Star Energy Group PLC has announced an application for 138,010 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 SIP 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 9.51p on 29 December 2023, in accordance with the rules of the SIP. The SIP Shares shall rank equally with the existing issued shares of the Company, and admission to AIM is expected to become effective on or around 01 May 2024.
Following the issue of shares, the issued share capital of the Company will be 128,949,876 Ordinary Shares, with the number of deferred shares remaining at 303,305,534. The total number of voting rights in Star Energy will be 128,949,876 Ordinary Shares. The Company has provided further details on the SIP, which is an Inland Revenue approved Share Investment Plan for all employees of the Group. The scheme is a tax-efficient incentive plan, and shares issued under the SIP are held by the SIP Trustees.
The Star Energy SIP allows all Company employees 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 pre-defined quarterly production targets, will increase the matching element for that quarter to 2-to-1. Employees must remain employed by the Company for a period of 3 years to receive their allocation of matching shares. For further information, the Company has provided contact details for inquiries.
This announcement provides insight into the Company's efforts to enhance employee participation and engagement through the Share Incentive Plan, as well as its plans for additional share listing, demonstrating its commitment to transparency and shareholder communication.