Litigation Cap. Mgmt - Incentive Awards

Litigation Capital Management

13/10/2022 15:44

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RNS Number : 8463C  Litigation Capital Management Ltd  13 October 2022

13 October 2022

Litigation Capital Management Limited

("LCM" or the "Company")

 Incentive Awards

Litigation Capital Management Limited (AIM:LIT), a leading international
alternative asset manager of disputes financing solutions, announces that it
has granted a number of incentive awards to employees and directors of the
Company under the Deferred Bonus Share Plan ('DBSP') and the Executive
Long-Term Incentive Plan ('LTIP') of the Company.

The following table details the quantum of Awards granted and the recipients:

 Employee            Position                    Incentive Scheme  Number of Share/Options Awarded
 Patrick Moloney     Chief Executive Officer     LTIP              3,303,796
 Mary Gangemi        Chief Financial Officer     LTIP              1,266,455
 Susanna Taylor      Head of Investments - APAC  LTIP              1,101,265
 Patrick Moloney     Chief Executive Officer     DBSP              169,276
 Mary Gangemi        Chief Financial Officer     DBSP              201,325
 Susanna Taylor      Head of Investments - APAC  DBSP              137,527
 Non-PDMR Employees  Various                     DBSP              624,564

 

Executive Long Term Incentive Plan ('LTIP')

The Company has in place an Executive LTIP. Options over ordinary shares in
the capital of the Company ("Ordinary Shares") are issued to recipients under
the LTIP plan. The options set out above have been granted under the LTIP in
the form of nil cost options and are subject to performance conditions which
require the growth of Funds under Management ('FuM') over a five year
performance period. The performance conditions associated with the options are
set out below:

(1)  50% vesting on reaching a minimum of FuM of US$750m; and

(2)  100% vesting on reaching FuM of US$1bn.

 The vesting date of options granted is the later of:

(1)   the third anniversary of the Grant Date;

(2)   the satisfaction of the Performance Condition; or

(3)   the date of any adjustment under the Plan rules of the Plan at the
Boards discretion.

Any awards made to the participants are subject to a five year holding period
from the grant date. In the event of a change of control of the Company,
unvested awards will vest to the extent determined by the Board, taking into
account the proportion of the period of time between grant and the normal
vesting date that has elapsed at the date of the relevant event and the extent
to which any performance condition has been satisfied at the date of the
relevant event.

Deferred Bonus Share Plan ('DBSP')

The Company has in place a DBSP. Options granted under the DBSP reflect past
performance and are in the form of nil cost options and will vest in three
equal tranches from the date of issue and are subject to continued employment
over the three year period.

 

In addition, the Options granted under the DBSP are subject to malus and
clawback provisions. In the event of a change of control of the Company,
unvested awards will vest to the extent determined by the Board, taking into
account the proportion of the period of time between grant and the normal
vesting date that has elapsed at the date of the relevant event.

Employee Benefit Trust ('EBT')

The Company has an EBT. The EBT is a discretionary trust for the benefit of
the Company's employees, including the Directors of the Company.  The Company
will seek to satisfy the LTIP and DBSP awards set out above, where possible,
through the EBT. The EBT of the Company currently holds 4,917,464 Ordinary
Shares, representing 4.13 per cent. of the of the Company's total voting
rights.

For reference, the figure of 119,200,332 should be used by shareholders as the
denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.

 

Enquiries

 Litigation Capital Management             c/o Alma PR
 Patrick Moloney, Chief Executive Officer

 Canaccord (Nomad and Joint Broker)        Tel: 020 7523 8000
 Bobbie Hilliam

 Investec Bank plc (Joint Broker)          Tel: 020 7597 5970
 David Anderson

 Alma PR                                   Tel: 020 3405 0205
 Justine James                             LCM@almapr.co.uk (mailto:LCM@almapr.co.uk)

 Kieran Breheny

 

NOTES TO EDITORS

Litigation Capital Management (LCM) is an alternative asset manager
specialising in disputes financing solutions internationally, which operates
two business models. The first is direct investments made from LCM's permanent
balance sheet capital and the second is third party fund management. Under
those two business models, LCM currently pursues three investment strategies:
Single-case funding, Portfolio funding and Acquisitions of claims. LCM
generates its revenue from both its direct investments and also performance
fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection
and robust risk management.

