Litigation Capital Management Ltd JSOP Award (2445S)
March 08 2019 - 1:01AM
UK Regulatory
TIDMLIT
RNS Number : 2445S
Litigation Capital Management Ltd
08 March 2019
8 March 2019
Litigation Capital Management Limited
("LCM" or the "Company")
JSOP Award
Litigation Capital Management Limited (AIM:LIT), a leading
international provider of litigation financing solutions, announces
that it is giving effect to the disclosure made in the Admission
document dated 13 December 2018 and has today granted executive
director, Nick Rowles-Davies (the "Participant"), an interest over
4,347,517 ordinary shares in the Company, representing 3.85% of the
enlarged issued share capital of the Company(1) , pursuant to a
joint share ownership plan ("JSOP").
These newly issued ordinary shares will be held by the LCM
Employee Benefit Trust ("EBT"), which has been established to hold
shares under the JSOP ("JSOP Shares"). The beneficial interest in
JSOP Shares is jointly held between the relevant participant and
the EBT. Under the JSOP rules, it has been agreed that no voting
rights will be exercised on the JSOP Shares prior to their vesting
date.
A limited recourse loan agreement will be entered into between
the Company and both the EBT and Mr. Rowles-Davies. The loan for
Mr. Rowles-Davies will be for a term of 10 years and an amount of
GBP 217,375.85, which represents market value for Mr. Rowles-Davies
interest in the JSOP.
The JSOP award to Mr. Rowles-Davies will vest on the third
anniversary of the 19(th) December 2018, subject to continued
employment and performance conditions including a share price
target of a 175 pence being achieved at any time during the vesting
period. In addition, the JSOP award is subject to malus and
clawback provisions. The award vests in full in the event of a
change of control at any time.
Pursuant to the JSOP rules, Mr. Rowles-Davies will benefit from
the growth in value of each JSOP Share from the LCM share price on
Admission of 52 pence subject to the conditions outlined above.
The key benefits of the JSOP are:
-- a real interest in shares for the Participant, which
encourages strong individual and Company performance by aligning
the interests of Mr. Rowles-Davies with those of the Company and
other shareholders;
-- provided there is a strong expectation of growth, the JSOP
structure lends itself well to the Company's commercial proposal of
allowing Mr. Rowles-Davies to enjoy the growth in value of up to c.
3.85% of the issued share capital of LCM.
As disclosed in the Company's admission document in December
2018, this award does not count towards any limits applying to the
New Share Plans.
Application will be made for the 4,347,517 ordinary shares to be
admitted to trading on AIM. It is expected that admission will take
place on 18 March 2019. Following the allotment and issue, the
Company's issued share capital consists of 113,035,446 ordinary
shares. The Company does not hold any shares in Treasury, as such
the total number of shares in issue with voting rights is
113,035,446.
The above figure of 113,035,446 may 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.
(1) Share capital enlarged for new issue of shares to the
EBT.
CONTACTS
Litigation Capital Management
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Broker)
Sunil Duggal / Emma Gabriel Tel: 020 7523 8000
Hawthorn Advisors
Lorna Cobbett / Zinka MacHale Tel: 020 3745 4960
lcm@hawthornadvisors.com
NOTES TO EDITORS
About LCM:
Litigation Capital Management ("LCM") is a leading international
provider of litigation financing solutions. This includes
single-case and portfolios across; class actions, commercial
claims, claims arising out of insolvency and international
arbitration. LCM has an unparalleled track record, driven by
effective project selection, active project management and robust
risk management. 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
The following notifications are intended to satisfy the
Company's obligations under Article 19(3) of EU Regulation No
596/2014 (the Market Abuse Regulation).
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 Nick Rowles-Davies
------------------------------ --------------------------------------
2. Reason for the notification
----------------------------------------------------------------------
a) Position / status Executive Director
------------------------------ --------------------------------------
b) Initial notification Initial notification
/ amendment
------------------------------ --------------------------------------
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 Jointly held Ordinary Shares
financial instrument AU000000LCA6
------------------------------ --------------------------------------
b) Nature of the transaction Interest in Ordinary Shares under
a Joint Share Ownership
------------------------------ --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP 217,375.85 4,347,517 shares
-----------------
------------------------------ --------------------------------------
d) Aggregated information N/A - single transaction
* Aggregated volume
* Aggregated price
* Aggregated total
------------------------------ --------------------------------------
e) Date of the transaction 7 March 2019 (UK)
------------------------------ --------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------ --------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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