Melco reveals financial changes
Melco Resorts and Entertainment has granted its CEO Lawrence Ho restricted shares.
Macau.- Lawrence Ho, Chairman and CEO of international casino company Melco Resorts and Entertainment, received yesterday restricted shares equivalent to 531,381 of the company’s ordinary shares, as revealed by an official statement by Melco. The financial move responds to a share incentive plan approved by the company’s board this week.
“The shares are not transferable and may not be sold or pledged until fully vested,” Melco Resorts and Entertainment said in a Securities and Exchange Commission filing. “The purpose of the aforesaid grant of restricted shares to Mr. Ho is to recognise Mr. Ho’s contribution to the success and development of the Melco Resorts Group and to incentivise and motivate him to continue to strive for the future development of the Melco Resorts Group and its business.”
The filling proves that the restricted shares represent approximately 0.036 percent of Melco Resorts’ issued share capital. The CEO will receive them in two tranches on March 29th, 2020 and March 29th, 2021, respectively. “Based on the closing price of US$28.98 per American Depositary Share, as quoted on the NASDAQ Global Select Market on March 29th, 2018, the market value of the restricted shares is approximately US$5.133 million,” the casino company revealed yesterday.
