Regulatory News
04 July 2018
Director/PDMR dealings
Keystone Law (AIM:KEYS), the fast growing, UK Top 100, challenger law firm, announces that on 4 July 2018, the following awards were granted over £0.002 ordinary shares in the capital of the Company under the Keystone Law Long Term Incentive Plan 2018 ('LTIP'), which was approved by shareholders at the 2018 Annual General Meeting.
| Name | Number of Shares under LTIP Awards |
| Ashley Miller (Executive Director, Finance Director) | 20,820 |
| William Robins (PDMR) | 20,820 |
The LTIP Awards have been granted as performance share awards and will vest on the third anniversary of their grant subject to the grantees continued employment and to the extent to which the adjusted Earnings Per Share ('EPS') and Relative Total Shareholder Return ('TSR') performance conditions set out in the LTIP Award are met.
70% of the LTIP Awards will be assessed on growth in adjusted EPS over the three-year period, with compound annual growth ('CAGR') of less than 15% delivering none of this element of the LTIP Award, 15% CAGR delivering 20% of this element of the LTIP Award and 100% of this element being granted for delivery of 30% CAGR in adjusted EPS over the three-year period.
30% of the LTIP Awards will be assessed on the TSR of the Company over the three-year period to 4 July 2021 relative to that of those companies included in the FTSE Fledgling Index throughout the Performance Period; with 100% being awarded for performance in the top quartile, 50% for performance in the second quartile and nothing awarded for performance below the median.
In addition, the recipients of the LTIP Awards will be required to retain the after-tax value of any shares under the LTIP awards for a further two years from the vesting date.
Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the LTIP Award.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Ashley Rupert James Patrick Miller | |
| 2 | Reason for the notification | ||
| a) | Position/status | Finance Director | |
| b) | Initial notification /Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Keystone Law Group plc | |
| b) | LEI | 213800RTARHELL51S215 | |
| 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 £0.002 each in Keystone Law Group plc | |
| Identification code | GB00BZ020557 | ||
| b 1) |
Nature of the transaction | Grant of LTIP Award under the Keystone Law Long Term Incentive Plan. The Award is structured as a performance share award which shall ordinarily vest on the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | |
| c 1) |
Price(s) and volume(s) | Price(s) | Volume(s) |
| Nil | 20,820 | ||
| b 2) |
Nature of the transaction | ||
| c 2) |
Price(s) and volume(s) | Price(s) | Volume(s) |
| d) | Aggregated information | Not applicable single transaction | |
| - Aggregated volume | |||
| - Price | |||
| e) | Date of the transaction | 4 July 2018 | |
| f) | Place of the transaction | London | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | William Robins | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR | |
| b) | Initial notification /Amendment | Initial notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Keystone Law Group plc | |
| b) | LEI | 213800RTARHELL51S215 | |
| 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 £0.002 each in Keystone Law Group plc | |
| Identification code | GB00BZ020557 | ||
| b 1) |
Nature of the transaction | Grant of LTIP Award under the Keystone Law Long Term Incentive Plan. The Award is structured as a performance share award which shall ordinarily vest on the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | |
| c 1) |
Price(s) and volume(s) | Price(s) | Volume(s) |
| Nil | 20,820 | ||
| b 2) |
Nature of the transaction | ||
| c 2) |
Price(s) and volume(s) | Price(s) | Volume(s) |
| d) | Aggregated information | Not applicable single transaction | |
| - Aggregated volume | |||
| - Price | |||
| e) | Date of the transaction | 4/7/18 | |
| f) | Place of the transaction | London | |
For further information:
| Keystone Law Group plc | ||
| James Knight, Chief Executive Officer | Tel: +44 (0) 20 3319 3700 | |
| Ashley Miller, Finance Director | www.keystonelaw.co.uk | |
| Panmure Gordon (UK) Limited (Nominated Adviser and Broker) |
||
| Andrew Potts / Peter Steel / Dominic Morley (Corporate Finance) | Tel: +44 (0) 20 7886 2500 | |
| Erik Anderson (Corporate Broking) | ||
| www.panmure.com | ||
Media enquiries:
| Buchanan | |
| Henry Harrison-Topham / Steph Watson / Olivia Montefiore-Vita | Tel: +44 (0) 20 7466 5000 |
| [email protected] | www.buchanan.uk.com |
Notes to editors
Keystone Law is a UK Top 100, fast growing, profitable and cash generative challenger law firm. Established in 2002, Keystone is one of the first platform models disrupting the traditional law firms operating within the legal services mid-market. Keystone's model permits rapid scalability, enabling the Group to increase the number of revenue generating lawyers more quickly than the traditional model.
As a full service law firm, Keystone delivers conventional legal services across more than 20 service areas and over 50 industry sectors to a client base comprising predominantly of SMEs and private individuals. These services are delivered by over 250 experienced self-employed lawyers who work from their own offices; with no fixed remuneration their fees are calculated with direct reference to the income they generate for the Group. The lawyers are fully supported by the Group's central office team of approximately 40 employees, and are therefore able to focus entirely on business development and the delivery of legal work.
With the head office located in the heart of London's legal district on Chancery Lane, the Group uses its bespoke proprietary software platform to enable Keystone's lawyers to interact with the central office team and each other in an easy and efficient manner, whilst extensive networking and social events engender a strong sense of belonging to the Keystone family. The platform also drives interaction, co-operation and a strong corporate culture across the business.
Keystone joined the AIM market of the London Stock Exchange in November 2017, raising £15 million, under the ticker KEYS. More information can be found at: www.keystonelaw.co.uk/