New Star issues new shares for staff incentive scheme

The group has already singled out 35 executives to whom it intends to award up to 27m of the shares in aggregate. Of this total, around 3.5m shares will be awarded to five individuals, though this excludes chairman John Duffield and chief executive Howard Covington, who already consider themselves "sufficiently incentivised". The scheme will run until the end of 2012, while performance targets for New Star's mutual fund managers will be based on annual peer group-related investment performance and assets under management. The maximum dilution to earnings per share will be 4.0pc if all ...