GGRAsia – Bloomberry’s incentive plan to exclude non-exec directors

Bloomberry’s incentive plan to exclude non-exec directors

Apr 21, 2022 Newsdesk Latest News, Philippines, Top of the deck

Bloomberry Resorts Corp, promoter of the Solaire Resort and Casino (pictured in file photo) in the Philippine capital Manila, says the firm’s board has approved an amendment to the company’s stock incentive plan, which will now exclude directors. The information was included in a Thursday filing to the Philippine Stock Exchange. The company did not give a reason for the decision in the document.

The amendment was approved by the casino promoter’s board on Thursday, which said:

“The participants to the stock incentive plan have been amended to exclude directors from its coverage, provided that directors who are officers or who are given executive function are not disqualified to receive stock incentive plan shares as an executive,” stated the filing.

The incentive plan has been extended for 10 years, from May 24, 2022, according to the document.

Bloomberry said that its share incentive plan is, among other purposes, intended to: allow employees “to participate directly in the company’s worth”; “motivate” employees and other participants toward greater productivity; encourage employees and other participants “to remain” with the group; and broaden its shareholders base.

The firm’s stock incentive plan does not grant a stock option, but instead “a grant of shares as a form of additional compensation to its eligible recipients,” according to the filing.

In March, Bloomberry reported consolidated net revenue of PHP22.0 billion (US$420.1 million) for full-year 2021, up 23.8 percent from the previous year. The company posted a net loss of PHP4.2 billion for the year, an improvement compared to a loss of PHP8.3 billion in 2020.