3 Dec 2014 16:32
For immediate release 3 December 2014
MILLENNIUM & COPTHORNE HOTELS PLC
Long Term Incentive Plan - Vesting of Awards
Millennium & Copthorne Hotels plc (the "Company") announces the vesting of an award of shares made under the terms of the Company's Long Term Incentive Plan in 2011 to its Group Chief Executive Officer, Wong Hong Ren, as follows:
Name of Director | No. of shares vested
| No. of shares sold (in London) | Sale price £ | Aggregate shareholding after vesting | % of total issued share capital |
Wong Hong Ren (Director)
| 128,215 | Nil | n/a | 125,136 | 0.039% |
Following the release of the shares, Mr Wong has immediately gifted all 128,215 shares to three of his family members and no longer has an interest in them.
Enquiries:
Philip Davies 020 7872 2444
Deputy Company Secretary
Millennium & Copthorne Hotels plc
Notes:
(1) Wong Hong Ren was awarded 256,430 shares on 28 November 2011 (the "Award") under the terms of the Company's Long Term Incentive Plan.
(2) The performance conditions attaching to the Award comprised two elements:
· 50% of the Award was subject to growth of the Company's earnings per share exceeding RPI; and
· the remaining 50% was based on total shareholder return ("TSR") achieved compared against the TSR of each company within a comparator group comprising companies within the FTSE 250 index (excluding investment trusts) over a period of three financial years beginning with the financial year in which the Award was made.
(3) As disclosed on page 53 of the Company's Annual Report and Accounts for the year ended 31 December 2013, 50% of the original Award met the performance criteria and time-vested on 28 November 2014, being the third anniversary of the grant.
(4) The share price on the date of release was £5.75625.