11th Oct 2005 17:01
Star Energy Group PLC11 October 2005 STAR ENERGY GROUP PLC11 October 2005 GRANT OF SHARE AWARDS The Company has today (11 October 2005) established the Star Energy PerformanceShare Plan (the "Plan"). The Remuneration Committee has today made awards underthe Plan over ordinary shares in the Company to the following executivedirectors (the relevant percentages of the Company's issued share capital aregiven in brackets behind the relevant figures): Name Number of Shares Roland Wessel 135,868 (0.17%)Colin Judd 78,324 (0.10%)Melvyn Horgan 67,136 (0.08%)Adrian Fernando 63,298 (0.08%) Under the terms of the Plan, the number of shares awarded to a participant aredivided into two equal number of shares, First Tranche shares and Second Trancheshares respectively. For awards made on 11 October 2005, First Tranche shares can vest at the end ofa three year performance period commencing on 1 September 2005. If the Company'stotal shareholder return is in the top quartile of companies in the FTSE SmallCap Index, the full number of First Tranche shares will be received. Forperformance between median and upper quartile, vesting will occur on astraight-line basis so that 25% of the First Tranche shares are received formedian performance and full vesting occurs for top quartile performance. Noshares will be received if the Company's total shareholder return is below themedian in that index. Receipt of the Second Tranche shares will be subject to the same conditionsother than that performance will be measured over a four year period beginningon 1 September 2005, and no shares can be received until the end of that period. Awards will normally be forfeited if the recipient leaves Group employmentbefore vesting. In addition, awards were also made on 11 October 2005 under the Plan to otherkey managers on the same terms with the result that a total of 527,470 shares(0.66%) were placed under award to all participants. Shares are intended to be acquired by the Company's employee benefit trust(using funding provided or procured by the Company) as and when shares are to betransferred to participants. Bedell Trustees Limited, the trustee of theCompany's employee benefit trust, was today granted an option to acquire up to527,470 shares by subscription so as to be able to satisfy the awards. Enquiries-: Star Energy Group plc Stephen Gutteridge - Chairman 020 7782 8504 David Wertheim - RemunerationCommittee Chairman 01829 730037Colin Judd - Finance Director 020 7730 6663 College Hill Ben Brewerton 020 7457 2020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Star Energy