March 27, 2024
Notification Of Transactions
By Persons Discharging Managerial
Responsibilities
Burford Capital Limited ("Burford"),
the leading global finance and asset management firm focused on
law, provides the following notification of various transactions by
persons discharging managerial responsibilities (each, a
"PDMR").
Burford's CEO and CIO invest
$5.1 million in Burford's Ordinary Shares
On March 22, 2024, Burford's Chief
Executive Officer, Christopher Bogart, and Burford's Chief
Investment Officer, Jonathan Molot, used their respective cash
compensation to invest in aggregate $5.1 million in Burford's
ordinary shares of nil par value ("Shares") through Burford's
employee deferred compensation plan.
These investments total 333,528
Shares, comprising 167,991 Shares by Mr. Bogart and 165,537 by Mr.
Molot.
Christopher Bogart, Burford's Chief Executive Officer,
commented:
"Jon and I have together made
significant investments in Burford's ordinary shares in recent
years and now together have exposure to almost 10% of Burford's
shares."
Additional information with respect
to the Burford Capital deferred compensation plan can be found in
Burford's Annual Report on Form 20-F for the year ended December
31, 2022 filed with the US Securities and Exchange Commission on
May 16, 2023. In essence, Burford's employees are able to elect to
defer cash and other compensation, without incurring current taxes,
into the Burford Capital deferred compensation plan, which in turn
permits the full amount of that deferred compensation to be
allocated to the Shares (or for other investment options). This is
a tax-efficient way for Burford's employees to continue to
accumulate exposure to the Shares.
LTIP grants
On March 22, 2024, new grants of
Shares (50% of which are subject to performance conditions) were
made to members of Burford's management committee under the Burford
Capital 2016 Long Term Incentive Plan (the "LTIP") as part of
Burford's usual annual compensation cycle. The allocation of grants
is as follows: 201,877 Shares to each of Messrs. Bogart and Molot,
and 20,548 Shares to each of (i) Deputy Chief Investment Officer,
Craig Arnott, (ii) General Counsel and
Chief Administrative Officer, Mark Klein, (iii) Chief Financial
Officer, Jordan Licht, (iv) Chief Strategy Officer, Elizabeth
O'Connell, (v) Co-Chief Operating Officer David Perla and (vi)
Co-Chief Operating Officer Aviva Will.
The Notification of Dealing Forms
for each of the transactions set forth above are included at the
end of this announcement.
A further announcement will follow
in the coming days in respect of the vesting of awards granted in
prior years following the satisfaction of the performance
conditions related thereto.
For
further information, please contact:
Burford Capital Limited
|
|
For investor and analyst inquiries:
|
|
Robert Bailhache, Head of Investor
Relations, EMEA and Asia - email
|
+44 (0)20
3530 2023
|
Jim Ballan, Head of Investor
Relations, Americas - email
|
+1 (646)
793 9176
|
For press inquiries:
|
|
David Helfenbein, Vice President,
Public Relations - email
|
+1 (212)
235 6824
|
|
|
Deutsche Numis -
NOMAD and Joint Broker
|
+44 (0)20
7260 1000
|
Giles Rolls
|
|
Charlie Farquhar
|
|
|
|
Jefferies International Limited - Joint Broker
|
+44 (0)20
7029 8000
|
Graham Davidson
|
|
James Umbers
|
|
|
|
Berenberg - Joint
Broker
|
+44 (0)20
3207 7800
|
Toby Flaux
|
|
James Thompson
|
|
Yasmina Benchekroun
|
|
|
|
|
About Burford Capital
Burford Capital is the leading
global finance and asset management firm focused on law. Its
businesses include litigation finance
and risk
management, asset
recovery and a wide range of legal finance
and advisory activities. Burford is publicly traded on the New York
Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE:
BUR), and it works with companies and law firms around the world
from its offices in New York, London, Chicago, Washington, DC,
Singapore, Dubai, Sydney and Hong Kong.
For more information, please
visit www.burfordcapital.com.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy any ordinary shares or other
securities of Burford.
This announcement does not constitute an offer of any Burford
private fund. Burford Capital
Investment Management LLC, which acts as the fund manager of all
Burford private funds, is registered as an investment adviser with
the US Securities and Exchange
Commission. The information provided in
this announcement is for informational purposes only. Past
performance is not indicative of future results. The information
contained in this announcement is not, and should not be construed
as, an offer to sell or the solicitation of an offer to buy any
securities (including, without limitation, interests or shares in
any of Burford private funds). Any such offer or solicitation may
be made only by means of a final confidential private placement
memorandum and other offering documents.
Forward-looking statements
This announcement contains
"forward-looking statements" within the meaning of Section 21E of
the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs
about future events. These statements are intended as
"forward-looking statements". In some cases, predictive,
future-tense or forward-looking words such as "aim", "anticipate",
"believe", "continue", "could", "estimate", "expect", "forecast",
"guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or
other comparable terminology are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. In addition, Burford and its
representatives may from time to time make other oral or written
statements that are forward-looking, including in its periodic
reports that Burford files with, or furnishes to, the
US Securities and Exchange
Commission, other information made
available to Burford's security holders and other written
materials. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors because
they relate to events and depend on circumstances that may or may
not occur in the future. Burford cautions that forward-looking
statements are not guarantees of future performance and are based
on numerous assumptions, expectations,
projections, intentions and beliefs and
that Burford's actual results of operations, including its
financial position and liquidity, and the development of the
industry in which it operates, may differ materially from (and be
more negative than) those made in, or suggested by, the
forward-looking statements contained in this announcement.
