Vulcan Steel director Adrian Casey sells shares for tax liability

Adrian John Casey, a director at Vulcan Steel Limited, disposed of 17,214 ordinary shares through an on-market trade on November 6, 2025. This transaction was undertaken to fund a tax liability stemming from the recent vesting of performance share rights and the subsequent issue of shares.

The disposed shares included 16,814 ordinary shares issued to Casey on September 25, 2025, following the vesting of FY23 long-term incentive plan rights, and 400 ordinary shares issued on September 25, 2024, from the vesting of FY22 long-term incentive plan rights. The shares were sold within Vulcan Steel Limited's permitted trading window, and written pre-approval was granted on November 6, 2025.

Prior to the change, Casey held 17,214 ordinary shares directly and 5,870,711 ordinary shares indirectly through the Casey Family Trust. Additionally, he held 91,217 performance share rights under the FY24 long-term incentive plan and 105,263 performance share rights under the FY25 long-term incentive plan. Following the disposal of 17,214 ordinary shares, the number of ordinary shares held directly by Casey became zero.

Post-transaction, Casey's indirect holdings through the Casey Family Trust remain at 5,870,711 ordinary shares. He also holds 91,217 performance share rights (FY24), 105,263 performance share rights (FY25), and 126,624 newly acquired performance share rights under the FY26 long-term incentive plan, which have a vesting date of July 1, 2028. The value of the disposed securities was NZ$144,597.60.