Notification Of Transactions By Persons Discharging Managerial Responsibilities

Published

Burford management increase holdings to 10.6%

NEW YORK, April 3, 2024 /PRNewswire/ -- Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, provides the following notification of various transactions by persons discharging managerial responsibilities (each, a "PDMR"), as well as an update on the aggregate actual and potential ownership of members of Burford's management committee of Burford's ordinary shares of nil par value ("Shares").

Christopher Bogart, Burford's Chief Executive Officer, commented:

"Jon Molot and I have together invested $23.6 million in Burford's shares in the last five years between cash purchases and deferrals of cash compensation.1 Taken together, our total actual and potential ownership of Burford's shares represents approximately 9.87% of Burford's shares. When the interests of the other members of our management committee are added, Burford's management committee collectively has actual and potential ownership of approximately 10.62% of Burford's shares, showing our strong alignment with shareholders."

Update on Burford's Management Committee's Aggregate Actual and Potential Ownership of Shares

The table below sets forth the aggregate actual and potential ownership of members of Burford's management committee of Shares (after giving effect to the transactions described below).

Management

committee

member / PDMR

Owned

Shares

Unvested

restricted

stock units

("RSUs")

Shares under the

Burford Capital

deferred

compensation plan

(deferred cash

compensation)2

Shares under

the Burford

Capital

deferred

compensation

plan (deferred

RSUs)

Total3

Total as % of

Shares issued

and

outstanding5

Craig Arnott

240,122

84,304

324,426

0.15

Christopher Bogart4

9,207,115

566,652

411,182

225,610

10,410,559

4.76

Mark Klein

64,041

84,304

6,305

154,650

0.07

Jordan Licht

160,634

160,634

0.07

Jonathan Molot4

9,811,515

566,652

569,507

225,610

11,173,284

5.11

Elizabeth O'Connell

130,892

84,304

42,112

257,308

0.12

David Perla

72,207

84,304

27,975

103,414

287,900

0.13

Aviva Will

297,927

84,304

27,217

46,796

456,244

0.21

Total management

committee

19,823,819

1,715,478

1,042,186

643,542

23,225,005

10.62

Vesting of Restricted Stock Units 

The table below sets forth the number of RSUs granted to members of Burford's management committee under the Burford Capital 2016 Long Term Incentive Plan (the "LTIP") that vested on March 31, 2024 following the satisfaction of the service-based and performance-based conditions and the net number of Shares delivered to the respective PDMR after giving effect to any tax withholding. In addition, certain PDMRs elected to defer under the Burford Capital deferred compensation plan the receipt of their Shares that vested on March 31, 2024 and, as a result, no Shares were delivered to such PDMRs at this time. Mr. Bogart, Mr. Molot and Ms. O'Connell elected to pay in cash the applicable tax withholding (approximately $84k, $84k and $15k respectively), resulting in the deferral of the full number of their respective Shares under the Burford Capital deferred compensation plan. Thus, the table below also sets forth the number of Shares deferred by certain PDMRs under the Burford Capital deferred compensation plan.

Management committee

member / PDMR

Number of RSUs vested

on March 31, 2024 under

the LTIP

Net number of Shares

delivered to the PDMR (after

giving effect to any tax

withholding)

Number of Shares deferred

under the Burford Capital

deferred compensation plan

Craig Arnott

75,496

75,496

Christopher Bogart

225,610

225,610

Mark Klein

35,138

19,328

Jordan Licht

Jonathan Molot

225,610

225,610

Elizabeth O'Connell

42,112

42,112

David Perla

105,903

103,414

Aviva Will

47,923

46,796

Additional information with respect to the Burford Capital deferred compensation plan can be found 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. In essence, Burford's employees are able to elect to defer cash and other compensation, without incurring current income taxes, into the Burford Capital deferred compensation plan, which in turn permits such deferred compensation to be allocated to the Shares (or any other investment option). This is a tax-efficient way for Burford's employees to continue to accumulate interests in the Shares.

The Notification of Dealing Forms for each of the transactions set forth above are included at the end of this announcement.

1 Investments during the period from April 3, 2019 to April 3, 2024 include (i) acquisitions of ordinary shares on the open market, valued at cost of acquisition and Bank of England exchange rate on the date of acquisition for acquisitions and made in pounds sterling, and (ii) deferrals of cash compensation under the Burford Capital deferred compensation plan, valued at the closing price of the Shares on the effective day of election into the Shares.

2 Includes 33% matching contribution by Burford, which carries a two-year vesting requirement.

3 The "Total" figures in the table above present total potential ownership of Shares but do not present beneficial ownership as calculated in accordance with the rules of the US Securities and Exchange Commission.

4 Includes Shares held by Messrs. Bogart and Molot's US charitable foundations. As of April 2, 2024, Mr. Bogart's foundation held 213,950 Shares and Mr. Molot's foundation held 227,195 Shares.

5 Percentage figures calculated using 218,646,081 Shares issued and outstanding as of April 2, 2024.

About Burford CapitalBurford 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 New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.

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 statementsThis 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

Craig Arnott

2

Reason for the notification

(a)    Position/status

A PDMR occupying the position of Deputy 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

Vesting of share award under the Burford Capital 2016 Long Term Incentive Plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

75,496 (total vesting)

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

2024-03-31

 

(f)    Place of the transaction

Outside a trading venue

 

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

Crediting of Ordinary Shares that have vested but not

been delivered under the Burford Capital 2016 Long

Term Incentive Plan into Mr. Bogart's restricted stock

unit account pursuant to Burford's deferred

compensation plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

225,610

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

 2024-03-31

(f)    Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

(a)    Name

Mark Klein

2

Reason for the notification

(a)    Position/status

A PDMR occupying the position of General Counsel and

Chief Administrative 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

Vesting of share award under the Burford Capital 2016

Long Term Incentive Plan.  After the settlement of tax,

the individual described above received net 19,328

shares.

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

      i.        $ 15.97

 

     ii.        $ 15.97

35,138 (total vesting)

 

19,328 (total net shares)

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

2024-03-31

(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

Crediting of Ordinary Shares that have vested but not

been delivered under the Burford Capital 2016 Long

Term Incentive Plan into Mr. Molot's restricted stock

unit account pursuant to Burford's deferred

compensation plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

225,610

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

2024-03-31

(f)    Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

(a)    Name

Elizabeth O'Connell

2

Reason for the notification

(a)    Position/status

A PDMR occupying the position of Chief Strategy 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

Crediting of Ordinary Shares that have vested but not

been delivered under the Burford Capital 2016 Long

Term Incentive Plan into Ms. O'Connell's restricted stock

unit account pursuant to Burford's deferred

compensation plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

42,112

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

2024-03-31

(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

Crediting of Ordinary Shares that have vested but not

been delivered under the Burford Capital 2016 Long

Term Incentive Plan into Mr. Perla's restricted stock unit

account pursuant to Burford's deferred

compensation plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

103,414

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

2024-03-31

(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

Crediting of Ordinary Shares that have vested but not

been delivered under the Burford Capital 2016 Long

Term Incentive Plan into Ms. Will's restricted stock unit

account pursuant to Burford's deferred compensation

plan

(c)    Price(s)and volume(s)

Price(s)

Volume(s)

$ 15.97

46,796

(d)    Aggregated information

•         Aggregated volume

•         Price

N/A

(e)    Date of the transaction

 

2024-03-31

(f)    Place of the transaction

Outside a trading venue

 

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SOURCE Burford Capital

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