Significant factors that may cause actual results to differ from
those Burford expects include, among others, those discussed under
"Risk Factors" in Burford's annual report on Form 20-F for the year
ended December 31, 2022 filed with the US Securities and Exchange Commission on May 16, 2023 and other reports or
documents that Burford files with, or furnishes to, the
US Securities and Exchange Commission from time to
time. In addition, even if Burford's
results of operations, including its financial position and
liquidity, and the development of the industry in which it operates
are consistent with the forward-looking statements contained in
this announcement, those results of operations or developments may
not be indicative of results of operations or developments in
subsequent periods.
Except as required by law, Burford
undertakes no obligation to update or revise the forward-looking
statements contained in this announcement, whether as a result of
new information, future events or otherwise.
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a)
Name
|
Christopher Bogart
|
2
|
Reason for the notification
|
|
|
(a)
Position/status
|
A PDMR occupying the position
of Chief Executive Officer
|
|
(b) Initial
notification /Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a)
Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the
transaction
|
Allocation of fully vested notional
Ordinary Shares equivalent to a deferred amount of cash
compensation under Burford's deferred compensation plan
|
|
(c) Price(s)and
volume(s)
|
|
|
$ 15.25
|
167,991
|
|
|
|
(d) Aggregated
information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the
transaction
|
March 22, 2024
|
|
(f) Place of the
transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a)
Name
|
Christopher Bogart
|
2
|
Reason for the notification
|
|
|
(a)
Position/status
|
A PDMR occupying the position of
Chief Executive Officer
|
|
(b) Initial
notification /Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a)
Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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
|
Notional Ordinary Shares
|
|
Identification
code
|
GG00BMGYLN96
|
|
(b) Nature of the
transaction
|
Allocation of unvested notional
Ordinary Shares pursuant to the provisions of Burford's deferred
compensation plan due to vest in 2026
|
|
(c) Price(s)and
volume(s)
|
|
|
$ Nil
|
55,991
|
|
|
|
(d) Aggregated
information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the
transaction
|
March 22, 2024
|
|
(f) Place of the
transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a)
Name
|
Jonathan Molot
|
2
|
Reason for the notification
|
|
|
(a)
Position/status
|
A PDMR occupying the position
of Chief Investment Officer
|
|
(b) Initial
notification /Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a)
Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the
transaction
|
Allocation of fully vested notional
Ordinary Shares equivalent to a deferred amount of cash
compensation under Burford's deferred compensation plan
|
|
(c) Price(s)and
volume(s)
|
|
|
$ 15.25
|
165,537
|
|
|
|
(d) Aggregated
information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the
transaction
|
March 22, 2024
|
|
(f) Place of the
transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a)
Name
|
Jonathan Molot
|
2
|
Reason for the notification
|
|
|
(a)
Position/status
|
A PDMR occupying the position of
Chief Information Officer
|
|
(b) Initial
notification /Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a)
Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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
|
Notional Ordinary Shares
|
|
Identification
code
|
GG00BMGYLN96
|
|
(b) Nature of the
transaction
|
Allocation of unvested notional
Ordinary Shares pursuant to the provisions of Burford's deferred
compensation plan due to vest in 2026
|
|
(c) Price(s)and
volume(s)
|
|
|
$ Nil
|
55,173
|
|
|
|
(d) Aggregated
information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the
transaction
|
March 22, 2024
|
|
(f) Place of the
transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Craig Arnott
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Deputy Chief Investment Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Christopher Bogart
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Chief Executive Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
201,877
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Mark Klein
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
General Counsel and Chief Administrative Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Jordan Licht
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Chief Financial Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Jonathan Molot
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Chief Investment Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
201,877
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Elizabeth O'Connell
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Chief Strategy Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
David Perla
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Co-Chief Operating Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|
1
|
Details of the person discharging managerial
responsibilities/person closely associated
|
|
(a) Name
|
Aviva Will
|
2
|
Reason for the notification
|
|
|
(a) Position/status
|
A PDMR occupying the position of
Co-Chief Operating Officer
|
|
(b) Initial notification
/Amendment
|
Initial
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
(a) Name
|
Burford Capital Limited
|
|
(b) LEI
|
549300FUKUWFYJMT2277
|
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 nil par
value
|
|
Identification code
|
GG00BMGYLN96
|
|
(b) Nature of the transaction
|
Grant of share award under the
Burford Capital 2016 Long Term Incentive Plan
|
|
(c) Price(s)and volume(s)
|
|
|
$14.60
|
20,548
|
|
|
|
(d) Aggregated information
· Aggregated volume
· Price
|
N/A
|
|
(e) Date of the transaction
|
March 22, 2024
|
|
(f) Place of the transaction
|
Outside a trading venue
|