Director/PDMR Shareholding

Law Debenture Corp PLC

16 April 2024

 

16 April 2024 

The Law Debenture Corporation p.l.c.

Notification of Transactions by Persons Discharging Managerial Responsibility

The transactions, set out below, in the Ordinary 5 pence shares of The Law Debenture Corporation p.l.c. (the "Corporation") were undertaken by directors / persons discharging managerial responsibility ("PDMRs").

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).

Deferred Share Bonus Plan

Disposal of shares

In accordance with the Corporation's Deferred Share Bonus Plan (the "Plan"), deferred shares awarded to Denis Jackson on 12 March 2021, including additional shares accrued over the three-year vesting period as a result of the reinvestment of corresponding dividends, vested on 12 March 2024 in the amount of 13,945 ordinary shares (the "vested shares"). To cover related tax liabilities, Denis Jackson has disposed of 6,973 of the vested shares at 783 pence per share, being the Corporation's share price at market close on 11 March 2024. 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 30 March 2023, 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, 15,028 deferred share awards for Denis Jackson and 11,155 deferred share awards for Trish Houston, both Executive Directors, were granted under the Plan on 14 March 2024 at an average price of 782 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. 

1	Details of the person discharging managerial responsibilities
a)	Name	Denis Jackson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	Disposal of shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			783 pence per share	6,973
d)	Aggregated information
	- Aggregated volume	6,973
	- Price	54,598.59
e)	Date of the transaction	12 March 2024
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Denis Jackson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	15,028 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 16 April 2024 is 36,490.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	15,028
d)	Aggregated information
	- Aggregated volume	15,028
	- Price	Nil consideration
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Trish Houston
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	11,155 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 16 April 2024 is 25,529.
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	11,155
d)	Aggregated information
	- Aggregated volume	11,155
	- Price	Nil consideration
e)	Date of the transaction	14 March 2024
f)	Place of the transaction	Outside a trading venue

Long Term Incentive Plan

The following transactions were also undertaken by PDMRs in accordance with the rules of the Corporation's Long Term Incentive Plan ('LTIP'). The LTIP was established to reward eligible participants in a way that aligns their interests with the interests of shareholders and with the Corporation's long-term strategic plan. 

Name	Status	Number of Ordinary Shares awarded in 2024	Number of Ordinary Shares awarded in 2023	Option Price
Denis Jackson	Chief Executive Officer	75,834	66,792	£Nil
Trish Houston	Chief Operating Officer	55,643	54,717	£Nil

Furthermore, options to acquire Ordinary Shares have been awarded to members of the senior management team within the Corporation's group of companies. In aggregate, options to acquire 203,573 and 196,175 Ordinary Shares have been awarded under the LTIP ('LTIP Awards') on 2 April 2024 and 4 April 2023, respectively.

No consideration was paid for the grant of the LTIP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each LTIP Award has been calculated using an Ordinary Share price of 791.2 pence per share for 2024 and 795 pence per share for 2023 being the average of the closing share prices over the five dealing days preceding the dates of grant.

The vesting date of the LTIP Awards will be 2 April 2027 (with respect to the 2024 grant) and 4 April 2026 (with respect to the 2023 grant), being the third anniversaries of the award dates. Once vested, the LTIP Awards will normally be exercisable until the day before the tenth anniversary of the award date. The LTIP Awards are subject to a two-year holding period commencing on vesting.

The LTIP Awards will vest after three years based on a compound annual growth rate in profits before tax of the Corporation's independent professional services business measured over a three year period.  At 4% p.a. growth 20% of the LTIP Award will vest rising on a straight-line basis to 150% for 14% p.a. growth.  Under the LTIP rules, the Remuneration Committee has full discretion to ensure that the final vesting outturn reflects all relevant factors, including consideration of any windfall gains. 

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).

1	Details of the person discharging managerial responsibilities
a)	Name	Denis Jackson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	Grant of nil cost option under The Law Debenture Corporation p.l.c. Long Term Incentive Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	75,834
d)	Aggregated information
	- Aggregated volume	75,834
	- Price	Nil consideration
e)	Date of the transaction	2 April 2024
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Denis Jackson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	Grant of nil cost option under The Law Debenture Corporation p.l.c. Long Term Incentive Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	66,792
d)	Aggregated information
	- Aggregated volume	66,792
	- Price	Nil consideration
e)	Date of the transaction	4 April 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Trish Houston
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	Grant of nil cost option under The Law Debenture Corporation p.l.c. Long-Term Incentive Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	55,643
d)	Aggregated information
	- Aggregated volume	55,643
	- Price	Nil consideration
e)	Date of the transaction	2 April 2024
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities
a)	Name	Trish Houston
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	The Law Debenture Corporation p.l.c.
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
a)	Description of the financial instrument, type of instrument	Ordinary shares of 5 pence each
	Identification code	GB0031429219
b)	Nature of the transaction	Grant of nil cost option under The Law Debenture Corporation p.l.c. Long-Term Incentive Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil consideration	54,717
d)	Aggregated information
	- Aggregated volume	54,717
	- Price	Nil consideration
e)	Date of the transaction	4 April 2023
f)	Place of the transaction	Outside a trading venue

 

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