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On 4 October 2024, 168,531 nil-cost option awards under Litigation Capital Management Limited's Deferred Bonus Share Plan vested to Chief Executive Officer Patrick Moloney and were satisfied by the Employee Benefit Trust. Mr. Moloney exercised these options and sold 75,991 Ordinary Shares on 28 October 2024 at 112 pence per share to satisfy tax obligations. Following these transactions, Mr. Moloney holds a beneficial interest in 10,544,640 Ordinary Shares, representing 9.21% of the Company's issued share capital, and the Employee Benefit Trust holds 3,995,660 Ordinary Shares, representing 3.49% of total voting rights.
| Date | 30 Oct 2024 |
| Time | 07:00:09 |
| Category | Director/PDMR dealings |
| ID | 1264K |
30 October 2024
Litigation Capital Management Limited
("LCM" or the "Company")
Exercise of Awards
Litigation Capital Management Limited (AIM:LIT), a leading international alternative asset manager of disputes financing solutions, announces that nil-cost option awards over the Company's ordinary shares of no par value ("Ordinary Shares") which were granted on 4 October 2022 and 4 October 2023 under the terms of the Company's Deferred Bonus Share Plan ("DBSP") have been satisfied by the Employee Benefit Trust and vested to Chief Executive Officer, Patrick Moloney on 4 October 2024 as shown in the table below:
|
Name |
Previous shareholding |
Awards vested / options exercised |
Shares sold |
Current shareholding |
|
Patrick Moloney |
10,452,100 |
168,531 |
75,991 |
10,544,640 |
Following the vesting on 4 October 2024 and exercise on 28 October 2024, Mr Moloney sold 75,991 Ordinary Shares (approximately 45% of the aggregate award) to satisfy tax due on the vesting.
Employee Benefit Trust ('EBT')
The Company has an EBT. The EBT is a discretionary trust for the benefit of the Company's employees, including the Directors of the Company. Following the exercise of the options detailed above, the EBT of the Company currently holds 3,995,660 Ordinary Shares, representing 3.49 per cent. of the Company's total voting rights.
Following these transactions, Mr Moloney has a beneficial interest in 10,544,640 Ordinary Shares representing 9.21 per cent. of the Company's issued share capital.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.
Enquiries
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Litigation Capital Management |
c/o Tavistock |
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Patrick Moloney, Chief Executive Officer David Collins, Chief Financial Officer |
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Cavendish (Nomad and Joint Broker) |
Tel: 020 7220 0500 |
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Jonny Franklin-Adams and Rory Sale (Corporate Finance) Tim Redfern and Jamie Anderson (Corporate Broking) |
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Canaccord Genuity (Joint Broker) |
Tel: 020 7523 8000 |
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Bobbie Hilliam |
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Tavistock (PR and IR) |
Tel: 020 7920 3150 |
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Katie Hopkins Simon Hudson |
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternative 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 income 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.
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1. |
Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") |
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a) |
Name |
Patrick Moloney
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2. |
Reason for the notification
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a) |
Position / status |
Chief Executive Officer
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b) |
Initial notification / amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Litigation Capital Management Limited
|
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b) |
Legal Entity Identifier |
213800J2B5SI8F515244
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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 |
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a) |
Description of the financial instrument |
Options over Ordinary Shares |
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b) |
Nature of the transaction |
Vesting and Exercise of options
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
N/A single transaction |
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e) |
Date of the transaction |
28 October 2024
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f) |
Place of the transaction |
Outside a trading venue
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1. |
Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") |
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a) |
Name |
Patrick Moloney
|
||||
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2. |
Reason for the notification |
|||||
|
a) |
Position / status |
Chief Executive Officer
|
||||
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b) |
Initial notification / amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||
|
a) |
Name |
Litigation Capital Management Limited |
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|
b) |
Legal Entity Identifier |
213800J2B5SI8F515244
|
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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 |
|||||
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a) |
Description of the financial instrument |
Ordinary Shares of no par value |
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b) |
Nature of the transaction |
Sale of Ordinary Shares
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
N/A single transaction |
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e) |
Date of the transaction |
28 October 2024 (UK)
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f) |
Place of the transaction |
Outside a trading venue
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