28th Sep 2007 07:04
Park Plaza Hotels Limited28 September 2007 28 September 2007 Park Plaza Hotels Limited ("the Company") Executive Share Option Plan As described in the Admission Document, the Company, on the recommendation ofthe Remuneration Committee, adopted an executive share option plan (the "ShareOption Plan") on 11 July 2007. In the Admission Document, the Companycontemplated the initial grant of options being made in the 6 week periodfollowing the adoption of the Share Option Plan. However, as a result of theCompany being in a close period ahead of the publication of its half yearlyresults, the initial grant was deferred until now. On 27 September 2007, the Company made an initial grant of options under theShare Option Plan over 387,294 ordinary shares of nil par value of the Company("Shares") with an exercise price equal to the placing price of £5.50 per Share. In the initial grant, the Company granted: (i) options which will becomeexercisable on the third anniversary of the date of grant; and (ii) optionswhich will become exercisable in respect of a third of the Shares under optionon the first anniversary of the date of grant of the options, in respect of afurther third of the Shares under option on the second anniversary of the dateof grant and in respect of the remaining Shares under option on the thirdanniversary of the date of grant. Options will automatically lapse on the tenthanniversary of the date of grant. For the purposes of Rule 17 of the AIM Rules, the only director who received anoption in the initial grant was Chen Moravsky. Mr Moravsky was granted an optionover a total of 92,727 Shares at an exercise price of £5.50 per Share. MrMoravsky's option will become exercisable in respect of 30,909 Shares on 27September 2008, in respect of a further 30,909 Shares on 27 September 2009 andin respect of the remaining 30,909 Shares on 27 September 2010. The option maynot be exercised after 26 September 2017. The exercise price per Share for options granted in the future under the ShareOption Plan will not be less than the closing price of a Share on the dealingday immediately preceding the date of grant (as published in the Financial Timeson the date of grant). Enquiries: Park Plaza Hotels Tel: +44 (0)20 7034 4800Chen Moravsky, ChiefFinancial Officer Hudson Sandler Tel: +44 (0)20 7796 4133Jessica Rouleau / WendyBaker This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pphe Hotel