Last checked at 29 Oct 2021 13:00
29 October 2021
Litigation Capital Management Limited
("LCM" or the "Company")
Incentive Awards
Litigation Capital Management Limited (AIM:LIT), a leading international alternate asset manager of disputes financing solutions, announces that on 27 October 2021 it granted a number of incentive awards to employees and directors of the Company either in the form of shares to be issued pursuant to the LCM Loan Share Plan ("LSP") or via the Company's share option plan.
The following table details the quantum of Awards granted and the recipients:
Employee | Position | Incentive Scheme | Number of Share/Options Awarded |
Patrick Moloney | Chief Executive Officer | LSP | 279,232 |
Mary Gangemi | Chief Financial Officer | Option awards | 93,585 |
Mary Gangemi | Chief Financial Officer | CSOP | 26,315 |
Non-PDMR Employees | Various | LSP | 333,406 |
Non-PDMR Employees | Various | Option awards | 223,491 |
Non-PDMR Employees | Various | CSOP | 56,460 |
LCM Loan Share Plan ("LSP")
The Company has in place a LSP. Ordinary Shares issued to recipients under the LSP ("LSP Shares") generally rank equally with all existing shares from the date of issue.
The LSP Shares are issued to the recipient at market value and due to the vesting conditions attached to them (e.g. continuous employment conditions) represent a share based payment arrangement.
The LSP awards, unless stated otherwise, will vest over a three-year period in four equal tranches from the date of issue.
In addition, the LSP awards are subject to malus and clawback provisions. The awards vest in full in the event of a change of control at any time.
Option awards
The Company has in place a Company share option plan ("Option awards"). Options over Ordinary Shares are issued to recipients under the Option awards. The Option awards are issued to the recipient at market value and due to the vesting conditions attached to them (e.g. continuous employment conditions) represent a share based payment arrangement.
The Option awards, unless stated otherwise, will vest over a three-year period in four equal tranches from the date of issue.
In addition, the Option awards are subject to malus and clawback provisions. The awards vest in full in the event of a change of control at any time.
Company share ownership plan ("CSOP")
The Company has in place a CSOP. Options over Ordinary Shares ("Options") are issued to recipients under the CSOP ("CSOP Options") at an exercise price being the share price on the day prior to close, subject to continued employment over the three year period.
The CSOP awards, unless stated otherwise, will vest at the end of a three-year period from the date of issue.
Admission of Shares
Application will be made for 612,638 ordinary shares to be admitted to trading on AIM. It is expected that admission will take place on 5 November 2021. Following the allotment and issue, the Company's issued share capital consists of 117,199,145ordinary shares. The Company does not hold any shares in Treasury, as such the total number of shares in issue with voting rights is 117,199,145.
The above figure 117,199,145may 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.
Enquiries
Litigation Capital Management | c/o Alma PR |
Patrick Moloney, Chief Executive Officer |
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Canaccord (Nomad and Joint Broker) | Tel: 020 7523 8000 |
Bobbie Hilliam |
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Investec Bank plc (Joint Broker) | Tel: 020 7597 5970 |
David Anderson |
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Alma PR | Tel: 020 3405 0205 |
Justine James Kieran Breheny Molly Gretton | LCM@almapr.co.uk |
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NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternate asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its revenue from both its direct investments and also performance fees through asset management.
LCM has an unparalleled track record driven by disciplined project selection and robust risk management.
Currently 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
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain 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 | Patrick John Moloney | ||||
2. | Reason for the notification | |||||
a) | Position / status | Executive Director | ||||
b) | Initial notification / amendment | Initial notification | ||||
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 financial instrument | Ordinary Shares | ||||
b) | Nature of the transaction | Interest in Ordinary Shares under a Loan Share Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
N/A - single transaction | ||||
e) | Date of the transaction | 27 October 2021 (UK) | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1. | Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") | ||||||||||
a) | Name | Mary Gangemi | |||||||||
2. | Reason for the notification | ||||||||||
a) | Position / status | Executive Director | |||||||||
b) | Initial notification / amendment | Initial notification | |||||||||
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 financial instrument | Option over ordinary shares | |||||||||
b) | Nature of the transaction | Grant of option | |||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
119,000 options over ordinary shares | |||||||||
e) | Date of the transaction | 27 October 2021 (UK) | |||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||