REG - Burford Capital Ltd - Director/PDMR Shareholding & Issue of Equity
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RNS Number : 7021Y Burford Capital Limited 31 March 2026
March 31, 2026
Notification of Transactions By Persons Discharging Managerial
Responsibilities and Issuance of New Ordinary Shares in Connection with 2016
LTIP and 2025 OICP
Burford Capital Limited ("Burford" or the "Company"), the leading global
finance and asset management firm focused on law, provides the following
notification of various transactions by persons discharging managerial
responsibilities (each, a "PDMR") and the issuance of Burford's ordinary
shares of nil par value ("Ordinary Shares") in connection with the Burford
Capital 2016 Long Term Incentive Plan (the "2016 LTIP") and the Burford
Capital Limited 2025 Omnibus Incentive Compensation Plan (the "2025 OICP").
For the information of shareholders, we note that all of the transactions
reported in this release occurred prior to receipt of Friday's decision in the
YPF matter and the subsequent decline in Burford's share price.
Vesting of Restricted Share Units and Performance-Based Restricted Share Units
The table below sets forth the number of (i) restricted share units (the "2016
LTIP RSUs") and performance-based RSUs (the "2016 LTIP PSUs") granted to PDMRs
on March 22, 2023 under the 2016 LTIP and (ii) RSUs (the "2025 OICP RSUs")
granted to PDMRs on March 13, 2025 under the 2025 OICP that, in each case,
vested on March 22, 2026 following the satisfaction of the service-based
and/or performance-based conditions, as applicable.
The 2016 LTIP RSUs were subject to the satisfaction of the service-based
condition and vested in full on the third anniversary of the grant date. The
2016 LTIP PSUs were subject to the satisfaction of both the service-based and
performance-based conditions and vested at 77% of target level (rounded up to
the nearest whole Ordinary Share) upon certification of achievement of the
financial performance metrics. The 2025 OICP RSUs were subject to the
satisfaction of the service-based condition, and one-third of the 2025 OICP
RSUs vested on the scheduled vesting date.
The table below also sets forth the net number of Ordinary Shares delivered to
the respective PDMR after giving effect to any tax withholding. In addition,
certain PDMRs elected to defer the receipt of Ordinary Shares described above
under the Burford Capital Deferred Compensation Plan (the "NQDC Plan") and, as
a result, no Ordinary Shares were delivered to such PDMRs at this time. Thus,
the table below also sets forth the number of Ordinary Shares deferred by
certain PDMRs under the NQDC Plan after giving effect to any tax withholding.
PDMR Number of 2016 LTIP RSUs and 2016 LTIP PSUs vested on March 22, 2026 Number of 2025 OICP RSUs vested on March 22, 2026 Net number of Ordinary Shares delivered on March 26, 2026 Net number of Ordinary Shares deferred under the NQDC Plan
Craig Arnott 18,437/14,197 3,791 36,425 -
Christopher Bogart 107,568/82,829 - - 189,293
Mark Klein 18,437/14,197 3,791 18,277 -
Travis Lenkner - 1,100 583 -
Jordan Licht 18,437/14,197 3,791 17,828 -
Jonathan Molot 107,568/82,829 - - 189,293
Elizabeth O'Connell 18,437/14,197 3,791 19,605 3,791
David Perla 18,437/14,197 2,686 1,715 31,866
The Notification of Dealing Forms for each of the transactions set forth above
are included at the end of this announcement.
Issuance of New Ordinary Shares in Connection with 2016 LTIP and 2025 OICP
To satisfy the firm-wide vesting of awards under the 2016 LTIP and the 2025
OICP, Burford also announces that it issued 646,875 new Ordinary Shares on
March 26, 2026.
Application will be made for these 646,875 new Ordinary Shares to be admitted
to trading on the AIM market of the London Stock Exchange plc. The expected
date of admission is April 7, 2026. These 646,875 new Ordinary Shares will
also be listed on the New York Stock Exchange.
Following the issuance of these new Ordinary Shares, the Company's issued
ordinary share capital is 221,314,262, of which 2,244,947 Ordinary Shares are
held in treasury and do not have any voting rights. Therefore, the total
number of voting rights in the Company, excluding treasury shares, will be
219,069,315 after giving effect to this issuance of new Ordinary Shares. This
figure for the total number of voting rights 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 the Company under the Disclosure Guidance
and Transparency Rules of the UK Financial Conduct Authority.
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, Senior Vice President, Communications - email +1 646 504 7074
(mailto:media@burfordcapital.com)
Deutsche Numis - NOMAD and Joint Broker +44 (0)20 7545 8000
Duncan Monteith
Charlie Farquhar
BofA Securities - Joint Broker +44 (0)20 7628 1000
Peter Luck
David Lloyd
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
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 works with companies and law firms around the world
from its global network of offices.
For more information, please visit www.burfordcapital.com
(http://www.burfordcapital.com) .
This press release does not constitute an offer to sell or the solicitation of
an offer to buy any ordinary shares or other securities of Burford.
