24 Jul 2017 07:00
Elegant Hotels Group plc
("Elegant Hotels" or the "Company")
Grant of Share Options
24 July 2017: 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 (the "Ordinary Shares") in the Company, 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 (the "Admission Document").
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).
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 / Dominik Götzenberger +44 (0) 203 100 2222
Powerscourt
Rob Greening / Lisa Kavanagh +44 (0) 207 250 1446
Email: eleganthotels@powerscourt-group.com
Notes to Editors:
Elegant Hotels owns and operates seven luxury 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 2016, the Group achieved revenue of $57.0 million and EBITDA before non-recurring items of $19.6 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, which is expected to open at the end of 2017, and a sales and marketing contract for The Landings Resort & Spa in St. Lucia.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective since then has been 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/