REG - Law Debenture Corp - Director/PDMR Shareholding
16/04/2024 18:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240416:nRSP8695Ka&default-theme=true
RNS Number : 8695K Law Debenture Corp PLC 16 April 2024
16 April 2024
The Law Debenture Corporation p.l.c.
Notification of Transactions by Persons Discharging Managerial Responsibility
The transactions, set out below, in the Ordinary 5 pence shares of The Law
Debenture Corporation p.l.c. (the "Corporation") were undertaken by directors
/ persons discharging managerial responsibility ("PDMRs").
The relevant notifications set out below are provided in accordance with the
requirements of Article 19 of the UK's retained EU law version of the Market
Abuse Regulation (596/2014).
Deferred Share Bonus Plan
Disposal of shares
In accordance with the Corporation's Deferred Share Bonus Plan (the "Plan"),
deferred shares awarded to Denis Jackson on 12 March 2021, including
additional shares accrued over the three-year vesting period as a result of
the reinvestment of corresponding dividends, vested on 12 March 2024 in the
amount of 13,945 ordinary shares (the "vested shares"). To cover related tax
liabilities, Denis Jackson has disposed of 6,973 of the vested shares at 783
pence per share, being the Corporation's share price at market close on 11
March 2024. Denis Jackson will hold the remaining ordinary shares on his own
account.
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, 15,028 deferred
share awards for Denis Jackson and 11,155 deferred share awards for Trish
Houston, both Executive Directors, were granted under the Plan on 14 March
2024 at an average price of 782 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)
783 pence per share 6,973
d) Aggregated information
- Aggregated volume 6,973
- Price 54,598.59
e) Date of the transaction 12 March 2024
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 15,028 deferred 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 16 April 2024 is 36,490.
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil consideration 15,028
d) Aggregated information
- Aggregated volume 15,028
- Price Nil consideration
e) Date of the transaction 14 March 2024
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 11,155 deferred 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 16 April 2024 is 25,529.
c) Price(s) and volume(s)
Price(s) Volume(s)
Nil consideration 11,155
d) Aggregated information
- Aggregated volume 11,155
- Price Nil consideration
e) Date of the transaction 14 March 2024
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 2024 Number of Ordinary Shares awarded in 2023 Option Price
Denis Jackson Chief Executive Officer 75,834 66,792 £Nil
Trish Houston Chief Operating Officer 55,643 54,717 £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 203,573 and 196,175 Ordinary Shares have been
awarded under the LTIP ('LTIP Awards') on 2 April 2024 and 4 April 2023,
respectively.
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 791.2
pence per share for 2024 and 795 pence per share for 2023 being the average of
the closing share prices over the five dealing days preceding the dates of
grant.
The vesting date of the LTIP Awards will be 2 April 2027 (with respect to the
2024 grant) and 4 April 2026 (with respect to the 2023 grant), being the third
anniversaries 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 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 150% 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 Article 19 of the UK's retained EU law version of the Market
Abuse Regulation (596/2014).
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 75,834
d) Aggregated information
- Aggregated volume 75,834
- Price Nil consideration
e) Date of the transaction 2 April 2024
f) Place of the transaction Outside a trading venue
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
75,834
d)
Aggregated information
- Aggregated volume
75,834
- Price
Nil consideration
e)
Date of the transaction
2 April 2024
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 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 66,792
d) Aggregated information
- Aggregated volume 66,792
- Price Nil consideration
e) Date of the transaction 4 April 2023
f) Place of the transaction Outside a trading venue
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
66,792
d)
Aggregated information
- Aggregated volume
66,792
- Price
Nil consideration
e)
Date of the transaction
4 April 2023
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 55,643
d) Aggregated information
- Aggregated volume 55,643
- Price Nil consideration
e) Date of the transaction 2 April 2024
f) Place of the transaction Outside a trading venue
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
55,643
d)
Aggregated information
- Aggregated volume
55,643
- Price
Nil consideration
e)
Date of the transaction
2 April 2024
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 54,717
d) Aggregated information
- Aggregated volume 54,717
- Price Nil consideration
e) Date of the transaction 4 April 2023
f) Place of the transaction Outside a trading venue
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
54,717
d)
Aggregated information
- Aggregated volume
54,717
- Price
Nil consideration
e)
Date of the transaction
4 April 2023
f)
Place of the transaction
Outside a trading venue
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 DSHFLFERSDIRLISRecent news on Law Debenture
See all newsREG - Law Debenture Corp - Net Asset Value(s)
AnnouncementREG - Law Debenture Corp - Net Asset Value(s)
AnnouncementREG - Law Debenture Corp - Net Asset Value(s)
AnnouncementREG - Law Debenture Corp - Net Asset Value(s)
AnnouncementREG - Law Debenture Corp - Net Asset Value(s)
Announcement