11 Apr 2018 07:00
Elegant Hotels Group plc
("Elegant Hotels" or the "Company")
Grant of Share Options
The Board of Elegant Hotels, the owner and operator of seven upscale freehold hotels and a beachfront restaurant on the island of Barbados, announces that it has approved the grant of a tranche of share options (the "Options") to subscribe for ordinary shares of 1 pence each in the Company (the "Ordinary Shares"), pursuant to the Elegant Hotels Long Term Incentive Plan and the Elegant Hotels non-employee Long Term Incentive Plan (together the "LTIPs"), details of which are outlined in the Elegant Hotels admission document dated 11 May 2015.
Options over a total of 977,156 Ordinary Shares will be granted subject to the rules of the LTIPs, with an exercise price of 1 pence per Ordinary Share. Of these Options, Options over 431,986 Ordinary Shares will be granted to certain directors of the Company and Options over 545,170 Ordinary Shares will be granted to members of the Company's 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 2020. 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. The Ordinary Shares received on the exercise of the Options will be subject to a post-exercise holding period of twelve months from the date of exercise date during which they may not be sold (save as is necessary to fund the relevant participant's liability to tax which arises when the Option is exercised).
Following the grant of these Options, the directors who are receiving Options will hold the following:
Director | Current number of Ordinary Shares under option | Number of Ordinary Shares under the Options to which this announcement relates | Total number of Ordinary Shares under option |
Sunil Chatrani | 441,120 | 249,223 | 690,343 |
Jeff Singleton | 180,728 | 182,763 | 363,491 |
In addition, Sunil holds 1,849,389 Ordinary Shares.
Following grant of the Options, options will be outstanding over a total of 2,671,666 Ordinary Shares, representing approximately 3.0% of the current undiluted issued share capital of the Company (88,815,789).
NOTIFICATION AND PUBLIC DISCLOSURE IN ACCORDANCE WITH THE REQUIREMENTS OF THE EU MARKET ABUSE REGULATION OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Sunil Chatrani | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer (PDMR) | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Elegant Hotels Group plc | ||||
b) | LEI | 213800LA2YGSOFIYIH95 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01
GB00BWXSNY91
| ||||
b) | Nature of the transaction | Issue of an award constituting share options under the LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 10 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Jeff Singleton | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer (PDMR) | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Elegant Hotels Group plc | ||||
b) | LEI | 213800LA2YGSOFIYIH95 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01
GB00BWXSNY91
| ||||
b) | Nature of the transaction | Issue of an award constituting share options under the LTIP | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 10 April 2018 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information:
Elegant Hotels Group plc
Sunil Chatrani, Chief Executive Officer +1 246 432 6500
Jeff Singleton, Chief Financial Officer
Zeus Capital Limited (NOMAD and Joint Broker)
Dan Bate / Andrew Jones / John Goold +44 (0) 203 829 5000
Liberum Capital Limited (Joint Broker)
Clayton Bush / Chris Clarke / William Hall +44 (0) 203 100 2222
Powerscourt
Rob Greening / Lisa Kavanagh / Isabelle Saber +44 (0) 207 250 1446
Email: eleganthotels@powerscourt-group.com
Notes to Editors:
Elegant Hotels owns and operates seven luxury freehold hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio currently comprises 588 rooms, making it twice as large (by room number) as the closest competitor in the Barbados luxury hotel room market. Six of the seven properties are situated along the prestigious west coast of Barbados commonly known as the "Platinum Coast". The properties are all freehold, with a total aggregate plot size of approximately 23 acres and an aggregate beachfront of 2,600 feet.
In the year ended 30 September 2017, the Group achieved revenue of $59.9 million and EBITDA before non-recurring items of $18.1 million.
Together, the Group's seven existing hotels - Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach, Waves Hotel & Spa and Treasure Beach - offer styles encompassing classic and contemporary, family-friendly and adults-only. The Group also has a management contract for Hodges Bay Resort in Antigua and a sales and marketing contract for The Landings Resort & Spa in St. Lucia.
The Group's strategy is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados as well as further into the Caribbean.
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/