RNS Number : 7334B
Law Debenture Corp PLC
21 March 2025
21 March 2025
The Law Debenture Corporation p.l.c.
Notification of Transactions by Persons Discharging Managerial Responsibility
The Law Debenture Corporation p.l.c. (the "Corporation") announces that the following transactions, set out below, were undertaken by directors / persons discharging managerial responsibility ("PDMRs").
The relevant notifications set out below are provided in accordance with the requirements of UK market abuse regulations.
Deferred Share Bonus Plan
Disposal of shares
In accordance with the Corporation's Deferred Share Bonus Plan (the "Plan") deferred shares awarded on 14 March 2022 vested on 14 March 2025 in respect to the Directors listed below.
Name
Director/ PDMR
Number of shares awarded on14 March 2022
Number of shares vested on14 March 2025 (including dividend equivalents)
Shares sold to cover tax at a price of 889.00 pence per share1
Additional shares sold at a share price of 889.00 pence per share1
Shares retainedby individual
Denis Jackson
Director
11,029
12,406
6,203
6,203
0
Trish Houston
Director
6,774
7,619
3,810
1,904
1,905
1 - being the Corporation's share price at market close on 13 March 2025.
Acquisition of shares
As set out in the Corporation's Remuneration Policy approved by shareholders on 30 March 2023, half of any bonus earned by the Executive Directors above £100,000 will be deferred in shares for three years with enhanced malus and clawback provisions applying. In accordance with that policy, 4,038 deferred share awards for Denis Jackson and 1,480 deferred share awards for Trish Houston, both Executive Directors, were granted under the Plan on 20 March 2025 at an average price of 898.00 pence per share (the "awards").
The awards granted under the Plan are held in trust and no consideration is payable on the grant or vesting of the awards. The number of shares to which each award relates is increased by the reinvestment of dividends due on the shares held in trust.
1
Details of the person discharging managerial responsibilities
a)
Name
Denis Jackson
2
Reason for the notification
a)
Position/status
Chief Executive Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
Disposal of shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
889.00 pence per share
12,406
d)
Aggregated information
- Aggregated volume
12,406
- Price
£110,289.34
e)
Date of the transaction
14 March 2025
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities
a)
Name
Denis Jackson
2
Reason for the notification
a)
Position/status
Chief Executive Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
4,038deferred share awards granted under the Corporation's Deferred Share Bonus Plan. The resultant total shares under the Deferred Share Bonus Plan held by Denis Jackson as at 21 March 2025 is 29,129.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
4,038
d)
Aggregated information
- Aggregated volume
4,038
- Price
Nil consideration
e)
Date of the transaction
20 March 2025
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities
a)
Name
Trish Houston
2
Reason for the notification
a)
Position/status
Chief Operating Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
Disposal of shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
889.00 pence per share
5,714
d)
Aggregated information
- Aggregated volume
5,714
- Price
£50,797.46
e)
Date of the transaction
14 March 2025
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities
a)
Name
Trish Houston
2
Reason for the notification
a)
Position/status
Chief Operating Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
1,480deferred share awards granted under the Corporation's Deferred Share Bonus Plan. The resultant total shares under the Deferred Share Bonus Plan held by Trish Houston as at 21 March 2025 is 22,000.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
1,480
d)
Aggregated information
- Aggregated volume
1,480
- Price
Nil consideration
e)
Date of the transaction
20 March 2025
f)
Place of the transaction
Outside a trading venue
Long Term Incentive Plan
The following transactions were also undertaken by PDMRs in accordance with the rules of the Corporation's Long Term Incentive Plan ('LTIP'). The LTIP was established to reward eligible participants in a way that aligns their interests with the interests of shareholders and with the Corporation's long-term strategic plan.
Name
Status
Number of Ordinary Shares awarded in 2025
Option Price
Denis Jackson
Chief Executive Officer
75,134
£Nil
Trish Houston
Chief Operating Officer
50,924
£Nil
Furthermore, options to acquire Ordinary Shares have been awarded to members of the senior management team within the Corporation's group of companies. In aggregate, options to acquire 182,172 Ordinary Shares have been awarded under the LTIP ('LTIP Awards') on 20 March 2025.
No consideration was paid for the grant of the LTIP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each LTIP Award has been calculated using an Ordinary Share price of 898.4 pence per share for the 2025 award being the average of the closing share prices over the five dealing days from the date of the Annual Report announcement.
The vesting date of the LTIP Awards will be 20 March 2028, being the third anniversary of the award dates. Once vested, the LTIP Awards will normally be exercisable until the day before the tenth anniversary of the award date. The LTIP Awards are subject to a two-year holding period commencing on vesting.
The LTIP Awards will vest after three years based on a compound annual growth rate in profits before interest and tax of the Corporation's independent professional services business measured over a three year period. At 4% p.a. growth 20% of the LTIP Award will vest rising on a straight-line basis to 100% for 14% p.a. growth. Under the LTIP rules, the Remuneration Committee has full discretion to ensure that the final vesting outturn reflects all relevant factors, including consideration of any windfall gains.
The relevant notifications set out below are provided in accordance with the requirements of UK market abuse regulations.
1
Details of the person discharging managerial responsibilities
a)
Name
Denis Jackson
2
Reason for the notification
a)
Position/status
Chief Executive Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
Grant of nil cost option under The Law Debenture Corporation p.l.c. Long Term Incentive Plan
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
75,134
d)
Aggregated information
- Aggregated volume
75,134
- Price
Nil consideration
e)
Date of the transaction
20 March 2025
f)
Place of the transaction
Outside a trading venue
1
Details of the person discharging managerial responsibilities
a)
Name
Trish Houston
2
Reason for the notification
a)
Position/status
Chief Operating Officer
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
The Law Debenture Corporation p.l.c.
b)
LEI
2138006E39QX7XV6PP21
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 5 pence each
Identification code
GB0031429219
b)
Nature of the transaction
Grant of nil cost option under The Law Debenture Corporation p.l.c. Long-Term Incentive Plan
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Nil consideration
50,924
d)
Aggregated information
- Aggregated volume
50,924
- Price
Nil consideration
e)
Date of the transaction
20 March 2025
f)
Place of the transaction
Outside a trading venue
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