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Galaxy to let employees vest share awards early

Thursday, 14 September 2017 07:16
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Galaxy Entertainment Group (GEG) will allow employees to vest some of their received share awards early as it looks to appease frustrations in the wake of Typhoon Hato.

In two separate filings to the Hong Kong Stock Exchange this week, Galaxy said it would permit non-executive employees holding share awards with vesting dates on or before 30 June 2018 to early vest one-third of those shares on 4 October 2017, with the remaining balance to be vested on 31 December 2017. The total number of share awards outstanding is 21,420,046 which were granted between 28 October 2014 and 28 December 2016, the company added.

“The subscription price of HK$214,200.47 in aggregate will be settled in cash by GEG’s internal resources,” it said.

Galaxy came under heavy fire on social media in the wake of Typhoon Hato amid accusations – which Inside Asian Gaming understands are largely unfounded – that the company had directed staff to clean-up its pool deck at Galaxy Macau rather than provide community assistance to recovery efforts.

As reported by IAG last week, GEG described the social media storm as “a big misunderstanding” based on interpretations of the word “volunteer.”

“Because there was another typhoon coming, we needed to get the resort deck cleaned up as quickly as possible from all of this loose debris that could potentially fly around, push through windows, break into hotel rooms, fly off the hotel deck and hit people in the streets,” explained GEG’s Chief Operating Officer Kevin Kelley. “We knew it was a very dangerous environment that needed to be fixed very quickly.”

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