New Star will push ahead with its lock-in performance-based employee stock plan after receiving 89.14% shareholder approval.
The plan was voted on at the firm’s extraordinary general meeting held last Friday, with all resolutions passed on a show of hands.
New Star’s plan to issue 35m new shares to key employees is aimed at locking in vital staff and aligning worker interests with shareholders.
Unveiled last month, the new share issue represents 15% of the firm’s current capital. The plan shares will be purchased at the market price by staff and the New Star Employee Benefit Trust, with the trust paying all but 1p of each share.
New Star shares are down 0.23% to 108.75 this morning, far below its 52-week high of 485.IFAonline
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