REG - Law Debenture Corp - Director/PDMR Shareholding
21/03/2025 15:15
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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 on 14 March 2022 Number of shares vested on Shares sold to cover tax at a price of 889.00 pence per share(1) Additional shares sold at a share price of 889.00 pence per share(1) Shares retained
14 March 2025 (including dividend equivalents) by 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 4,038 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 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 1,480 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 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
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
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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