Director/PDMR Dealings and Holding(s) in Company
18 May 2023
Lords, a leading distributor of building materials in the UK, announces that it has today been notified by Shanker Patel, the Company's Chief Executive Officer, that on 18 May 2023 his related entities purchased an aggregate of 538,461 ordinary shares in the Company at a price of 65 pence per ordinary share.
In addition, the Company has also been notified that on 18 May 2023 Andrew Harrison, a Group non-executive Director, and persons closely associated with him, purchased in aggregate 230,770 ordinary shares at a price of 65 pence per ordinary share.
Shanker Patel's purchases have been conducted via the purchase of 384,615 ordinary shares by a pension fund which is controlled by Shanker Patel and other members of the Lords' concert party, and by the purchase of an additional 153,846 ordinary shares by a pension fund which is controlled by a Rachna Patel, a personal closely associated with Shanker. Details of the Lords concert party are described in full in the Company's 2021 AIM Admission Document.
As a result, Shanker Patel is now interested, together with his children and related entities and trusts, in a maximum of an aggregate of 53,821,386* ordinary shares in the Company, representing 32.5 per cent. of the Company's issued ordinary share capital. The members of the Lords' concert party collectively hold 84,535,727 ordinary shares, representing 51.1 per cent. of the Company's issued share capital.
The notifications below, which are made in accordance with the Market Abuse Regulation, provide further details.
The Company has also notified that Allan Pierce sold 1,226,950 ordinary shares in the Company and now holds 17,890,860 ordinary shares, representing 10.8% of the Company's issued ordinary share capital.
*including a potential interest in a conditional gift of 6,296,250 ordinary shares to Shaker Patel from a member of the Lords concert party. Subject to the satisfaction of conditions to the gift, the gift may become unconditional on 24 June 2024.
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||[email protected]|
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 42 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.
The following notifications are intended to satisfy the Company's obligations under Article 19(3) of the Market Abuse Regulation.
Details of the person discharging managerial responsibilities/person closely associated
1. Lords SSAS
2. Rachna Dewan
3. Andrew Harrison
4. Ruth Harrison
Reason for notification
1. PCA of Shanker Patel, Chief Executive Officer
2. PCA of Shanker Patel, Chief Executive Officer
3. Non-Executive Director
4. PCA of Andrew Harrison, Non-Executive Director
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Lords Group Trading plc
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
Description of the financial instrument, type of instrument and identification code
a) Ordinary shares
Nature of transaction
Purchase of ordinary shares
Price(s) and volume(s)
Date of transaction
1. 18 May 2023
2. 18 May 2023
3. 18 May 2023
4. 18 May 2023
Place of transaction