Star Energy Group plc has applied for 252,785 ordinary shares to be listed on the AIM market of the London Stock Exchange under the Star Energy Group plc Share Incentive Plan (SIP). The shares will be held by Equiniti Share Plan Trustees Limited. The number of shares to be issued under the SIP has been calculated based on the mid-market closing price of 11.50p on 20 October 2023. The shares will rank equally with the existing issued shares of the company. The admission to AIM is expected to become effective on or around 1 November 2023.
Frances Ward, the Chief Financial Officer of Star Energy, has subscribed for 3,913 shares under the SIP and will receive a matching allocation of 7,826 shares. This will result in a total of 11,739 shares and a voting rights of 0.09%.
Following the issue of the new shares, the issued share capital of Star Energy will be 128,345,189 ordinary shares, with the number of deferred shares remaining at 303,305,534. The total number of voting rights in the company will be 128,345,189 ordinary shares.
The Star Energy SIP is a tax-efficient incentive plan for all employees of the company. Employees are eligible to subscribe for up to GBP150 (or 10% of salary, if less) worth of Star Energy ordinary shares per month. The company matches employees' monthly subscriptions on a 1-to-1 basis and, subject to meeting quarterly production targets, increases the matching element to 2-to-1. Employees must remain employed by the company for 3 years to receive their allocation of matching shares. The shares issued under the SIP are held by the SIP Trustees.