Share Options

RNS Number : 6819T

Park Plaza Hotels Limited

10 June 2009

 



10 June 2009

Park Plaza Hotels Limited

('Park Plaza' or 'the Group')

Issue of Options and Rebasing of Existing Share Options

The Group's Remuneration Committee met on 11 May 2009 to consider the options packages of all employees to ensure they are properly incentivised in the future. On 10 June 2009, the Remuneration Committee made its recommendations to the Board and the Board agreed to amend the options packages of all current employees.  As a result, the options of current employees will be rebased to market value on 10 June 2009 being the day on which the recommendation of the Remuneration Committee was accepted by the Board. The new strike price will therefore be 100p.

The Board also agreed to the Remuneration Committee's recommendation to grant 26,806 share options over ordinary shares to current employees, including Chief Finance Officer, Chen Moravsky.

Chen Moravsky held the following options prior to and following the amendment, as detailed below.

Position prior to the rebasing of options:

Name	Date of Grant	Vesting Period	No. of Options	Exercise Price (p)
Chen Moravsky CFO	27 Sept 2007	27 Sept 2010 -  27 Sept 2020	92,727	550

Position after the rebasing of options: 

Name	Date of Grant	Vesting Period	Rebased Options	Exercise Price (p)
Chen Moravsky CFO	27 Sept 2007	27 Sept 2010 - 27 Sept 2020	92,727	100
	10 June 2009	27 Sept 2010 - 27 Sept 2020	2,273	100

Enquiries:

Park Plaza Hotels
Chen Moravsky, CFO	Tel:[phone]
Investec
James Grace	Tel: [phone]
Hudson Sandler
Jessica Rouleau / Wendy Baker	Tel: [phone]

 

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