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Law Debenture Corp (LWDB)

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Tuesday 01 March, 2022

Law Debenture Corp

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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