Australia’s Star Entertainment Group Limited says it has vested 918,395 performance rights granted to executives for the 2015 financial year as a result of the company having achieved various performance hurdles, including 350,880 performance rights granted to Managing Director and CEO Matt Bekier.
The rights, representing 99.65% of those granted at a board meeting in 2014, will now be purchased on-market and registered in the names of Bekier and fellow executives as per Star’s Long Term Performance Plan.
In a filing with the Australian Securities Exchange, Star Entertainment Group said that the FY15 Grant comprised a 50% earnings per share (EPS) performance hurdle and a 50% relative total shareholder return (TSR) performance hurdle.
The EPS hurdle measures the growth in statutory earnings per ordinary share adjusted for the theoretical win rate in the VIP Rebate business. The target hurdle of set by the board was AU$25.1 cents, with the company reaching AU$26.2 cents for FY18 and therefore granting 100% of the EPS component of the FY15 grant vested.
Star’s TSR for the four-year period ended 26 September 2018 was 82.978%, which ranked 19th among the defined peer group and was at the 74.65th percentile resulting in 99.3% of the TSR component of the FY15 award vesting.