REG - Lords Group Trading - Vesting of CSOP Shares and Issue of Equity

Lords TradingAnnouncement

09/05/2023 07:15

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RNS Number : 6560Y  Lords Group Trading PLC  09 May 2023

09 May 2023

 

 

Lords Group Trading plc

 

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

 

Vesting of CSOP Shares and Issue of Equity

 

Lords, a leading distributor of building materials in the UK, announces the
vesting and exercise of all of the remaining options to subscribe for an
aggregate of 3,021,478 new ordinary shares in the Company ("Ordinary Shares")
under the Group's existing Company Share Option Plan ("CSOP") which was in
place prior to the Group's IPO.

 

The CSOP was put in place prior to the Group's IPO and, to ensure the ongoing
retention of the CSOP participants, CSOP awards  did not vest at IPO - with
CSOP awards instead continuing through the IPO reorganisation on terms similar
to those originally set.

 

At the time of grant, the CSOP was the Company's only incentive plan and was
implemented with the intention of retaining the participants and incentivising
them to deliver on the Group's key financial metrics. Following the
publication of the Company's final results for the year ended 31 December
2022, an aggregate of 3,021,478 CSOP options have vested.

 

There are no further awards capable of vesting under the CSOP.

 

As a result of these vested CSOP options having been exercised in full,
application has been made for the 3,021,478 new Ordinary Shares to be admitted
to trading on AIM, and it is expected that Admission will occur at 8.00 a.m.
on or around 11 May 2023. Following Admission of the new Ordinary Shares, the
Company's issued ordinary share capital will comprise 165,532,849 Ordinary
Shares, none of which are held in treasury.

 

Therefore, following Admission of the new Ordinary Shares, the total number of
Ordinary Shares with voting rights in the Company will be 165,532,849, which
may be used by Shareholders 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, the Company under the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules.

 

 

FOR FURTHER ENQUIRIES:

 

 Lords Group Trading plc                                         Via Buchanan
 Shanker Patel, Chief Executive Officer                          Tel: +44 (0) 20 7466 5000
 Chris Day, Chief Financial Officer and Chief Operating Officer

 Cenkos Securities plc (Nominated Adviser and Joint Broker)      Tel: +44 (0)20 7397 8900
 Ben Jeynes / Max Gould / Dan Hodkinson (Corporate Finance)
 Alex Pollen (Sales)

 

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

 Matthew Armitt / Richard Bootle / Detlir Elezi

 Buchanan Communications                                Tel: +44 (0) 20 7466 5000
 Henry Harrison-Topham / Jamie Hooper / 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 26 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.

 

Lords was established over 35 years ago as a family business with its first
retail unit in Gerrards Cross, Buckinghamshire.  Since then, the Group has
grown to a business operating from 45 sites.  Lords aims to become a £500
million turnover building materials distributor group by 2024 as it grows its
national presence.

 

Lords was admitted to trading on AIM in July 2021 with the ticker LORD.L.
 For additional information please visit www.lordsgrouptradingplc.co.uk
(http://www.lordsgrouptradingplc.co.uk/) .

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