Stockomendation Regulatory News Service

RNS For Elegant Hotels Group (EHG)

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Grant of Share Options

06/02/2019
RNS Number : 2381P
Elegant Hotels Group PLC
06 February 2019
 

6 February 2019

 

This announcement contains inside information

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 (the "Admission Document").

 

Options over a total of 942,321 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 303,322 Ordinary Shares will be granted to a director of the Company and Options over 638,999 Ordinary Shares will be granted to members of the Company's senior management team.

 

The vesting date of the Options will be the third anniversary of the date of award, subject to the satisfaction of the performance criteria measured over a three-year performance period. The 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-vesting holding period of twelve months from the vesting date (or such shorter period as the Remuneration Committee may decide) 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

495,671

303,322

798,993

In addition, Sunil holds 1,849,389 Ordinary Shares.

Following grant of the Options, options will be outstanding over a total of 2,483,791 Ordinary Shares, representing approximately 2.8% of the current undiluted issued share capital of the Company 88,815,789.

 


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)

 Price(s)

Volume(s)

1p

303,322

 

d)

Aggregated information

- Aggregated volume

- Price

N/A - single transaction

e)

Date of the transaction

5 February 2019

f)

Place of the transaction

Outside a trading venue

 

 

 

For further information

Elegant Hotels Group plc

Sunil Chatrani, Chief Executive Officer

Jeff Singleton, Chief Financial Officer

 

 

+1 246 432 6500

Liberum Capital Limited (NOMAD and Joint Broker)

Clayton Bush / Chris Clarke / William Hall 

 

+44 (0) 203 100 2222

 

Zeus Capital Limited (Joint Broker)

John Goold / Dominic King

 

+44 (0) 203 829 5000

 

Powerscourt

Rob Greening / Lisa Kavanagh / Isabelle Saber

Email: eleganthotels@powerscourt-group.com

 

 

+44 (0) 207 250 1446

 

 

 

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 2018, the Group achieved revenue of $63 million and EBITDA before non-recurring items of $19.7 million.

 

Together, the Group's seven existing hotels - Colony Club, Treasure Beach, Tamarind, The House, Crystal Cove, Turtle Beach and Waves Hotel & Spa - 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 

 

Consumer website: http://www.eleganthotels.com 

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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