Macau concessionaire Wynn Macau Ltd says it has issued 19 million new ordinary shares in the company to an independent trustee for the purpose of granting share awards to employees.
The new shares, which represent 0.365% of issued shares in Wynn Macau prior to the issue and 0.363% afterwards, form part of the 75 million new shares the company was granted permission to issue by the Stock Exchange of Hong Kong on 4 June. At current valuation of HK$5.55 per share, the new shares are valued at around HK$105.5 million (US$13.4 million).
Wynn Macau said the main purpose of this issue is to “align the interests of the relevant employees with those of the Group and encourage and retain the relevant employees to make contributions to the long-term growth and profits of the Group.”
None of the employees set to receive the shares is a connected person of the company and none will hold more than 1% of the total issued shares upon the issue, it added.
The issue of new shares comes after Wynn Macau revealed last month plans to substitute a portion of some employees’ salaries with shares instead. On 8 June, the company added that 90% of the company’s management had agreed to a reduction in salary on the basis that they would be offered shares of equal value to the salary reduction.