Millennium & Copthorne Hotels PLC Director/PDMR Shareholding (8203S)
28 June 2018 - 2:37AM
UK Regulatory
TIDMMLC
RNS Number : 8203S
Millennium & Copthorne Hotels PLC
27 June 2018
For Immediate Release 27 June 2018
MILLENNIUM & COPTHORNE HOTELS PLC
LEI: 2138003EQ104LZ1JNH19
NOTIFICATION OF TRANSACTION OF DIRECTOR/PDMR
Millennium & Copthorne Hotels plc (the "Company") announces
that on 27 June 2018, the Company's new Group Chief Executive
Officer, Jennifer Fox, was granted a conditional share award (the
"Award") in respect of 178,299 ordinary shares of 30 pence each in
the Company ("Ordinary Shares") pursuant to the Millennium &
Copthorne Hotels plc 2016 Long Term Incentive Plan (the
"LTIP").
The value of the Award is GBP937,496, which represents
approximately 150% of Ms Fox's base annual salary in line with the
Company's Remuneration Policy. The Award will have a three-year
performance period, with vesting to occur on the third anniversary
of the grant date, followed by a two-year post-vesting holding
period.
Performance conditions
The Company's Remuneration Committee has reviewed the
performance conditions to be associated with the Award and has
agreed that the following will apply: cumulative earnings per share
("EPS"), annualised growth of revenue per available room measured
on a like-for-like and constant currency basis ("RevPAR") and total
shareholder return ("TSR") as measured against a comparator group
comprising companies in the FTSE 250 index, excluding investment
trusts. The weightings to be applied to the performance conditions
are 60% to EPS, 20% to RevPAR and 20% to TSR.
The Remuneration Committee believes that these performance
conditions align management incentives with delivering the Group's
long term business strategy. The Remuneration Committee further
believes that the targets applicable to the conditions, which are
set out below, are appropriately stretching and represent a level
of difficulty comparable to those applied historically.
Performance Weighting Minimum Level of Maximum Level of
Measure Threshold Vesting Threshold Vesting
Cumulative
EPS 60% 100 pence 25% 120 pence 100%
---------- ----------- --------- --------------- ---------
Annualised
RevPAR growth 20% 1.5% 25% 3.0% 100%
---------- ----------- --------- --------------- ---------
TSR - FTSE
250 excluding
investment
trusts 20% Median 25% Upper quartile 100%
---------- ----------- --------- --------------- ---------
Notes:
1. The number of Ordinary Shares that will vest after the
three-year performance period, from 1 January 2018 through 31
December 2020, will depend on the extent to which the targets are
achieved and will remain subject to the rules of the LTIP. Any
Ordinary Shares that vest on 27 June 2021 will be subject to an
additional two-year holding period ending on 27 June 2023.
2. Vesting levels between threshold and maximum will be assessed on a straight-line basis.
3. No consideration was paid for the grant of the award and no
payment is due from the grantee on the vesting and exercise of the
Award.
4. The price used to calculate the number of LTIP shares awarded
was GBP5.258, being the average of the mid-market closing price of
the Company's ordinary shares on the five dealing days immediately
preceding 27 June 2018.This announcement is made in accordance with
the requirements of the EU Market Abuse Regulation Article 19.
1 Details of person discharging managerial responsibilities /
person closely associated
a) Details of PDMR/PCA Jennifer Fox
------------------------------------ -------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------
a) Position/status Group Chief Executive Officer
------------------------------------ -------------------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------------------ -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------------
a) Full name of the Millennium & Copthorne Hotels plc
entity
------------------------------------ -------------------------------------------------
b) Legal Entity 2138003EQ104LZ1JNH19
Identifier code
------------------------------------ -------------------------------------------------
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 Ordinary Shares of 30p each
the financial instrument,
type of instrument
------------------------------------ -------------------------------------------------
b) Identification GB0005622542
code
------------------------------------ -------------------------------------------------
c) Nature of the transaction Grant of conditional share award over Millennium
& Copthorne Hotels plc ordinary shares under
the Millennium & Copthorne Hotels plc 2016
Long Term Incentive Plan
------------------------------------ -------------------------------------------------
d) Currency Sterling
------------------------------------ -------------------------------------------------
e) Price(s) and volume(s) Price Volume Total
Nil 178,299 Nil
-------- ------
------------------------------------ -------------------------------------------------
f) Aggregated information 178,299
* Aggregated volume Nil
Nil
* Price
* Total
-
* Price
------------------------------------ -------------------------------------------------
g) Date of the transaction 27 June 2018
------------------------------------ -------------------------------------------------
h) Place of the transaction Outside of a trading venue
------------------------------------ -------------------------------------------------
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END
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