Currently headquartered in Sydney, with offices in London, Singapore, Brisbane
and Melbourne, LCM listed on AIM in December 2018, trading under the ticker
LIT.

www.lcmfinance.com (http://www.lcmfinance.com/)

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain 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 ("PDMR") /
     person closely associated with them ("PCA")
 a)  Name                                     Patrick John Moloney
 2.  Reason for the notification
 a)  Position / status                        Executive Director
 b)  Initial notification / amendment         Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     Litigation Capital Management Limited
 b)  Legal Entity Identifier                  213800J2B5SI8F515244
 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  Options over Ordinary Shares
 b)  Nature of the transaction                Grant of options:
 c)  Price(s) and volume(s)                   Price(s)  Volume(s)  Plan
                                              £nil      3,303,796  LTIP
                                              £nil      169,276    DBSP

 
 d)  Aggregated information

     - Aggregated volume                      3,473,072 options over ordinary shares

     - Aggregated price

     - Aggregated total
 e)  Date of the transaction                  7 October 2022 (UK)
 f)  Place of the transaction                 Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Aggregated price

- Aggregated total

 

3,473,072 options over ordinary shares

e)

Date of the transaction

7 October 2022 (UK)

f)

Place of the transaction

Outside a trading venue

 

 

 1.  Details of the Person discharging managerial responsibilities ("PDMR") /
     person closely associated with them ("PCA")
 a)  Name                                     Mary Gangemi
 2.  Reason for the notification
 a)  Position / status                        Executive Director
 b)  Initial notification / amendment         Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     Litigation Capital Management Limited
 b)  Legal Entity Identifier                  213800J2B5SI8F515244
 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  Options over Ordinary Shares
 b)  Nature of the transaction                Grant of options:
 c)  Price(s) and volume(s)                   Price(s)  Volume(s)  Award
                                              £nil      1,266,455  LTIP
                                              £nil      201,325    DBSP

 
 d)  Aggregated information

     - Aggregated volume                      1,467,780 options over ordinary shares

     - Aggregated price

     - Aggregated total
 e)  Date of the transaction                  7 October 2022 (UK)
 f)  Place of the transaction                 Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Aggregated price

- Aggregated total

 

1,467,780 options over ordinary shares

e)

Date of the transaction

7 October 2022 (UK)

f)

Place of the transaction

Outside a trading venue

 

 

 1.  Details of the Person discharging managerial responsibilities ("PDMR") /
     person closely associated with them ("PCA")
 a)  Name                                     Susanna Taylor
 2.  Reason for the notification
 a)  Position / status                        Head of Investments - APAC
 b)  Initial notification / amendment         Initial notification
 3.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     Litigation Capital Management Limited
 b)  Legal Entity Identifier                  213800J2B5SI8F515244
 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  Option over ordinary shares
 b)  Nature of the transaction                Grant of options
 c)  Price(s) and volume(s)                   Price(s)  Volume(s)  Award
                                              £nil      1,101,265  LTIP
                                              £nil      137,527    DBSP

 
 d)  Aggregated information

     - Aggregated volume                      1,238,792 options over ordinary shares

     - Aggregated price

     - Aggregated total
 e)  Date of the transaction                  7 October 2022 (UK)
 f)  Place of the transaction                 Outside a trading venue

 

d)

Aggregated information

- Aggregated volume

- Aggregated price

- Aggregated total

 

1,238,792 options over ordinary shares

e)

Date of the transaction

7 October 2022 (UK)

f)

Place of the transaction

Outside a trading venue

 

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