REG - Keystone Law Grp PLC - Director / PDMR Shareholding
08/06/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220608:nRSH0463Oa&default-theme=true
RNS Number : 0463O Keystone Law Group PLC 08 June 2022
7 June 2022
Keystone Law Group plc
('Keystone' or the 'Group' or 'Company')
Director / PDMR shareholding
Keystone Law Group plc (AIM: KEYS), the fast growing, UK Top 100, challenger
law firm, announces that the following awards have been granted over £0.002
ordinary shares in the capital of the Company under the Keystone Law Long Term
Incentive Plan 2018 ('LTIP').
Name Number of Shares subject to variation
Ashley Miller (Executive Director, Finance Director) 19,118
William Robins (PDMR) 19,118
The LTIP Awards have been granted as performance share awards and will vest on
the third anniversary of their grant subject to the grantee's continued
employment and to the extent to which the adjusted Earnings Per Share ('EPS')
and Relative Total Shareholder Return ('TSR') performance conditions set out
in the LTIP Award are met.
70% of the LTIP Awards will be assessed on growth in underlying adjusted
EPS((1)) over the three-year period, with compound annual growth ('CAGR') of
less than 4.0% delivering none of this element of the LTIP Award, 4.0% CAGR
delivering 20% of this element of the LTIP Award and 100% of this element
being granted for delivery of 7.3% CAGR in underlying adjusted EPS over the
three-year period. These reflect the current proposed increase in UK
corporation tax rate and the Remuneration Committee retains the right to make
appropriate amendments to these in the event of a material change to the rate
during the vesting period.
30% of the LTIP Awards will be assessed on the TSR of the Company over the
three-year period relative to that of those companies included in the FTSE
Fledgling Index throughout the Performance Period; with 100% being awarded for
performance in the top quartile, 50% for performance in the second quartile
and nothing awarded for performance below the median.
In addition, the recipients of the LTIP Awards will be required to retain
shares awarded under the LTIP awards for two years from the vesting date
subject to the ability to sell sufficient shares to discharge any tax
liability.
(1) As reported in April 2022, profits for the for year ended 31 January
2022 were enhanced due to the particularly strong client demand across the
legal sector which we believe to have been caused by the release of pent up
demand following lockdown restrictions in the previous year as well as cost
savings due to COVID-19 restrictions. The combined impact of these on
adjusted PBT was approx. £1m which in turn meant that underlying adjusted EPS
for the period would have been 21.0p.
Set out below are the notifications, made in accordance with the requirements
of the Market Abuse Regulation, in relation to the variation of the LTIP
Awards.
PDMR DEALING NOTIFICATION TEMPLATE
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Ashley Rupert James Patrick Miller
2 Reason for the notification
a) Position/status Finance Director
b) Initial notification /Amendment Initial
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Keystone Law Group plc
b) Legal Entity Identifier 213800RTARHELL51S215
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 £0.002 each in Keystone Law Group plc
Identification code GB00BZ020557
b 1) Nature of the transaction Grant of LTIP Award under the Keystone Law Long Term Incentive Plan. The
Award is structured as a performance share award which shall ordinarily vest
on the third anniversary of its grant date subject to continued service and to
the extent to which the performance conditions set for the Award are
satisfied.
c 1) Price(s) and volume(s) Price(s) Volume(s)
Nil 19
,1
18
b 2) Nature of the transaction
c 2) Price(s) and volume(s) Price(s) Volume(s)
d) Aggregated information
Not applicable single transaction
- Aggregated volume
- Price
e) Date of the transaction
7 June 2022
f) Place of the transaction
London
PDMR DEALING NOTIFICATION TEMPLATE
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name William Robins
2 Reason for the notification
a) Position/status PDMR
b) Initial notification /Amendment Initial
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Keystone Law Group plc
b) Legal Entity Identifier 213800RTARHELL51S215
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 £0.002 each in Keystone Law Group plc
Identification code GB00BZ020557
b 1) Nature of the transaction Grant of LTIP Award under the Keystone Law Long Term Incentive Plan. The
Award is structured as a performance share award which shall ordinarily vest
on the third anniversary of its grant date subject to continued service and to
the extent to which the performance conditions set for the Award are
satisfied.
c 1) Price(s) and volume(s) Price(s) Volume(s)
Nil 19
,1
18
b 2) Nature of the transaction
c 2) Price(s) and volume(s) Price(s) Volume(s)
d) Aggregated information
Not applicable single transaction
- Aggregated volume
- Price
e) Date of the transaction
7 June 2022
f) Place of the transaction
London
-ENDS-
For further information please contact:
Keystone Law Group plc +44 (0) 20 3319 3700
James Knight, Chief Executive Officer
Ashley Miller, Finance Director
www.keystonelaw.com (http://www.keystonelaw.com)
Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker)
Dominic Morley (Corporate Finance) +44 (0) 20 7886 2500
Erik Anderson (Corporate Broking)
www.panmure.com (http://www.panmure.com)
Investec Bank plc (Joint Broker)
Carlton Nelson +44 (0) 20 7597 5970
James Rudd
www.investec.co.uk (http://www.investec.co.uk)
Media enquiries:
FTI Consulting
Laura Ewart +44 (0)7711 387 085
keystonelaw@fticonsulting.com (mailto:keystonelaw@fticonsulting.com)
Notes to editors
Keystone is an award-winning law firm, providing conventional legal services
to SMEs and high net worth individuals in a £9bn addressable market.
Keystone has a scalable and unique model, with three defining characteristics:
· Our lawyers have freedom, flexibility and autonomy, and are paid
up to 75% of what they bill.
· Our lawyers determine how, when and where they work, in contrast
to the conventional law firm model.
· We offer lawyers full infrastructure and support via its central
office team, bespoke user-friendly IT platform, and network of colleagues and
events.
Keystone is a full-service law firm, with 20 service areas and more than 50
industry sectors delivered by nearly 400 high calibre self-employed Principal
lawyers who work from their own offices.
In November 2020, Keystone was named Law Firm of the Year by The Lawyer, the
first time a 'new' law firm has won the award.
More information about Keystone can be found at www.keystonelaw.co.uk
(http://www.keystonelaw.co.uk) .
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 DSHUPURUQUPPGAMRecent news on Keystone Law
See all newsREG - Keystone Law Grp PLC - Final Results
AnnouncementREG - Keystone Law Grp PLC - Trading Update and Notice of Results
AnnouncementREG - Keystone Law Grp PLC - Holdings in Company
AnnouncementREG - AIM - Schedule One - Pri0r1ty Intelligence Group PLC
AnnouncementREG - Keystone Law Grp PLC - Half Year Report
Announcement