Stelrad Group PLC Retrospective Confirmation of Reduction of Capital

RNS Number : 2945W

Stelrad Group PLC

12 July 2024

 

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 -

 

Media enquiries

 

Stelrad Group plc Trevor Harvey, Chief Executive Officer Leigh Wilcox, Interim Chief Financial Officer	[phone]
Davy (Joint Corporate Broker) Graham Hertrich / Will Smith / Sara Hale	[phone]
Investec (Joint Corporate Broker) Ben Griffiths / Tom Brookhouse / Marc Potel	[phone]
Powerscourt James White / Pete Lambie	[e-mail] [phone]

 

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/.

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