New Star unveils performance-based share plan

Unveiled this morning, the new share issue represents 15% of the firm’s current issued share capital and is aimed at aligning employee interests with shareholders and to lock in vital staff. The company says it has identified 35 executives to whom it intends to issue up to 27m new shares, with approximately 3.5m shares awarded to five executive directors. However, chairman John Duffield and chief executive Howard Covington feel they are “sufficiently incentivised” and will not participate. The plan shares will be purchased at the market price by staff and the New Star Employee Benefit...