REG - Burford Capital Ltd - Director/PDMR Shareholding

Burford CapitalAnnouncement

17/12/2024 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241217:nRSQ2899Qa&default-theme=true

RNS Number : 2899Q  Burford Capital Limited  17 December 2024

 

December 17, 2024

 

 

PDMR Holdings Update

 

Burford Capital Limited ("Burford"), the leading global finance and asset
management firm focused on law, provides the following update on the interests
in Burford's ordinary shares of nil par value ("Shares") held by persons
discharging managerial responsibilities ("PDMRs").

 

Shares held through the Burford Capital Deferred Compensation Plan

 

PDMRs can elect to defer a portion of their compensation to make notional
investments in Shares through the Burford Capital Deferred Compensation Plan
(the "DCP"). In essence, PDMRs are able to elect to defer compensation,
without incurring current income taxes, into the DCP, which in turn permits
the full amount of that deferred compensation to be allocated to Shares (or
other investment options). In the case of allocations to Shares, Burford may
make a 33.33% matching contribution, which has a two-year vesting requirement.
This is a tax-efficient way for Burford's employees to continue to accumulate
exposure to Shares. Allocations to Shares by PDMRs, along with the
corresponding Notification of Dealing Forms, are announced in accordance with
the applicable regulations.

 

It has come to Burford's attention after conducting a review with the external
plan administrator of the DCP, that there are minor discrepancies in five PDMR
notifications between the number of matching contribution Shares actually
allocated to the respective PDMR and the number of matching contribution
Shares as announced in Burford's historical PDMR announcements due to
differences in rounding between 33% and 33.33% for the matching contribution.
Burford therefore wishes to notify of immaterial corrections to previously
announced holdings of Shares by certain PDMRs as follows.

 

 PDMR                Original date of PDMR announcement  Number of Shares allocated as previously announced  Corrected number of Shares allocated  Difference between previously announced and corrected number of Shares*
 Christopher Bogart  April 4,2022                        46,332 unvested notional Shares                     46,799.9 unvested notional Shares     467.9 unvested notional Shares
 Jonathan Molot      April 4, 2022                       46,263 unvested notional Shares                     46,730.3 unvested notional Shares     467.3 unvested notional Shares
 Aviva Will          April 4, 2022                       5,006 unvested notional Shares                      5,056 unvested notional Shares        50.0 unvested notional Shares
 David Perla         April 6,2022                        3,878 unvested notional Shares                      3,917.5 unvested notional Shares      39.5 unvested notional Shares
 Mark Klein          April 8, 2022                       890 unvested notional Shares                        898.7 unvested notional Shares        8.7 unvested notional Shares

 

*"Unvested" describes the matching contribution Shares at the time of their
allocation to the respective PDMR, and such matching contribution Shares are
vested at the time of this announcement.

 

 

Shares held by a non-executive director

 

Further, Burford wishes to amend a prior announcement made on January 18, 2024
in respect of holdings of Shares by Pamela Corrie, Burford's non-executive
director, and notify of a further PDMR transaction.

 

On January 18, 2024, Burford reported Ms. Corrie's holding of Shares at the
time of her appointment as Burford's non-executive director as 2,074 Shares
(rounded down to no decimal places for the purpose of reporting), whereas the
correct figure at that date was 2,083.9 Shares. The discrepancy was due to a
dividend auto-reinvest option that resulted in the acquisition of an
additional 9.7 Shares prior to Ms. Corrie's appointment as Burford's
non-executive director.

 

The dividend auto-reinvest option also resulted in the acquisition of an
additional 9.5 Shares on June 17, 2024, a transaction which took place after
Ms. Corrie's appointment as Burford's non-executive director.

 

Ms. Corrie's holding of Shares is 4,445.3 as of the date of this announcement.

 

 

Burford's Director and Management Shareholdings
(https://investors.burfordcapital.com/stock-info/Director-and-Management-Shareholdings/default.aspx)
table on its website has been updated to reflect the corrected holdings
referenced above.

 

The Notification of Dealing Forms for the amendments and transaction set forth
above are included at the end of this announcement.

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Americas: Josh Wood, Head of Investor Relations - email                       +1 212 516 5824
 (mailto:jwood@burfordcapital.com)
 EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations -          +44 (0)20 3530 2023
 email (mailto:rbailhache@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Vice President, Public Relations - email                    +1 212 516 5824
 (mailto:media@burfordcapital.com)

 Deutsche Numis - NOMAD and Joint Broker                                       +44 (0)20 7260 1000
 Giles Rolls
 Charlie Farquhar

 Jefferies International Limited - Joint Broker                                +44 (0)20 7029 8000
 Graham Davidson
 James Umbers

 Berenberg - Joint Broker                                                      +44 (0)20 3207 7800
 Toby Flaux
 James Thompson
 Yasmina Benchekroun

About Burford Capital

Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/) and risk management, asset recovery and a
wide range of legal finance and advisory activities. Burford is publicly
traded on the New York Stock Exchange (NYSE: BUR) and the London Stock
Exchange (LSE: BUR), and it works with companies and law firms around the
world from its offices in New York, London, Chicago, Washington, DC,
Singapore, Dubai and Hong Kong.

 

For more information, please visit www.burfordcapital.com
(http://www.burfordcapital.com) .

 

 

This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any ordinary shares or other securities of Burford.

