Millennium & Copthorne Hotels PLC Director/PDMR Shareholding (8203S)

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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June 27, 2018 12:37 ET (16:37 GMT)