Last checked at 22 Nov 2023 12:00
22 November 2023
BURFORD CAPITAL LIMITED
Notification of transactions by persons discharging managerial responsibilities
Burford Capital Limited, the leading global finance and asset management firm focused on law, provides the following notifications of transactions by persons discharging managerial responsibilities (each, a "PDMR" and, collectively, "PDMRs").
Investment in Shares through Burford employee deferred compensation plan
On November 20, 2023, David Perla, Co-Chief Operating Officer, used his deferred cash compensation to purchase 1,330 ordinary shares of nil par value of Burford Capital Limited (the "Shares") through the Burford employee deferred compensation plan.
Further details about the Burford employee 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 employees are able to elect to defer cash compensation, without incurring current taxes, into the Burford employee 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 employees to continue to accumulate exposure to the Shares.
Estate planning by Mr. Molot
On November 20, 2023, a 4.918453% interest in Jonathan Molot LLC ("JM LLC"), a company which is controlled by Chief Investment Officer Jonathan Molot and which holds 6,000,000 Shares, was transferred from Jonathan T. Molot August 2022 Trust to Mr. Molot, and Mr. Molot transferred a 4.918453% interest in JM LLC to Jonathan T. Molot November 2023 Trust. Ongoing annual movement of ownership interests in JM LLC back-and-forth between Mr. Molot and annual trusts established by Mr. Molot, of which he and his family members are the beneficiaries, is expected as a normal part of the US estate planning undertaken.
The Notification of Dealing Forms for these transactions set forth above are included at the end of this announcement.
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 | ||
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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 | David Perla | ||
2 | Reason for the notification |
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(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 | ||
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) | Price(s) | Volume(s) | |
$ 14.23 | 1,330 | ||
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(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
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(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 | 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 2025 | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
$ Nil | 443 | ||
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(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
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(f) Place of the transaction | Outside a trading venue | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Jonathan T. Molot | ||
2 | Reason for the notification |
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(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 | 4.918453% interest in Jonathan Molot LLC, which holds 6,000,000 shares in Burford Capital Limited | ||
Identification code | N/A | ||
(b) Nature of the transaction | Acquisition of membership interests from Jonathan T. Molot August 2022 Trust | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
$14.135 | 295,107.18 | ||
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(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
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(f) Place of the transaction | N/A | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Jonathan T. Molot August 2022 Trust | ||
2 | Reason for the notification |
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(a) Position/status | A person closely associated with Jonathan Molot, 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 | 4.918453% interest in Jonathan Molot LLC, which holds 6,000,000 shares in Burford Capital Limited | ||
Identification code | N/A | ||
(b) Nature of the transaction | Disposal of membership interests to Jonathan T. Molot | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
$14.135 | 295,107.18 | ||
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(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
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(f) Place of the transaction | N/A | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Jonathan T. 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 | 4.918453% interest in Jonathan Molot LLC, which holds 6,000,000 shares in Burford Capital Limited | ||
Identification code | N/A | ||
(b) Nature of the transaction | Disposal of membership interests to Jonathan T. Molot November 2023 Trust | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
$14.135 | 295,107.18 | ||
| |||
(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
| ||
(f) Place of the transaction | N/A | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Jonathan T. Molot November 2023 Trust | ||
2 | Reason for the notification |
| |
(a) Position/status | A person closely associated with Jonathan Molot, 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 | 4.918453% interest in Jonathan Molot LLC, which holds 6,000,000 shares in Burford Capital Limited | ||
Identification code | N/A | ||
(b) Nature of the transaction | Acquisition of membership interests from Jonathan T. Molot | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
$14.135 | 295,107.18 | ||
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(d) Aggregated information · Aggregated volume · Price | N/A | ||
(e) Date of the transaction | 20 November 2023
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(f) Place of the transaction | N/A | ||