 

This announcement does not constitute an offer of any Burford private fund.
Burford Capital Investment Management LLC, which acts as the fund manager of
all Burford private funds, is registered as an investment adviser with the
US Securities and Exchange Commission. The information provided in this
announcement is for informational purposes only. Past performance is not
indicative of future results. The information contained in this announcement
is not, and should not be construed as, an offer to sell or the solicitation
of an offer to buy any securities (including, without limitation, interests or
shares in any of Burford private funds). Any such offer or solicitation may be
made only by means of a final confidential private placement memorandum and
other offering documents.

 

Forward-looking statements

This announcement contains "forward-looking statements" within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking statements". In some
cases, predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or other
comparable terminology are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. In addition,
Burford and its representatives may from time to time make other oral or
written statements that are forward-looking, including in its periodic reports
that Burford files with, or furnishes to, the US Securities and Exchange
Commission, other information made available to Burford's security holders and
other written materials. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors because they relate
to events and depend on circumstances that may or may not occur in the future.
Burford cautions that forward-looking statements are not guarantees of future
performance and are based on numerous assumptions, expectations, projections,
intentions and beliefs and that Burford's actual results of operations,
including its financial position and liquidity, and the development of the
industry in which it operates, may differ materially from (and be more
negative than) those made in, or suggested by, the forward-looking statements
contained in this announcement. Significant factors that may cause actual
results to differ from those Burford expects include, among others, those
discussed under "Risk Factors" in Burford's annual report on Form 20-F for the
year ended December 31, 2023 filed with the US Securities and Exchange
Commission on March 28, 2024 and other reports or documents that Burford files
with, or furnishes to, the US Securities and Exchange Commission from time to
time. In addition, even if Burford's results of operations, including its
financial position and liquidity, and the development of the industry in which
it operates are consistent with the forward-looking statements contained in
this announcement, those results of operations or developments may not be
indicative of results of operations or developments in subsequent periods.

 

Except as required by law, Burford undertakes no obligation to update or
revise the forward-looking statements contained in this announcement, whether
as a result of new information, future events or otherwise.

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            Christopher P. Bogart
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of Chief Executive Officer
    (b)    Initial notification /Amendment                                 Amendment
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Notional Shares
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Allocation of unvested notional Shares pursuant to the provisions of Burford's
                                                                           deferred compensation plan due to vest in 2024
    (c)    Price(s)and volume(s)                                           Price(s)                                  Volume(s)
    $ Nil                                                                                                            46,799.9

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         31 March 2022

    (f)    Place of the transaction                                        Outside a trading venue

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            Jonathan Molot
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of Chief Investment Officer
    (b)    Initial notification /Amendment                                 Amendment
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Notional Shares
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Allocation of unvested notional Shares pursuant to the provisions of Burford's
                                                                           deferred compensation plan due to vest in 2024
    (c)    Price(s)and volume(s)                                           Price(s)                                  Volume(s)
    $ Nil                                                                                                            46,730.3

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         1 April 2022

    (f)    Place of the transaction                                        Outside a trading venue

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            Aviva Will
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of President
    (b)    Initial notification /Amendment                                 Amendment
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Notional Shares
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Allocation of unvested notional Shares pursuant to the provisions of Burford's
                                                                           deferred compensation plan due to vest in 2024
    (c)    Price(s)and volume(s)                                           Price(s)                                  Volume(s)
    $ Nil                                                                                                            5,056

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         1 April 2022

    (f)    Place of the transaction                                        Outside a trading venue

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            David Perla
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of Vice Chair
    (b)    Initial notification /Amendment                                 Amendment
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Notional Shares
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Allocation of unvested notional Shares pursuant to the provisions of Burford's
                                                                           deferred compensation plan due to vest in 2024
    (c)    Price(s)and volume(s)                                           Price(s)                                  Volume(s)
    $ Nil                                                                                                            3,917.5

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         4 April 2022

    (f)    Place of the transaction                                        Outside a trading venue

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            Mark Klein
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of General Counsel and Chief Administrative
                                                                           Officer
    (b)    Initial notification /Amendment                                 Amendment
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Notional Shares
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Allocation of unvested notional Shares pursuant to the provisions of Burford's
                                                                           deferred compensation plan due to vest in 2024
    (c)    Price(s)and volume(s)                                           Price(s)                                  Volume(s)
    $ Nil                                                                                                            898.7

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         6 April 2022

    (f)    Place of the transaction                                        Outside a trading venue

 

 

 1  Details of the person discharging managerial responsibilities/person closely
    associated
    (a)    Name                                                            Pamela Corrie
 2  Reason for the notification
    (a)    Position/status                                                 A PDMR occupying the position of Non-Executive Director
    (b)    Initial notification /Amendment                                 Initial
 3  Details of the issuer, emission allowance market participant, auction
    platform, auctioneer or auction monitor
    (a)    Name                                                            Burford Capital Limited
    (b)    LEI                                                             549300FUKUWFYJMT2277
 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     Ordinary Shares of nil par value
            Identification code                                            GG00BMGYLN96
    (b)    Nature of the transaction                                       Purchase of ordinary shares
    (c)    Price(s)and volume(s)                                           Price(s)                      Volume(s)
    $ 13.78                                                                                              9.45

    (d)    Aggregated information                                          N/A

    ·      Aggregated volume

    ·      Price
    (e)    Date of the transaction                                         17 June 2024

    (f)    Place of the transaction                                        New Yok Stock Exchange

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHQQLFFZLLEFBL