The Board of Elegant Hotels, the owner and operator of six upscale freehold hotels and a beachfront restaurant on the island of Barbados, has told DirectorsTalk that it has approved the grant of a tranche of share 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.
