21 Mar 2016 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 six 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 930,008 Options will be granted on the terms of the LTIPs, of which 288,568 Options will be issued to certain directors and 641,440 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 2018. 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 | 592,105 | 194,672 | 786,777 |
Simon Sherwood | 407,895 | 93,896 | 501,791 |
In addition, Sunil and Simon both hold 1,849,389 Ordinary Shares each.
Following grant of the Options, a total of 3,482,639 options over Ordinary Shares are outstanding, representing approximately 3.92% of the current undiluted issued shared share capital of the Company.
For further information:
Elegant Hotels Group plc | +1 246 432 6500 |
Sunil Chatrani, Chief Executive Officer
| |
Zeus Capital Limited (NOMAD and Broker) | +44 (0) 203 829 5000 |
Dan Bate / Nicholas HowAdam Pollock / John Goold | |
Powerscourt Rob Greening / Lisa Kavanagh Email: eleganthotels@powerscourt-group.com | +44 (0) 207 250 1446
|
NOTES TO EDITORS:
Elegant Hotels owns and operates six luxury hotels and a beachfront restaurant, Daphne's, on the island of Barbados. The Group's portfolio comprises 553 rooms, which represents around 29% of Barbados' quality leisure tourist room stock. Five of the six Group hotels 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 22 acres and an aggregate beachfront of 2,500 feet. The Group has a strong market presence and is a profitable, cash generative and financially stable business that has enjoyed continuous growth in both revenue and EBITDA over the last three financial years. In the year to 30 September 2015, it achieved revenues of $60.1 million and EBITDA before non-recurring items of $22.2 million.
The Group's shares were admitted to trading on the London Stock Exchange's AIM in May 2015. Its objective now is to leverage its position as a leading hotel operator in Barbados and to expand both on Barbados and further into the Caribbean.
Together, the Group's six hotels - Colony Club, Tamarind, The House, Crystal Cove, Turtle Beach and Waves - offer styles encompassing classic and contemporary, family-friendly and adults-only offerings:
Investor website: http://www.eleganthotelsgroup.com/
Commercial website: http://www.eleganthotels.com/