REG - Lords Group Trading - Long Term Incentive Plan Awards

Lords TradingAnnouncement

14/03/2025 07:00

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RNS Number : 6192A  Lords Group Trading PLC  14 March 2025

 14 March 2025

 

Lords Group Trading plc

('Lords', the 'Group' or the 'Company')

 

Long Term Incentive Plan Awards

 

Lords, a leading distributor of building materials in the UK, announces that
the Group's Remuneration Committee has conditionally granted nil cost options
over a total of 5,012,480 ordinary shares of 0.5 pence each in the Company
('Ordinary Shares') under the terms of the Company's Long Term Incentive Plan
(the 'LTIP Awards').

 

The LTIP Awards will be issued to Board and divisional executives in the
amounts set out below.

 

Board executive performance targets are based 50% on growth in Earnings per
Share ('EPS') and 50% based on Total Shareholder Return ('TSR') compared to
the Group's comparator group. Divisional executive targets are 60% based on
growth in business or divisional earnings before interest, tax, depreciation,
and amortisation ('EBITDA') and 40% based on growth in Group EPS. The Group's
Remuneration Committee consider that this aligns senior executives with the
success of the Group in the medium and long term.

 

 Director/PDMR      Role                     Number of LTIP Awards
 Shanker Patel      Chief Executive Officer  1,628,073
 Stuart Kilpatrick  Chief Financial Officer  1,090,909

 

Performance targets are based on a three-year performance period from 1
January 2025 to 31 December 2027 (the 'Vesting Period') and earnings-related
performance targets require organic growth of 15.8% to fully vest. Organic
growth, for the purposes of the LTIP Awards, excludes any benefit of acquired
earnings during the Vesting Period.

 

The EPS based proportion of the LTIP Awards will not vest at all if organic
growth in earnings over the Vesting Period is below the minimum target of 9.5%
(the 'Minimum Target') and will begin to vest at 25% of the total EPS based
LTIP Awards upon achieving the Minimum Target.

 

In respect of the TSR related performance condition, the LTIP Awards do not
vest below median performance in comparison to the comparator group and will
begin to vest at 25% of the total TSR based award, with full vesting at the
top quartile in relation to the comparator group.

 

The total number of shares vesting between minimum and full vesting is
calculated on a straight-line basis.

 

The Remuneration Committee has discretion to amend these terms to ensure that
any performance targets remain appropriate.

 

In recognition that the Group made no award during 2024, the Remuneration
Committee has made a one-off Restricted Share Award ('RSA') award to sixteen
business and divisional executives of nil cost options over a total of 586,939
ordinary shares of 0.5 pence each in the Company. The RSA awards will vest
after three years, subject to continuous employment with the Group for the
whole of the vesting period and subject to Remuneration Committee discretion.
The RSA awards lapse for all leavers, unless there are exceptional
circumstances such as inability to work due to illness.

 

- Ends -

 

FOR FURTHER ENQUIRIES:

 

   Lords Group Trading plc                                Via Burson Buchanan
   Shanker Patel, Chief Executive Officer                 Tel: +44 (0) 20 7466 5000
   Stuart Kilpatrick, Chief Financial Officer

 Cavendish Capital Markets Limited                        Tel: +44 (0)20 7220 0500

 (Nominated Adviser and Joint Broker)
 Ben Jeynes / Dan Hodkinson (Corporate Finance)
 Julian Morse / Henry Nicol / Charlie Combe (Sales/ECM)

 Berenberg (Joint Broker)                                 Tel: +44 (0)20 3207 7800

 Matthew Armitt / Harry Nicholas / Detlir Elezi

 Burson Buchanan                                          Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham / Steph Whitmore / Abby Gilchrist  LGT@buchanan.uk.com (mailto:LGT@buchanan.uk.com)

 

Notes to Editors:

 

Lords is a specialist distributor of building, plumbing, heating and DIY
goods.  The Group principally sells to local tradesmen, small to medium sized
plumbing and heating merchants, construction companies and retails directly to
the general public.

 

The Group operates through the following two divisions:

 

Merchanting: supplies building materials and DIY goods through its network of
merchant businesses and online platform capabilities.  It operates both in
the 'light side' (building materials and timber) and 'heavy side' (civils and
landscaping), through 32 locations in the UK.

 

Plumbing and Heating: a specialist distributor in the UK of plumbing and
heating products to a UK network of independent merchants, installers and the
general public.  The division offers its customers an attractive proposition
through a multi-channel offering.  The division operates over 16 locations
enabling nationwide next day delivery service.

 

For additional information please visit www.lordsgrouptradingplc.co.uk
(http://www.lordsgrouptradingplc.co.uk/)

 

 

 

Notification and public disclosure of transactions by Director/persons
discharging managerial responsibilities and persons closely associated with
them

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Shanker Patel
 2   Reason for the notification
 a)  Position/status                                              Director of Lords Group Trading plc
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, UK emission allowance market participant, auction
     platform or auctioneer
 a)  Name                                                         Lords Group Trading plc
 b)  LEI                                                          9845009A4D87F1CE5145
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 0.5 pence each

 b)  Nature of the transaction                                    Grant of options

 c)  Price(s) and volume(s)                                       Exercise Price per share    Number of shares
     NIL                                                                                      1,628,073
 d)  Aggregated information                                       See 4c) above

     ·     - Aggregated volume

     ·     - Price
 e)  Date of the transaction                                      12 March 2025
 f)  Place of the transaction                                     Outside a trading venue

 

 

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Stuart Kilpatrick
 2   Reason for the notification
 a)  Position/status                                              Director of Lords Group Trading plc
 b)  Initial notification/Amendment                               Initial notification
 3   Details of the issuer, UK emission allowance market participant, auction
     platform or auctioneer
 a)  Name                                                         Lords Group Trading plc
 b)  LEI                                                          9845009A4D87F1CE5145
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary shares of 0.5 pence each

 b)  Nature of the transaction                                    Grant of options

 c)  Price(s) and volume(s)                                       Exercise Price per share    Number of shares
     NIL                                                                                      1,090,909
 d)  Aggregated information                                       See 4c) above

     ·     - Aggregated volume

     ·     - Price
 e)  Date of the transaction                                      12 March 2025
 f)  Place of the transaction                                     Outside a trading venue

 

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