Mandarin Oriental’s Latest Block Listing: What Investors Need to Know About 31.9 Million Unallotted Shares

Key Points from the Report

• Mandarin Oriental International Limited has released its latest block listing six-monthly return.
• The return covers the period from 25 March 2025 to 24 September 2025.
• The notification was lodged with the Financial Conduct Authority (FCA) in the UK on 25 September 2025.
• The report concerns two key share schemes:
  • The Mandarin Oriental International Share Option Plan 2005 (‘the 2005 Plan’)
  • The Mandarin Oriental Share-based Long-term Incentive Plan (‘LTIP’)
• 31,891,740 shares remain unallotted under the 2005 Plan. No shares are unallotted or outstanding under the LTIP.
• No additional shares were issued, allotted, or applied for under either scheme during the reporting period.
• There was no increase in the block scheme since the previous return.
• Sean Ward is listed as the company contact for further enquiries.

What Shareholders and Investors Need to Know

The continued existence of 31.9 million unallotted shares under the 2005 Share Option Plan is a significant detail for investors. These shares represent potential dilution if and when they are issued, which could impact existing shareholders’ stakes and possibly the share price, depending on how and when these options are exercised.

Of equal note is the fact that no new shares were issued or allotted under either scheme in the latest six-month period. This means there has been no dilution from these programmes during this period, offering some short-term certainty to shareholders.

However, the large balance of unallotted shares under the 2005 Plan means that at any point, if the company decides to issue these shares (for example, upon exercise of employee options), there could be a material impact on the share capital and potentially the market price.

Potential Share Price Sensitivity

• The potential dilution from 31.9 million unallotted shares is significant and could become price-sensitive if exercised or allotted in the future.
• Investors should monitor future disclosures for any sign that these options are being exercised, as such events can affect both earnings per share and voting power for existing shareholders.
• The absence of LTIP shares outstanding may signal a shift in the company’s employee incentive structure, but the details are not specified in this return.

Conclusion

While there have been no new share issues in this period, the sizeable pool of unallotted shares under the company’s long-standing share option plan remains a key factor for investors to watch. Any future allotment of these shares could have a tangible impact on share value and dilution. Shareholders are advised to keep a close eye on subsequent block listing returns and company announcements for any changes to this situation.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a professional advisor before making any investment decisions. The information presented is based on the latest available filing and may be subject to change.

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