27th Jun 2018 17:37
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 £937,496, 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 Measure | Weighting | Minimum Threshold | Level of Vesting | Maximum Threshold | Level of 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 £5.258, 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 entity | Millennium & Copthorne Hotels plc | ||||||
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 the financial instrument, type of instrument
| Ordinary Shares of 30p each
| ||||||
b) | Identification code | GB0005622542 | ||||||
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) |
| ||||||
f) | Aggregated information
- Aggregated volume
- Price
- Total
- - Price
| 178,299
Nil
Nil | ||||||
g) | Date of the transaction | 27 June 2018 | ||||||
h) | Place of the transaction | Outside of a trading venue | ||||||
Related Shares:
Millennium & Copthorne Hotels