Notification of Transactions by Persons Discharging Managerial Responsibilities and Issuance of New Shares in Connection with DCP
Burford Capital, a leading global finance and asset management firm, announced on June 21, 2024, that effective June 18, 2024, key executives including CEO Christopher Bogart, CIO Jonathan Molot, and Co-COOs Aviva Will and David Perla received an aggregate of 202,018 shares of Burford's ordinary stock. These distributions followed the executives' original investments in notional shares as part of the Deferred Compensation Plan (DCP) made during March and April 2022. Additionally, Burford issued a total of 208,691 new shares to be admitted to trading on the AIM market of the London Stock Exchange and the NYSE, effective June 28, 2024. The new issuance brings Burford's total ordinary share capital to 220,057,785, with 219,387,838 shares having voting rights.
- Issuance of 208,691 new shares signals growth and confidence.
- Key executives' significant share acquisitions demonstrate their commitment.
- Potential for shareholder dilution due to the issuance of 208,691 new shares.
- Complexity added to share capital structure with new shares and voting rights adjustments.
The breakdown of these distributions is as follows: 85,310 Shares to Mr Bogart, 82,874 Shares to Mr Molot, 20,552 Shares to Ms Will and 13,282 Shares to Mr Perla. The number of Shares distributed to each executive reflects any Shares that were withheld for tax purposes.
In connection with these distributions pursuant to the DCP to the executives as set forth above, as well as certain other employees that are not persons discharging managerial responsibilities, Burford issued in aggregate 208,691 new Shares on June 18, 2024. Application will be made for these 208,691 new Shares to be admitted to trading on the AIM market of the London Stock Exchange plc. The expected date of admission is June 28, 2024. These 208,691 new Shares will also be listed on the New York Stock Exchange.
Following the issuance of these new Shares, the Company's issued ordinary share capital is 220,057,785, of which 669,947 Shares are held in treasury and do not have any voting rights. Therefore, the total number of voting rights in the Company, excluding treasury shares, will be 219,387,838 after giving effect to this issuance of new Shares. This figure for the total number of voting rights 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 the Company under the FCA's Disclosure Guidance and Transparency Rules.
The Notification of Dealing Forms for the transactions set forth above are included at the end of this announcement.
About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in
For more information, please visit www.burfordcapital.com.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.
This announcement does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.
Forward-looking statements
This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, Burford and its representatives may from time to time make other oral or written statements that are forward-looking, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information made available to Burford's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those Burford expects include, among others, those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission on March 28, 2024 and other reports or documents that Burford files with, or furnishes to, the US Securities and Exchange Commission from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods.
Except as required by law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Christopher Bogart | ||
2 | Reason for the notification | ||
(a) Position/status | A PDMR occupying the position of Chief Executive Officer | ||
(b) Initial notification /Amendment | Initial | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
(a) Name | Burford Capital Limited | ||
(b) LEI | 549300FUKUWFYJMT2277 | ||
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 | ||
Identification code | GG00BMGYLN96 | ||
(b) Nature of the transaction | Distribution of fully vested Ordinary Shares pursuant to Burford's deferred compensation plan | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
85,310 | |||
(d) Aggregated information • Aggregated volume • Price | N/A | ||
(e) Date of the transaction | 18 June 2024 | ||
(f) Place of the transaction | Outside a trading venue | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Jonathan Molot | ||
2 | Reason for the notification | ||
(a) Position/status | A PDMR occupying the position of Chief Investment Officer | ||
(b) Initial notification /Amendment | Initial | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
(a) Name | Burford Capital Limited | ||
(b) LEI | 549300FUKUWFYJMT2277 | ||
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 | ||
Identification code | GG00BMGYLN96 | ||
(b) Nature of the transaction | Distribution of fully vested Ordinary Shares pursuant to Burford's deferred compensation plan | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
82,874 | |||
(d) Aggregated information • Aggregated volume • Price | N/A | ||
(e) Date of the transaction | 18 June 2024 | ||
(f) Place of the transaction | Outside a trading venue | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | Aviva Will | ||
2 | Reason for the notification | ||
(a) Position/status | A PDMR occupying the position of Co-Chief Operating Officer | ||
(b) Initial notification /Amendment | Initial | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
(a) Name | Burford Capital Limited | ||
(b) LEI | 549300FUKUWFYJMT2277 | ||
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 | ||
Identification code | GG00BMGYLN96 | ||
(b) Nature of the transaction | Distribution of fully vested Ordinary Shares pursuant to Burford's deferred compensation plan | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
20,552 | |||
(d) Aggregated information • Aggregated volume • Price | N/A | ||
(e) Date of the transaction | 18 June 2024 | ||
(f) Place of the transaction | Outside a trading venue | ||
1 | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) Name | David Perla | ||
2 | Reason for the notification | ||
(a) Position/status | A PDMR occupying the position of Co-Chief Operating Officer | ||
(b) Initial notification /Amendment | Initial | ||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
(a) Name | Burford Capital Limited | ||
(b) LEI | 549300FUKUWFYJMT2277 | ||
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 | ||
Identification code | GG00BMGYLN96 | ||
(b) Nature of the transaction | Distribution of fully vested Ordinary Shares pursuant to Burford's deferred compensation plan | ||
(c) Price(s)and volume(s) | Price(s) | Volume(s) | |
13,282 | |||
(d) Aggregated information • Aggregated volume • Price | N/A | ||
(e) Date of the transaction | 18 June 2024 | ||
(f) Place of the transaction | Outside a trading venue | ||
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SOURCE Burford Capital
FAQ
What is the significance of Burford's share distribution announcement on June 21, 2024?
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What is the impact of the new share issuance on Burford's total ordinary share capital?
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