Neptune's Geffen warns of New Star manager exits

Under the terms of its planned restructure, New Star agreed with its banking syndicate to pass on £6m out of the total £100m in high-dividend preference shares to "certain employees". Senior management will also receive warrants over 5% of new ordinary shares. While its top fund managers, including Richard Pease and Tim Steer, are likely to feature in the incentive scheme - it is not yet known who will be among the rumoured 25 employees to receive preference stock. Geffen says it is possible New Star's restructure could lead to fund manager departures. "Quite clearly the banks will be...