Director/PDMR Shareholding

RNS Number : 2470D

Law Debenture Corp PLC

01 March 2022

 

1 March 2022 

The Law Debenture Corporation p.l.c.

Grant of Awards under The Law Debenture Corporation p.l.c.'s Long Term Incentive Plan

Notification of Transactions by Persons Discharging Managerial Responsibility

The Law Debenture Corporation p.l.c. (the 'Corporation') has been notified of the following transactions in the Corporation's ordinary shares of 5 pence each ('Ordinary Shares') undertaken by directors / persons discharging managerial responsibility ('PDMRs') on 28 February 2022 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	Option Price
Denis Jackson	Chief Executive Officer	41,806	£Nil
Trish Houston	Chief Operating Officer	35,374	£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 164,586 Ordinary Shares have been awarded under the LTIP ('LTIP Awards') on 28 February 2022.

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 777.4 pence per share being the average of the closing share prices over the five dealing days preceding the date of grant.

The vesting date of the LTIP Awards will be 28 February 2025, being the third anniversary of the award date. 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 the compounded annual growth rate in the Earnings per Share ('EPS') of the Corporation's independent professional services business measured over a three year period.  At 4% p.a. growth 25% of the LTIP Award will vest rising on a straight-line basis to 100% for 10% 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	41,806
d)	Aggregated information
	- Aggregated volume	41,806
	- Price	Nil consideration
e)	Date of the transaction	28 February 2022
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	35,374
d)	Aggregated information
	- Aggregated volume	35,374
	- Price	Nil consideration
e)	Date of the transaction	28 February 2022
f)	Place of the transaction	Outside a trading venue

 

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