CORRECTION:Vesting of DBP Shares & Issue of Equity
CORRECTION: VESTING OF DBP SHARES AND ISSUE OF EQUITY
The following amendments have been made to the "Vesting of DBP Shares and Issue of Equity" announcement released on 30 January 2024 at 07:00 under RNS No 2658B (the "Announcement").
The Announcement incorrectly stated that 410,973 2021 Awards had been exercised and that application had been made for 410,973 new ordinary shares in the Company to be admitted to trading on AIM on 1 February 2024.
Whilst 410,973 2021 Awards have vested, only 22,369 2021 Awards have been exercised and application has been made for a lower 22,369 new ordinary shares in the Company to be admitted to trading on AIM on 1 February 2024.
Accordingly, on admission the Company will have 165,555,218 ordinary shares in issue on admission and not 165,943,822 and the Company has today made block admission of a balancing number of 388,604 new ordinary shares which may be issued from time to time on exercise of remaining 2021 Awards to be admitted to trading on AIM on 5 February 2024.
The full text of the amended announcement is set out below.
All other details remain unchanged.
30 January 2024
Lords Group Trading plc
('Lords', the 'Company' or the 'Group')
Vesting of DBP Shares and Issue of Equity
Block Admission
Lords, a leading distributor of building materials in the UK, announces the vesting of an aggregate of 410,973 of nil cost options (the "2021 Awards") over new ordinary shares of 0.5 pence each in the Company ("Ordinary Shares") pursuant to the Group's 2021 Deferred Bonus Plan ("DBP"). The granting of the 2021 Awards was announced by the Company on 29 November 2023.
The Company announces that 22,369 of the 2021 Awards have been exercised and accordingly application has been made for the 22,369 new Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange ("Admission"), and it is expected that Admission will occur at 8.00 a.m. on 1 February 2024.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission of the new Ordinary Shares, the Company's issued ordinary share capital will comprise 165,555,218 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 165,555,218, 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.
Following the initial exercise described above, a total of 388,604 2021 Awards remain capable of exercise.
As a result, the Company also announces that it has today made application for a block admission of 388,604 Ordinary Shares to be admitted to trading on AIM (the "Block Admission") in respect of new Ordinary Shares which may be issued from time to time on the exercise of the remaining 2021 Awards.
New Ordinary Shares issued under the block admission will rank pari passu in all respects with Ordinary Shares and it is expected that Block Admission will become effective at 8.00 a.m. on 5 February 2024.
There is no change to the Group's issued share capital as a result of this block admission and, on Block Admission becoming effective, the Group will continue to have 165,555,218 Ordinary Shares in issue.
The Group will notify on a monthly basis when there are changes to the issued share capital of the Group, and these monthly figures may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Group, under the FCA's Disclosure Guidance and Transparency Rules.
- Ends -
FOR FURTHER ENQUIRIES:
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Lords Group Trading plc |
Via Buchanan |
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Shanker Patel, Chief Executive Officer Chris Day, Chief Financial Officer and Chief Operating Officer |
Tel: +44 (0) 20 7466 5000 |
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Cavendish Capital Markets (Nominated Adviser and Joint Broker) |
Tel: +44 (0)20 7220 0500 |
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Ben Jeynes Dan Hodkinson (Corporate Finance) |
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Julian Morse / Henry Nicol / Charlie Combe (Sales and ECM) |
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Berenberg (Joint Broker) Matthew Armitt / Richard Bootle / Detlir Elezi
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Tel: +44 (0)20 3207 7800 |
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Buchanan Communications |
Tel: +44 (0) 20 7466 5000 |
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Henry Harrison-Topham / Steph Whitmore / Abby Gilchrist
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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 31 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 17 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 48 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.
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