STOCK TITAN

National Grid discloses voting-share count and PDMR awards including GBP 10.33 price

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

National Grid plc provided a voting rights update and disclosed managerial transactions following the appointment of Zoë Yujnovich as Chief Executive Designate. The company reports a registered share capital of 5,191,884,002 ordinary shares, with 230,568,009 held in treasury, leaving 4,961,315,993 shares carrying voting rights to be used as the denominator for FCA notification thresholds. The company also announced that Mrs Yujnovich received awards under the Long Term Performance Plan and a Buyout award to replace foregone remuneration; these awards vest in staggered tranches, are conditional on continued employment and performance, and include holding, clawback and malus provisions. Relevant FCA transaction notifications include a reported price of GBP 10.3301.

Positive

  • Transparent voting-rights disclosure: provides a clear denominator of 4,961,315,993 voting shares for FCA threshold calculations
  • Remuneration aligned with shareholder policy: CEO-designate awards are consistent with the Directors' Remuneration Policy and subject to vesting, holding, clawback and malus provisions
  • Regulatory compliance: PDMR notifications and transaction price (GBP 10.3301) disclosed in accordance with MAR/FCA requirements

Negative

  • None.

Insights

TL;DR: Clear governance disclosure on share capital and executive remuneration aligned with shareholder-approved policy.

The filing provides transparent, standard disclosures: an explicit voting-rights denominator for FCA thresholds and full disclosure of CEO-designate awards under the company’s approved remuneration framework. The LTPP and Buyout awards include typical safeguards—vesting conditions, retention, clawback and malus—which align executive incentives with long-term shareholder interests. The disclosure of transaction price(s) improves market transparency. Overall this is routine, governance-focused reporting rather than material operational news.

TL;DR: Filing satisfies MAR/FCA notification requirements; provides necessary detail for regulatory and market transparency.

The report meets Market Abuse Regulation requirements by notifying PDMR transactions and specifying the voting-rights denominator. Details on award vesting schedules and conditionality are sufficiently specific for compliance assessment. The explicit treasury share count prevents ambiguity in threshold calculations for disclosure obligations. No unexpected regulatory issues or material deviations from disclosed remuneration policy are evident in the text provided.

 
 
 
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
 

 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
Date: 30 September 2025
 
Commission File Number: 001-14958

 
 
NATIONAL GRID plc
 
(Translation of registrant’s name into English)
 
England and Wales
 
(Jurisdiction of Incorporation) 

 
 
1-3 Strand, London, WC2N 5EH, United Kingdom
(Address of principal executive office)
 
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
 
  Form 20-F        Form 40-F
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  
 
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3- 2(b) under the Securities Exchange Act of 1934.    Yes      No
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
 
 
 
 
 
 
 
 
 
 
 
EXHIBIT INDEX
 
Exhibit No.
 
 
Description
 
 
99.1
 
Exhibit 99.1 Announcement sent to the London Stock Exchange on 01 September 2025— Total Voting Rights
99.2
 
Exhibit 99.2 Announcement sent to the London Stock Exchange on 02 September 2025—Director/PDMR Shareholding
99.3
 
Exhibit 99.3 Announcement sent to the London Stock Exchange on 09 September 2025—Director/PDMR Shareholding
 
 
Exhibit 99.1
 
 
1 September 2025
 
National Grid plc ('National Grid' or 'Company')
 
Voting Rights update
 
 
National Grid's registered capital as of 31 August 2025 consisted of 5,191,884,002 ordinary shares, of which, 230,568,009 were held as treasury shares; leaving a balance of 4,961,315,993 with voting rights.
 
The figure of 4,961,315,993 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, National Grid under the FCA's Disclosure Guidance and Transparency Rules.
 
