Exercise of Options

RNS Number : 5729N

PPHE Hotel Group Limited

19 May 2015

 



19 May 2015

PPHE Hotel Group Limited

(the "Company")

Exercise of Options

Irrevocable Undertaking to Pledge Shares

The Company announces that on 18 May 2015, the board of directors of the Company approved the issue and allotment of 10,157 ordinary shares of no par value each ("Shares") in order to satisfy an exercise of 17,000 share options held by Mrs Inbar Zilberman (a person discharging managerial responsibility as defined under the Financial Services and Markets Act 2000) by way of share appreciation rights (the "Options"). The Options, which were exercised at an average exercise price of 233.5 pence each, were awarded under the Company's share option plan on 15 November 2012.

The issue and allotment is subject to, and conditional upon, Admission (as defined below). Once issued, the 10,157 Shares will rank pari passu with the Company's existing Shares.

In announcements made by the Company on 27 March 2015 and 24 April 2015 respectively, it was announced that Mr Chen Moravsky had exercised options over 235,000 Shares and that allotment and issue of the Shares was expected to take place on 29 May 2015.  Mr Moravsky has taken a loan from Bank Hapoalim B.M. to fund the payment of the exercise price, being £421,900, payable for the exercised options (the "Loan"). As security against the Loan, on 18 May 2015, Mr Moravsky entered into an irrevocable undertaking in favour of Bank Hapoalim B.M. to pledge 235,000 Shares.

An application has now been made for the 10,157 Shares allotted to Mrs Zilberman and for the 235,000 Shares allotted to Mr Moravsky, to be admitted to the Official List of the UKLA and to trading on the London Stock Exchange's main market for listed securities ("Admission").  Admission is expected to take place on 20 May 2015.

Following the issue:

-     Mrs Zilberman's interest in the Company will be 10,157 Shares representing 0.02 per cent. of the issued ordinary share capital.  In addition, she holds options over a further 17,000 Shares under the Company's share option plans.

-     Mr Moravsky's interest in the Company will be 235,000 Shares representing 0.56 per cent. of the issued ordinary share capital.  In addition, he holds options over a further 70,000 Shares under the Company's share option plans.

From 20 May 2015, the total number of Shares in issue will be 43,804,948 of which 1,862,000 Shares are held in treasury. Each Share carries the right to one vote and therefore, the total number of voting rights in the Company will be 41,942,948.

The above figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure Rules and Transparency Rules. Any changes to the above expectation will be announced to the market as required.

Enquiries:

PPHE Hotel Group Limited
Chen Moravsky, Deputy Chief Executive Officer and Chief Financial Officer	Tel: [phone]
Hudson Sandler Financial Public Relations
Wendy Baker / Katie Matthews	Tel: [phone]

 

END

 

 

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