Last checked at 8 Mar 2019 07:00
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 Company1, 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 19th 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
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Litigation Capital Management |
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Patrick Moloney, Chief Executive Officer |
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Canaccord (Nomad and Broker) |
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Sunil Duggal / Emma Gabriel | Tel: 020 7523 8000 |
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Hawthorn Advisors |
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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 / 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 | Jointly held Ordinary Shares AU000000LCA6 | ||||
b) | Nature of the transaction | Interest in Ordinary Shares under a Joint Share Ownership | ||||
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 | 7 March 2019 (UK) | ||||
f) | Place of the transaction | Outside a trading venue | ||||