 
Julian Baddeley
Group Company Secretary
 
 
Exhibit 99.2
 
 
2 September 2025
 
National Grid plc ('National Grid' or 'Company')
 
Notification of Transactions of Persons Discharging Managerial Responsibilities ('PDMRs')
 
 
This announcement is made in accordance with Article 19 of the Market Abuse Regulation ('MAR'). Following the appointment of Zoë Yujnovich as Chief Executive Designate on 1 September 2025. Mrs Yujnovich was granted share awards under the Company's Long Term Performance Plan ('LTPP').
 
These share awards comprise (i) a 2025 LTPP award, and (ii) a Buyout award to replace remuneration foregone when leaving her previous employer, made under the LTPP.
 
All remuneration arrangements are consistent with the terms of the Directors' Remuneration Policy approved by shareholders at the AGM in July 2025 which can be found in the 2024/25 Annual Report.
 
The 2025 LTPP Award will vest on or after 30 June 2028 and is conditional on continued employment and on the satisfaction of the performance conditions approved by the Remuneration Committee. The award is subject to a two-year holding period and clawback and malus provisions. For further details of the LTPP, please see the Company's 2024/25 Annual Report and Accounts.
 
The Buyout award will vest in three equal tranches on or after 1 September 2026, 1 September 2027 and 1 September 2028 respectively. The award is conditional on continued employment and satisfactory conduct and performance. This award is subject to clawback and malus provisions.
 
In addition, as disclosed in the Company's 2024/25 Annual Report and Accounts, Executive Directors are required to retain the after-tax value of any shares under the LTPP until the shareholding requirement is met.
 
Enquiries and contacts       
 
Investors:
 
Angela Broad
 
+44 (0) 7825 351 918
 
Cerys Reece
 
+44 (0) 7860 382 264
 
Tom Edwards
 
+44 (0) 7976 962 791
 
Media:
 
Dan Roberts, Brunswick Group            +44 (0) 7980 959 590
 
 
In accordance with MAR, the relevant Financial Conduct Authority notifications are set out below.
 
1
 
Details of the person discharging managerial responsibilities / person closely associated
 
a)
 
Name
 
Zoë Yujnovich
 
2
 
Reason for the notification
 
a)
 
Position/status
 
Chief Executive Designate
 
b)
 
Initial notification /Amendment
Initial notification
 
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
 
Name
 
National Grid plc
 
b)
 
LEI
 
8R95QZMKZLJX5Q2XR704
 
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 12 204/473p each
 
GB00BDR05C01
b)
 
Nature of the transaction
 
 
Acquisition of a conditional award over securities, for nil consideration, under the 2025 Long Term Performance Plan.
 
c)
 
Price(s) and volume(s)
 
 
Price(s)
Volume(s)
 
Nil
506,086
 
d)
 
Aggregated information
 
- Aggregated volume
 
- Price
 
 
e)
Date of the transaction
2025.09.01
 
f)
Place of the transaction
Outside of a trading venue
 
 
 
1
 
Details of the person discharging managerial responsibilities / person closely associated
 
a)
 
Name
 
Zoë Yujnovich
 
2
 
Reason for the notification
 
a)
 
Position/status
 
Chief Executive Designate
 
b)
 
Initial notification /Amendment
Initial notification
 
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
 
Name
 
National Grid plc
 
b)
 
LEI
 
8R95QZMKZLJX5Q2XR704
 
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 12 204/473p each
 
GB00BDR05C01
b)
 
Nature of the transaction
 
 
Acquisition of a conditional award over securities, for nil consideration, under the Long Term Performance Plan.
 
c)
 
Price(s) and volume(s)
 
 
Price(s)
 
Volume(s)
Nil
 408,762
 
d)
 
Aggregated information
 
- Aggregated volume
 
- Price
 
 
e)
Date of the transaction
2025.09.01
 
f)
Place of the transaction
Outside of a trading venue
 
 
 
Exhibit 99.3
 
 
9 September 2025
 
National Grid plc ('National Grid' or 'Company')
 
Notification of Transactions of Persons Discharging Managerial Responsibilities ('PDMRs')
 
 
This announcement is made in accordance with Article 19 of the Market Abuse Regulation ('MAR'). In accordance with MAR, the relevant Financial Conduct Authority ('FCA') notifications are set out below.
 
