18 Sep 2020 07:00
DWF Group plc
("DWF" or "the Company")
LEI: 213800O9QREOHTOGQ266
18 September 2020
Smaller related party transaction
Following the acquisition of the Triton Group ("Triton") out of administration in 2017, DWF (the "Company") entered into loan agreements with nine former directors (together the "Triton Directors"), of which five remain with the Company (the "Remaining Triton Directors"). As referenced in the IPO prospectus, the Remaining Triton Directors include Jason Ford, a member of the Executive Boards of DWF Law LLP and DWF LLP. The loan agreements enabled the Remaining Triton Directors to repay the sums owed to Wesleyan Bank Limited and Barclays Bank plc under their historical guarantee against loan facilities (£1.58m).
To enable the Remaining Triton Directors to settle their liabilities to the Company, they have been granted restricted share awards in respect of 2,190,320 shares from the Reward Share Trust. Upon these shares hitting an agreed sale price, the Remaining Triton Directors will be required to sell their shares, settling both any capital gains tax liability and the repayment of all money borrowed from the Company. The loans from DWF will also cover any income tax and National Insurance Contributions arising from the grant of shares, as such the amount due from the Borrowers is £2.5m. This structure of share incentive that enables the Remaining Triton Directors to settle their liabilities was part of the negotiations in 2017. By implementing the scheme, it will ensure the Remaining Triton Directors continue to be aligned with core motivations and strategy of the Company and are focused on the long term performance of the DWF Group. Pursuant to Listing Rule 11.1.10, the transaction classifies as a smaller related party transaction.
For further information
DWF Group plc
James Igoe - Head of Communications +44 (0)7971 783533
Finsbury (PR advisers to DWF)
Ed Simpkins +44 (0)20 7251 3801
Charles O'Brien
About DWF
DWF is a global legal business providing Complex, Managed and Connected Services, operating from 31 key locations with approximately 4,200 people. The Company became the first Main Market Premium Listed legal business on the London Stock Exchange in March 2019. For more information visit: www.dwfgroup.com