Business
Vesting of CSOP Shares and Issue of Equity
Vesting of CSOP Shares and Issue of Equity.
About this update from Lords Group Trading Plc
[{"type":"text","content":"\n\n\n\n\n\n \n\n\n \n\n\n\n\n09 May 2023\n \n \nLords Group Trading plc\n \n('Lords', the 'Group' or the 'Company')\n \nVesting of CSOP Shares and Issue of Equity\n \nLords, 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. \n \nThe 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. \n \nAt 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.\n \nThere are no further awards capable of vesting under the CSOP.\n \nAs 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.\n \nTherefore, 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.\n \n \nFOR FURTHER ENQUIRIES:\n \n\n\n\n\nLords Group Trading plc\n\n\nVia Buchanan\n\n\n\n\nShanker Patel, Chief Executive Officer\n\n\nTel: +44 (0) 20 7466 5000\n\n\n\n\nChris Day, Chief Financial Officer and Chief...