12 July 2024
Stelrad
Group plc
("Stelrad" or "the Group")
Retrospective Confirmation of Reduction of Capital
As contemplated by
Stelrad Group plc ("Stelrad" or "the Group", LSE:
SRAD) in its prospectus of 5 November 2021 and confirmed in its
filing with the Registrar of Companies on 27 January 2022 and in
the Group's published Annual Report for 2021, a capital reduction
application was approved by the courts on 25 January 2022 reducing
the nominal value of each ordinary share in issue from £1 to £0.001
(the "Reduction of Capital").
Following the Reduction of Capital, the number of
issued ordinary shares and the rights attaching to those shares
remained unchanged.
The total number of issued ordinary
shares of £0.001 each is unchanged at 127,352,555. The
Reduction of Capital did not involve any distribution or repayment
of share premium by the Group and had no effect on the net asset
position of the Company.
- ENDS
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Media enquiries
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Stelrad Group plc
Trevor Harvey, Chief Executive
Officer
Leigh Wilcox, Interim Chief
Financial Officer
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+44 (0)191 261 3301
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Davy (Joint Corporate
Broker)
Graham Hertrich / Will Smith / Sara
Hale
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+44
(0) 20 7448 8871
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Investec (Joint Corporate
Broker)
Ben Griffiths / Tom Brookhouse /
Marc Potel
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+44 (0) 207 597 4000
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Powerscourt
James White / Pete Lambie
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stelrad@powerscourt-group.com
+44 (0)7855 432 699
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Notes to Editors
Stelrad Group plc is Europe's
leading specialist radiator manufacturer, selling an extensive
range of hydronic, hybrid, dual fuel and electrical heat emitters
to more than 500 customers in over 40 countries. These include
standard, premium and low surface temperature (LST) steel panel
radiators, towel warmers, decorative steel tubular, steel
multicolumn and aluminium radiators.
The Group has five core brands:
Stelrad, Henrad, Termo Teknik, DL Radiators and Hudevad. In
the data reported by BRG Building Solutions for 2022, Stelrad moved
into a market leadership position, with 18.8% share by volume of
the combined UK, European and Turkish steel panel radiator
market. The Group is now market leader in seven countries -
the UK, Ireland, France, the Netherlands, Belgium, Denmark and
Greece, with a top 3 position in a further nine
territories.
Stelrad is headquartered in
Newcastle upon Tyne in the UK and in 2023 employed 1,400+ people,
with manufacturing and distribution facilities in Çorlu (Turkey),
Mexborough (UK), Moimacco (Italy) and Nuth (Netherlands), with
further commercial and distribution operations in Kolding (Denmark)
and Krakow (Poland).
The Group's origins date back to the
1930s and Stelrad enjoys long established commercial relationships
with many of its customers, having served each of its top five
current customers for over twenty years.
Further information can be found
at: https://stelradplc.com/.
