Star Energy Group PLC has announced an application for 231,366 Ordinary Shares of 0.002p each to trade 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 with reference to the mid-market closing price of 7.74p on 19 July 2024. The SIP Shares will rank equally with the existing issued shares of the Company, and admission to AIM is expected to become effective on or around 14 August 2024.
Following the issue of shares, the issued share capital of the Company will be 129,537,872 Ordinary Shares, with the number of deferred shares remaining at 303,305,534. The total number of voting rights in Star Energy will be 129,537,872 Ordinary Shares. The Company has provided further details on the SIP in the announcement.
The Star Energy SIP, adopted in 2013, is a tax-efficient incentive plan for all employees of the Group. Employees are eligible to subscribe for up to GBP150 worth of Star Energy ordinary shares per month, with the Company matching employees' monthly subscriptions on a 1-to-1 basis. Subject to the Company meeting pre-defined quarterly production targets, the matching element for that quarter will increase to 2-to-1. Employees must remain employed by the Company for three years to receive their allocation of matching shares, which are held by the SIP Trustees.
For further information, interested parties can contact Star Energy Group plc. The Company's NOMAD and Joint Corporate Broker is Investec Bank plc, and its Joint Corporate Broker is Canaccord Genuity. Vigo Consulting is also available for inquiries.
This announcement provides insight into the additional share listing and the Share Incentive Plan of Star Energy Group PLC, offering a comprehensive overview of the Company's recent developments and initiatives.