Mary and Peter Wells’ Share Gift To Vulcan Employees

Vulcan Steel Limited
29 Neales Road East Tamaki Auckland New Zealand
e: investor@vulcan.co | w: vulcan.co
Vulcan Steel Limited (“Vulcan”)
ASX/NZX/Media Release
31 May 2022
Mary and Peter Wells’ Share Gift To Vulcan Employees
Vulcan (ASX: VSL, NZX: VSL) is pleased to announce that Mary and Peter Wells, via their
shareholding entity Takutai Limited - Peter being Vulcan’s founder director - have
unconditionally gifted 250 Vulcan shares to 839 eligible Vulcan employees. The total
number of shares transferred to the Vulcan employees is 209,750 ordinary shares.
Commenting on their Share Gift, Mary and Peter said,
“2021 was a truly definitive year in the life of Vulcan. From the original portacom office
in 1995 to 2022, it has been a wonderful experience for both of us. Whilst the business
success has been rewarding, the people we have worked with stick in our minds. This
Gift to Vulcan employees represents a permanent reminder of us having been part of
the journey.”
Commenting on Mary’s and Peter’s Share Gift, the Vulcan Board said,
“Even before this Share Gift, Mary and Peter’s contribution in positioning and shaping
Vulcan’s culture and financial success were already well recognised by everyone in our
company. We are all humbled by their generosity. Their benevolence will leave an
indelible mark on Vulcan’s culture and employees.
“On behalf of all our staff and shareholders, we would like to thank Mary and Peter.”
While this is Mary’s and Peter’s personal gift to Vulcan employees, Vulcan is required by
accounting standards for share-based payment by a related party
1
to reflect this in its
income statement as an expense. It is anticipated that this will have approximately
NZ$3m negative non-cash pre-tax impact on Vulcan’s FY22 reported earnings but no
impact on the company’s shareholders funds. The issued shares capital of Vulcan
remains at 131,408,572 ordinary shares.
ENDS
Kar Yue Yeo
Investor and media contact
Email: karyue.yeo@vulcan.co
Phone: +64 9 273 7214
This announcement was authorised by Vulcan Board of Directors
About Vulcan
Founded in 1995, Vulcan is an Australasian-wide industrial product distributor and
value-added processor with 29 logistics and processing facilities employing over 850
staff across the company’s Steel and Metals divisions.

1
International Financial Reporting Standards 2 (IFRS2)