Stobart Group Limited Vesting of Stobart Energy Incentive Plan (5826L)
09 Settembre 2019 - 8:00AM
UK Regulatory
TIDMSTOB
RNS Number : 5826L
Stobart Group Limited
09 September 2019
9 September 2019
STOBART GROUP LIMITED
('Stobart Group' or 'the Company')
Vesting of Stobart Energy Incentive Plan
Stobart Group, the aviation, energy and civil engineering group,
confirms that the Stobart Energy Incentive Plan (SEIP) has now
vested.
The SEIP was an incentive plan put in place to align fully the
management of the Energy division with shareholder interests by
benefitting from a significant increase in the value of the
division. Further details were set out in the Notice of Annual
General Meeting and Approval of the SEIP document circulated in
advance of the 2016 Annual General Meeting. The SEIP was approved
by 98.6% of shareholders.
For the purpose of determining the value of awards to management
under the SEIP, the Board of Stobart Group appointed an independent
valuer to carry out a valuation of the Energy division on a
consolidated basis. That independent valuer has valued the equity
of the Energy division at in excess of GBP210m as at 30 June 2019,
compared to a starting valuation of GBP100m as at 30 June 2016(1)
.
Under the terms of the SEIP, the Energy division's management
will now share in an award with a total value of GBP5.3m. All
awards under the SEIP are being satisfied through the delivery of
ordinary shares in the Company (i) the transfer of 665,251 existing
ordinary shares held in the Stobart Group Employee Benefit Trust
and (ii) the issuance of 3,830,947 new ordinary shares by the
Company. The aggregate number of ordinary shares to be delivered to
SEIP participants has been calculated(2) by reference to the
weighted average mid-market price of the Company's ordinary shares
in the period from 30 June 2019 to 5 September 2019.
Applications have been made for the new ordinary shares to be
admitted to the premium segment of the Official List of the
Financial Conduct Authority and to trading on the main market for
listed securities of the London Stock Exchange, effective on 12
September. These shares will be fully paid and rank pari passu in
all respects with the existing ordinary shares in Stobart
Group.
As at 12 September 2019, Stobart Group's issued ordinary share
capital will comprise 374,652,662 ordinary shares of 10 pence each.
No ordinary shares are held in Treasury.
Shareholders may use the above figure of 374,652,662 shares as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, Stobart Group under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.
The person responsible for arranging the release of this
announcement on behalf of Stobart Group is Louise Brace, Company
Secretary.
Enquiries:
Stobart Group Limited c/o Newgate Communications
Charlie Geller, Head of Group Communications
Newgate Communications +44 203 757 6880
Robin Tozer stobart@newgatecomms.com
Ian Silvera
(1) The valuation and determination of awards to management has
been carried in accordance with the SEIP rules and the Articles of
Association of Stobart Biomass Products Limited dated 27 April
2017.
(2) The calculation of participant entitlement under the terms
of the SEIP is set out in the SEIP rules and clause 6 of the
Articles of Association of Stobart Biomass Products Limited dated
27 April 2017.
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END
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