Galaxy Entertainment rewards employees with stock options
Galaxy Entertainment Group Limited provided a total of 8,818,000 stock options and awarded the executive directors and founder of the company Louis Che Wu with 783,700 shares.
In a statement for the Hong Kong Stock Exchange (HKSE), Galaxy announced the exercise price of options - HKD48.65 ($ 6.21) per share. At the time of the announcement, the value of Galaxy shares was 48.55 Hong Kong dollars ($ 6.20) per share.
Bonuses will be awarded in the time period from December 28, 2019 to 2021. The first 261,225 shares will be transferred on December 28, 2019.
Share options and share awards - 6,656,600 and 634,300, respectively - must be transferred to the executive directors of the company. 432,000 stock options and 50,900 shares will be awarded to associative directors.
In addition to Louis Che Wu, who received 2,651,000 stock options and 257,100 shares, the named recipients of grants were Vice Chairman Francis Louis Yu Tung, who received 3,749,000 options and 363,600 shares, Paddy Tang Louis Vai Yu and Joseph Ji Ying Keung.
In November last year, the company granted 7,975,000 stock options and 2,003,900 shares to employees outside the board of directors.
In the third quarter of last year, the company's net revenue amounted to 13 billion Hong Kong dollars ($1.66 billion), which is 6% more than in 2016. EBITDA (earnings before interest, taxes, depreciation and amortization) was 3.9 billion Hong Kong dollars ($ 498 million), up 10% from the previous year. For the 12 months ended September 30, 2018, the adjusted EBITDA was 16.7 billion Hong Kong dollars ($ 2.13 billion), which is 29% higher than the previous 12 months.
Suggested Reading - Shares of gambling operators in Las Vegas fall in price