10 Jun 2009 13:03
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:+31 (0)20 717 8603 |
| Investec | |
| James Grace | Tel: +44 (0)20 7759 5970 |
| Hudson Sandler | |
| Jessica Rouleau / Wendy Baker | Tel: +44 (0)20 7796 4133 |
Pphe Hotel (PPH)