Director/PDMR Shareholding
Stelrad Group PLC announced that on March 18, 2026, conditional share awards granted under the Deferred Share Bonus Plan (DSBP) to Executive Directors vested and were settled in cash. Trevor Harvey received a gross award value of £81,349.12, based on a settlement price of £1.28 per share for 63,554 shares, with £36,607.10 paid in tax to HMRC, resulting in a net cash amount of £44,742.02. Additionally, Mr. Harvey agreed to use 34,954 existing shares he held in substitution for shares that would have been delivered, with these substituted shares subject to the DSBP's malus and clawback provisions and the Directors' Remuneration Policy.
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On 18 March 2024, Stelrad Group plc ("Stelrad" or "the Group" or "the Company", LSE: SRAD) announced awards in the form of conditional rights to acquire ordinary shares in the Company ("Shares") were granted under the Stelrad Deferred Share Bonus Plan ("DSBP") to the Executive Directors of the Company. On 18 March 2026, the deferred shares described above vested on the second anniversary of the conditional award of Shares.
In accordance with the rules of the DSBP and the Company's Directors' Remuneration Policy the shares have been settled in cash upon vesting, based on the prevailing market value of the Company's shares on the day the award vested.
On 18 March 2026, the following cash settled DSBP awards vested and were settled as follows:
| Executive Director | No. of shares (2024 DSBP) | Dividend Equivalent (2024 DSBP) | Total no. of shares vested | Settlement Price (per share) | Gross award value | Tax payable to HMRC | Net Cash Amount Paid |
|---|---|---|---|---|---|---|---|
| Trevor Harvey | 56,903 | 6,651 | 63,554 | £1.28 | £81,349.12 | £36,607.10 | £44,742.02 |
The settlement price represents the closing share price on the vesting date.
The Company announces that, in respect of this cash settled award granted under the DSBP, the participant has agreed that 34,954 shares already held by them will be used in substitution for the shares that would otherwise have been delivered on settlement of the award. The shares used in substitution will be subject to the same terms on which the DSBP award was granted, including malus and clawback provisions in the DSBP rules and share ownership guidelines in the prevailing Directors' Remuneration Policy.
The Notification of Dealing Form can be found below. This notification is provided in accordance with the requirements of the UK Market Abuse Regulation.
| a) | Name | Stelrad Group plc |
| b) | LEI | 2138006LKVGN16PTVA73 |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification/ Amendment | Initial notification |
| 3 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Trevor Harvey |
Transaction 1 - Cash settled Deferred Share Bonus Plan Award
| a) | Description of the financial instrument, type of instrument Identification code | Cash settled Deferred Share Bonus Plan award ISIN GB00BMHRMV23 |
| b) | Nature of the transaction | Exercise of a conditional share award under the Stelrad Deferred Share Bonus Plan. The award is limited to settlement in cash by reference to the market value of the shares on the day the award vested. |
| c) | Price(s) and volume(s) | Price Volume Total Share settlement £1.28 63,554 £81,349.12 |
| d) | Aggregated information - Aggregated volume - Price | N/A single transaction |
| e) | Date of the transaction | 30 March 2026 |
| f) | Place of the transaction | Outside of a trading venue |
Transaction 2 - Substitution using existing shares held by PDMR
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.001 each in Stelrad Group plc ISIN GB00BMHRMV23 |
| b) | Nature of the transaction | Transfer of existing shares already held by the PDMR to stand in substitution for shares that would otherwise have been delivered under the cash settled Deferred Share Bonus Plan award; no new shares issued or transferred by the Company. |
| c) | Price(s) and volume(s) | Price Volume £0.00 (no consideration; market price on transaction date: £1.28) 34,954 shares |
| d) | Aggregated information - Aggregated volume - Price | N/A single transaction |
| e) | Date of the transaction | 30 March 2026 |
| f) | Place of the transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.