This press release 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 press
release is for informational purposes only. Past performance is not indicative
of future results. The information contained in this press release is not, and
should not be construed as, an offer to sell or the solicitation of an offer
to buy any securities (including 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 press release contains "forward-looking statements" within the meaning of
Section 27A of the US Securities Act of 1933, as amended, and Section 21E of
the US Securities Exchange Act of 1934, as amended, that are intended to be
covered by the safe harbor provided for under these sections. In some cases,
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. Although Burford believes that the assumptions, expectations,
projections, intentions and beliefs about future results and events reflected
in forward-looking statements have a reasonable basis and are expressed in
good faith, forward-looking statements involve known and unknown risks,
uncertainties and other factors, which could cause Burford's actual results
and events to differ materially from (and be more negative than) future
results and events expressed, projected or implied by these forward-looking
statements. Factors that might cause future results and events to differ
include, among others, those discussed in the "Risk Factors" section of
Burford's Annual Report on Form 10-K for the year ended December 31, 2025
filed with the US Securities and Exchange Commission on February 26, 2026.
These factors should not be construed as exhaustive and should be read in
conjunction with the other cautionary statements contained in the periodic and
current reports that Burford files with or furnishes to the US Securities and
Exchange Commission. Many of these factors are beyond Burford's ability to
control or predict, and new factors emerge from time to time. Furthermore,
Burford cannot assess the impact of each such factor on its business or the
extent to which any factor or combination of factors may cause actual results
and events to be materially different from those contained in any
forward-looking statement. Given these uncertainties, readers are cautioned
not to place undue reliance on Burford's forward-looking statements.
All subsequent written and oral forward-looking statements attributable to
Burford or to persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements. The forward-looking statements speak
only as of the date of this press release and, except as required by
applicable law, Burford undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Craig Arnott
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Investment Officer - International
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share awards under the
Burford Capital 2016 Long Term Incentive Plan ("LTIP") and the Burford Capital
Limited 2025 Omnibus Incentive Compensation Plan (the "2025 Omnibus Plan")
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 32,634 (total vesting - LTIP)
$ 7.70 3,791 (total vesting - 2025 Omnibus Plan)
(d) Aggregated information
· Aggregated volume 36,425
· Price $ 7.70
(e) Date of the transaction 26 March 2026
(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 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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share awards under the
Burford Capital 2016 Long Term Incentive Plan ("LTIP") and the Burford Capital
Limited 2025 Omnibus Incentive Compensation Plan (the "2025 Omnibus Plan")
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 32,634 (total vesting - LTIP)
$ 7.70 16,375 (total net shares - LTIP)
$ 7.70 3,791 (total vesting - 2025 Omnibus Plan)
$ 7.70 1,902 (total net shares - 2025 Omnibus Plan)
(d) Aggregated information
· Aggregated volume 18,277
· Price $ 7.70
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Jordan Licht
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Financial Officer
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share awards under the
Burford Capital 2016 Long Term Incentive Plan ("LTIP") and the Burford Capital
Limited 2025 Omnibus Incentive Compensation Plan (the "2025 Omnibus Plan")
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 32,634 (total vesting - LTIP)
$ 7.70 15,973 (total net shares - LTIP)
$ 7.70 3,791 (total vesting - 2025 Omnibus Plan)
$ 7.70 1,855 (total net shares - 2025 Omnibus Plan)
(d) Aggregated information
· Aggregated volume 17,828
· Price $ 7.70
(e) Date of the transaction 26 March 2026
(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 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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share award under the Burford
Capital Limited 2025 Omnibus Incentive Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 2,686 (total vesting)
$ 7.70 1,715 (total net shares)
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Travis Lenkner
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Development Officer
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share award under the Burford
Capital Limited 2025 Omnibus Incentive Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 1,100 (total vesting)
$ 7.70 583 (total net shares)
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Elizabeth O'Connell
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Strategy Officer
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Delivery of Ordinary Shares following vesting of share award under the Burford
Capital 2016 Long Term Incentive Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 32,634 (total vesting)
$ 7.70 19,605 (total net shares)
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Christopher Bogart
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Executive Officer
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Crediting of Ordinary Shares that have vested but not been delivered under the
Burford Capital 2016 Long Term Incentive Plan into Mr. Bogart's restricted
stock unit account pursuant to Burford's Deferred Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 189,293
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(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 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
Identification code GG00BMGYLN96
(b) Nature of the transaction Crediting of Ordinary Shares that have vested but not been delivered under the
Burford Capital 2016 Long Term Incentive Plan into Mr. Molot's restricted
stock unit account pursuant to Burford's Deferred Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 189,293
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(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 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
Identification code GG00BMGYLN96
(b) Nature of the transaction Crediting of Ordinary Shares that have vested but not been delivered under the
Burford Capital 2016 Long Term Incentive Plan into Mr. Perla's restricted
stock unit account pursuant to Burford's Deferred Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 31,866
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
1 Details of the person discharging managerial responsibilities/person closely
associated
(a) Name Elizabeth O'Connell
2 Reason for the notification
(a) Position/status A PDMR occupying the position of Chief Strategy Officer
(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
Identification code GG00BMGYLN96
(b) Nature of the transaction Crediting of Ordinary Shares that have vested but not been delivered under the
Burford Capital Limited 2025 Omnibus Incentive Compensation Plan into Ms.
O'Connell's restricted stock unit account pursuant to Burford's Deferred
Compensation Plan
(c) Price(s)and volume(s) Price(s) Volume(s)
$ 7.70 3,791
(d) Aggregated information N/A
· Aggregated volume
· Price
(e) Date of the transaction 26 March 2026
(f) Place of the transaction Outside a trading venue
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