Star vests performance rights to key executives

Australian casino operator Star Entertainment Group has vested 918,395 performance rights to its key executives for achieving performance hurdles set in FY15.

According to a filing from The Star to the Australian Stock Exchange, the performance rights vested include 350,880 performance rights granted to managing director and chief executive officer Matt Bekier.

The incentive will see the company purchase 918,395 ordinary shares on-market and registered in the respective executives’ names.

The FY15 Grant comprised a 50 percent earnings per share (EPS) performance hurdle and a 50 percent 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 25.1 cents was set by the Board. For FY18, the EPS performance was 26.2 cents and above the target.

In regards to the TSR, Star said the company’s TSR for the four year period to September 26, 2018, was 83 percent. This was ranked 19th among the defined peer group and was set at the 74.65th percentage, resulting in 99.3 percent of the TSR component.