based on a combination of total shareholder return and earnings growth targets.
Following the grant of these Options, the directors who are receiving options will hold the following:
|
Director |
Current Options |
Options Granted |
Total Options |
|
Sunil Chatrani |
786,777 |
246,448 |
1,033,225 |
|
Jeff Singleton |
N/A |
180,728 |
180,728 |
|
Simon Sherwood |
501,791 |
106,572 |
608,363 |
In addition, Sunil Chatrani holds 1,849,389 Ordinary Shares and Simon Sherwood holds 1,872,028 Ordinary Shares.
Following grant of the Options, a total of 3,848,804 options over Ordinary Shares are outstanding, representing approximately 4.3% of the current undiluted issued shared share capital of the Company (88,815,789).
