Lui Che Woo (pictured in a file photo), founding chairman of Macau casino operator Galaxy Entertainment Group Ltd, is among those covered by a rejigged share options and share awards scheme within the firm, which replaces a previous one.
Six people – either executive directors or associates of directors – are mentioned by name, but the scheme is wider than that.
The refreshed scheme is designed to ensure the exercise price of such options and awards reflects the group’s current share price level. The exercise price of the prior scheme meant it could “no longer serve the purpose of providing motivation and incentives to the grantees,” said a Friday filing to the Hong Kong Stock Exchange, announcing the change.
The exercise price for the prior option award, in June last year, had been HKD62.19 (US$7.92), a 27.8-percent premium to the new exercise price of HKD48.65. The group’s shares opened Monday trading in Hong Kong, at HKD48.90.
On Friday, Galaxy Entertainment had granted share options for a total of 11,452,270 shares under its 2021 option scheme – the most recent – and awarded 5,174,060 shares under its share award scheme 2021.
The outstanding of the circa 11.5 million share options were then cancelled and substituted by a smaller number of replacement share options: 9,469,810.
Of the latter, a total of 4,373,930 were distributed among executive directors of Galaxy Entertainment: Mr Lui senior; Francis Lui Yiu Tung, deputy chairman of the firm; and Paddy Tang Lui Wai Yu. A further 353,550 replacement options were distributed between named associates of directors: Eileen Lui Wai Ling; Andrew Nicholas Lui; and Lui Joanna Claudia.
The validity period of the replacement share options covers six years from October 7, and they are subject to vesting on October 7, 2023 and on October 7, 2024.
“In view of the fact that the exercise prices of the previously granted share options (being HKD62.36 per share, HKD57.70 per share and HKD62.19 per share for the share options granted on December 27, 2017, December 30, 2019 and June 17, 2021 respectively) are higher than the market price of the shares for a period of time, the previously granted share options no longer serve the purpose of providing motivation and incentives to the grantees,” Galaxy Entertainment’s Friday filing stated.
The replacement share options scheme would provide “grantees with incentives for their retention with the group” and incentivise their “contribution towards the continued operation and development of the group”, Galaxy Entertainment stated.
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