 
1
 
Details of the person discharging managerial responsibilities / person closely associated
 
a)
 
Name
 
Andy Agg
 
2
 
Reason for the notification
 
a)
 
Position/status
 
Chief Financial Officer
 
b)
 
Initial notification /Amendment
 
Initial notification
 
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
 
Name
 
National Grid plc
 
b)
 
LEI
 
8R95QZMKZLJX5Q2XR704
 
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 12 204/473p each
 
GB00BDR05C01
b)
 
Nature of the transaction
 
Monthly purchase of securities ("partnership shares") under the Share Incentive Plan
c)
 
Price(s) and volume(s)
 
 Price(s)
Volume(s)
 
GBP 10.3301
14
 
d)
 
Aggregated information
 
- Aggregated volume
 
- Price
 
 
e)
 
Date of the transaction
 
2025.09.08
 
f)
 
Place of the transaction
 
London Stock Exchange (XLON)
 
 
 
1
 
Details of the person discharging managerial responsibilities / person closely associated
 
a)
 
Name
 
John Pettigrew
 
2
 
Reason for the notification
 
a)
 
Position/status
 
Chief Executive
 
b)
 
Initial notification /Amendment
 
Initial notification
 
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
 
Name
 
National Grid plc
 
b)
 
LEI
 
8R95QZMKZLJX5Q2XR704
 
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 12 204/473p each
 
GB00BDR05C01
b)
 
Nature of the transaction
 
Monthly purchase of securities ("partnership shares") under the Share Incentive Plan
c)
 
Price(s) and volume(s)
 
 
Price(s)
Volume(s)
 
GBP 10.3301
15
 
d)
 
Aggregated information
 
- Aggregated volume
 
- Price
 
 
e)
 
Date of the transaction
 
2025.09.08
 
f)
 
Place of the transaction
 
London Stock Exchange (XLON)
 
 
 
1
 
Details of the person discharging managerial responsibilities / person closely associated
 
a)
 
Name
 
Will Serle
 
2
 
Reason for the notification
 
a)
 
Position/status
 
Chief People Officer
 
b)
 
Initial notification /Amendment
 
Initial notification
 
3
 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 
a)
 
Name
 
National Grid plc
 
b)
 
LEI
 
8R95QZMKZLJX5Q2XR704
 
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 12 204/473p each
 
GB00BDR05C01
b)
 
Nature of the transaction
 
 
Monthly purchase of securities ("partnership shares") under the Share Incentive Plan
c)
 
Price(s) and volume(s)
 
 
Price(s)
 
Volume(s)
 
GBP 10.3301
14
 
d)
 
Aggregated information
 
- Aggregated volume
 
- Price
 
 
e)
 
Date of the transaction
 
2025.09.08
 
f)
 
Place of the transaction
 
London Stock Exchange (XLON)
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
NATIONAL GRID plc
 
 
 
 
 
By:
 
Beth Melges
 
 
 
Beth Melges
Head of Plc Governance
 
 
 
 
Date: 30 September 2025

FAQ

What is the voting-rights denominator for National Grid plc (NEWEN)?

The company reports 4,961,315,993 ordinary shares carrying voting rights after deducting treasury shares from total issued capital.

How many ordinary shares does National Grid have in total?

Registered capital is stated as 5,191,884,002 ordinary shares, of which 230,568,009 are held in treasury.

What awards were granted to Zoë Yujnovich on appointment?

She received a 2025 LTPP award and a Buyout award to replace foregone remuneration; both are conditional and subject to vesting, holding, clawback and malus provisions.

When do the LTPP and Buyout awards vest?

The 2025 LTPP award vests on or after 30 June 2028; the Buyout award vests in three equal tranches on or after 1 Sept 2026, 1 Sept 2027 and 1 Sept 2028.

Was a transaction price disclosed in the filing?

Yes, the filing includes FCA notification information showing a reported price of GBP 10.3301 for relevant transactions.