⌘K
t
Pulsar Group plc announced on 15 December 2025 that 284,452 ordinary shares were transferred out of Kestrel Partners LLP's discretionary management on 12 December 2025, due to client portfolio rearrangement. Non-Executive Director Mr. Max Royde, a partner of Kestrel, is deemed to have a beneficial interest in these shares. Following this transaction, Kestrel indirectly holds voting rights over 38,815,242 Ordinary Shares, representing approximately 28.62% of the total voting rights in Pulsar Group plc.
| Date | 15 Dec 2025 |
| Time | 16:05:00 |
| Category | Director/PDMR dealings |
| ID | 6385L |
15 December 2025
Pulsar Group plc
("Pulsar" or the "Company")
Director/PDMR Shareholdings
Pulsar Group plc (AIM: PULS) announces that it has received notification from Mr. Max Royde, Non-Executive Director of the Company, that an aggregate of 284,452 ordinary shares of 5 pence each in the Company ("Ordinary Shares") have been transferred out of Kestrel Partners LLP's ("Kestrel") discretionary management and control due to the rearrangement of two client portfolios. These Ordinary Shares continue to be held by the same beneficial owners.
Mr. Royde is a partner of, and holds a beneficial interest in, Kestrel. Mr. Royde is also a shareholder in the Kestrel Opportunities Fund ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding of Ordinary Shares in the Company.
Following this transaction, Kestrel Opportunities continues to hold (and consequently Mr. Royde is deemed to have a beneficial interest in) 20,227,082 Ordinary Shares, and other discretionary management clients of Kestrel, in which Mr. Royde has no beneficial interest hold 18,588,160 Shares in the Company.
On a combined basis, Kestrel indirectly holds voting rights over 38,815,242 Ordinary Shares in the Company, which represents approximately 28.62% of the total voting rights in the Company.
Kestrel's interest in the Ordinary Shares in the Company is held through the following nominees:
|
Nominee |
No. of Ordinary Shares |
% of total voting rights |
|
Bank of New York Nominees Ltd |
20,227,082 |
14.92% |
|
JIM Nominees Limited |
1,630,752 |
1.20% |
|
Bank of New York Nominees Ltd |
10,576,173 |
7.80% |
|
Northern Trust Company AVFC |
5,888,848 |
4.34% |
|
iDealing Nominees Limited |
492,387 |
0.36% |
For further information contact:
|
|
|
||
|
Pulsar Group plc Joanna Arnold (CEO) Mark Fautley (CFO) |
020 3426 4070 |
|
|
|
|
|
||
|
Cavendish Capital Markets Limited (Nominated Adviser and Broker) Corporate Finance: Marc Malmo / Fergus Sullivan / Elysia Bough
Corporate Broking Sunila de Silva |
020 7220 0500
|
|
|
|
|
|
|
|
ANNEX
The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
|
1
|
Details of the person discharging managerial responsibilities / person closely associated
|
|||||
|
a)
|
Name
|
Max Royde
|
||||
|
2
|
Reason for the notification
|
|||||
|
a)
|
Position/status
|
PCA - Kestrel Partners LLP are a PCA of Max Royde (Non-Executive Director of the Company) and Partner of Kestrel). |
||||
|
b)
|
Initial notification /Amendment |
Initial |
||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
|||||
|
a)
|
Name
|
Pulsar Group plc |
||||
|
b)
|
LEI
|
213800PPZ4ZM8OMHGT41 |
||||
|
4
|
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
|
|||||
|
a)
|
Description of the financial instrument, type of instrument Identification code
|
Ordinary Shares of 5 pence each
ISIN: GB00BGQVB052
|
||||
|
b)
|
Nature of the transaction
|
Transfer of Ordinary Shares out of Kestrel controlled accounts. Mr. Royde is a partner of, and holds a beneficial interest in, Kestrel. Mr. Royde is also a shareholder in one of Kestrel's clients ("Kestrel Opportunities") and is therefore deemed to have a beneficial interest in Kestrel Opportunities' entire legal holding in Shares in the Company. |
||||
|
c)
|
Price(s) and volume(s)
|
|
||||
|
d)
|
Aggregated information - Aggregated volume - Price |
As above.
|
||||
|
e)
|
Date of the transaction |
12 December 2025 |
||||
|
f)
|
Place of the transaction |
N/A |
||||