Director/PDMR Shareholding
Source: RNS
15 March 2023
The Law Debenture Corporation p.l.c.
Notification of Transactions by Persons Discharging Managerial Responsibility
The Law Debenture Corporation p.l.c. (the "Corporation") announced on 9 March 2023 that shares had been purchased by a subsidiary undertaking in connection with the Corporation's Deferred Share Bonus Plan (the "Plan") for senior staff. The transactions, set out below, in the Corporation's Ordinary 5 pence shares were undertaken by directors / persons discharging managerial responsibility ("PDMRs") following the purchase.
Disposal of shares
In accordance with the Plan, deferred shares awarded to Denis Jackson on 13 March 2020, including additional shares accrued over the three-year vesting period as a result of the reinvestment of corresponding dividends, vested on 13 March 2023 in the amount of 18,878 ordinary shares (the "vested shares"). To cover related tax liabilities, Denis Jackson has disposed of 8,495 (45%) of the vested shares at 822 pence per share, being the Corporation's share price at market close on 10 March 2023. Denis Jackson will hold the remaining ordinary shares on his own account.
Acquisition of shares
As set out in the Corporation's Remuneration Policy approved by shareholders on 7 April 2020, half of any bonus earned by the Executive Directors above £100,000 will be deferred in shares for three years with enhanced malus and clawback provisions applying. In accordance with that policy, 8,913 deferred share awards for Denis Jackson and 6,607 deferred share awards for Trish Houston, both Executive Directors, were granted under the Plan on 15 March 2023 at an average price of 841.5 pence per share (the "awards").
The awards granted under the Plan are held in trust and no consideration is payable on the grant or vesting of the awards. The number of shares to which each award relates is increased by the reinvestment of dividends due on the shares held in trust.
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).
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1
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Details of the person discharging managerial responsibilities |
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a) |
Name |
Denis Jackson |
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2
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Reason for the notification |
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a) |
Position/status |
Chief Executive Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
The Law Debenture Corporation p.l.c. |
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b) |
LEI |
2138006E39QX7XV6PP21 |
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4
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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 |
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a)
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Description of the financial instrument, type of instrument |
Ordinary shares of 5 pence each |
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Identification code |
GB0031429219 |
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b)
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Nature of the transaction |
Disposal of shares |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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822 pence per share |
8,495 |
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d)
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Aggregated information |
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- Aggregated volume |
8,495 |
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- Price |
69,828.9 |
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e) |
Date of the transaction |
13 March 2023 |
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f) |
Place of the transaction |
Outside a trading venue |
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1
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Details of the person discharging managerial responsibilities |
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a) |
Name |
Trish Houston |
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2
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Reason for the notification |
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a) |
Position/status |
Chief Operating Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
The Law Debenture Corporation p.l.c. |
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b) |
LEI |
2138006E39QX7XV6PP21 |
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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 |
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a)
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Description of the financial instrument, type of instrument |
Ordinary shares of 5 pence each |
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Identification code |
GB0031429219 |
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b)
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Nature of the transaction |
6,607 deferred share awards granted under the Corporation's Deferred Share Bonus Plan. The resultant total shares under the Deferred Share Bonus Plan held by Trish Houston as at 15 March 2023 is 13,646. |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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Nil consideration |
6,607 |
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d)
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Aggregated information |
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- Aggregated volume |
6,607 |
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- Price |
Nil consideration |
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e) |
Date of the transaction |
15 March 2023 |
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f) |
Place of the transaction |
Outside a trading venue |
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1
|
Details of the person discharging managerial responsibilities |
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a) |
Name |
Denis Jackson |
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2
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Reason for the notification |
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a) |
Position/status |
Chief Executive Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||
|
a) |
Name |
The Law Debenture Corporation p.l.c. |
|||
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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 |
||||
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a)
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Description of the financial instrument, type of instrument |
Ordinary shares of 5 pence each |
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Identification code |
GB0031429219 |
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b)
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Nature of the transaction |
8,913 deferred share awards granted under the Corporation's Deferred Share Bonus Plan. The resultant total shares under the Deferred Share Bonus Plan held by Denis Jackson as at 15 March 2023 is 33,762. |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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Nil consideration |
8,913 |
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d)
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Aggregated information |
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- Aggregated volume |
8,913 |
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- Price |
Nil consideration |
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e) |
Date of the transaction |
15 March 2023 |
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f) |
Place of the transaction |
Outside a trading venue |
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