B.P. Marsh & Partners PLC Director/PDMR Shareholding (8243V)

TIDMBPM

RNS Number : 8243V

B.P. Marsh & Partners PLC

07 November 2017

   Date:                     7(th)  November 2017 
   On behalf of:        B.P. Marsh & Partners Plc ("B.P. Marsh", "the Company") 

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company")

PDMRs' Dealings

B.P. Marsh, the niche venture capital provider to high growth financial services businesses, today announces that B.P. Marsh Management Limited ("BPMM"), a company wholly owned by Mr. Brian Marsh, the Executive Chairman of the Company, has today purchased economic interests in 1,421,130 Ordinary Shares in the Company ("JSOP Joint Interests") for 245p per share from the joint beneficial ownership of various executive directors and senior employees of the Company (each an "Employee Participant"). The Ordinary Shares to which the JSOP Joint Interests relate amount to approximately 4.86% of the issued share capital of the Company.

The JSOP Joint Interests that have been purchased by BPMM relate to the non-dilutive jointly owned share scheme that was established on 6(th) November 2014 and announced by the Company on the same date. On this date the Employee Participants entered into individual Joint Ownership Agreements ("JOAs") with BPMM which were duly approved by the Company's Remuneration Committee on 6(th) November 2014.

The terms of the JOA included a minimum vesting period of three years and, subject to the Employee Participant remaining employed for this duration, upon sale of the vested shares the proceeds of sale will be divided between the joint owners so that BPMM receives 154.7p per Jointly Owned Share (which represents the Initial Threshold Value of 140p plus a hurdle amount of 3.5% (simple interest) per annum) and the Employee Participant is entitled to the balance of 90.3p per Jointly Owned Share. Alternatively, as is the case here, BPMM can elect to offer to purchase the JSOP Joint Interests from the Employee Participants at the same rate.

The JOAs matured as fully vested on 6(th) November 2017 and the offer from BPMM was accepted by all Employee Participants in relation to all Joint Interests within the scheme and as such the JOAs have now been terminated.

Further details of the relevant PDMRs' resultant interests in Ordinary Shares are set out below:

 
 Name of           JSOP Joint                   Ordinary Shares   Ordinary Shares 
  PDMR              Interests purchased/sold     held under        held directly 
                                                 SIP 
----------------  ---------------------------  ----------------  ---------------- 
 Jonathan          355,283 (sold)               12,335            Nil 
  Newman 
----------------  ---------------------------  ----------------  ---------------- 
 Daniel Topping    355,283 (sold)               12,335            51,375 
----------------  ---------------------------  ----------------  ---------------- 
 Camilla 
  Kenyon           241,592 (sold)               12,335            1,787 
----------------  ---------------------------  ----------------  ---------------- 
 Sinead O'Haire    213,170 (sold)               12,335            7,951 
----------------  ---------------------------  ----------------  ---------------- 
 Alice Foulk       127,901 (sold)               12,335            Nil 
----------------  ---------------------------  ----------------  ---------------- 
 Brian Marsh       1,421,130 (purchased)        Nil               16,986,401 
                                                                   * 
----------------  ---------------------------  ----------------  ---------------- 
 

* includes 1,421,130 Ordinary Shares held by BPMM.

Mr Brian Marsh now has a total interest (including the 998,000 Shares held by the Marsh Christian Trust) in 17,984,401 Shares, representing approximately 61.5% of the issued share capital of the Company. It should therefore be noted that as a result of this transaction, the aggregate percentage of shares held by Directors/Management has not changed.

The three-year period in which this scheme operated has seen the share price increase by 76% from 138p to 245p.

For further information:

B.P. Marsh & Partners Plc www.bpmarsh.co.uk

Brian Marsh OBE [phone]

Nominated Adviser & Broker

Panmure Gordon

   Atholl Tweedie / Charles Leigh-Pemberton / Adam James                       [phone] 

The information below, set out in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Brian Marsh Management Limited 
 2    Reason for notification 
 a)   Position / status          Closely Associated Person 
                                  to Executive Chairman Brian 
                                  Marsh 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Purchase of Ordinary Shares 
       transaction                pursuant to a Joint Share 
                                  Ownership Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       1,421,130 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Alice Foulk 
 2    Reason for notification 
 a)   Position / status          Executive Director, PDMR 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Sale of jointly owned Ordinary 
       transaction                Shares pursuant to vesting 
                                  of a Joint Share Ownership 
                                  Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       127,901 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Daniel Topping 
 2    Reason for notification 
 a)   Position / status          Executive Director, PDMR 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Sale of jointly owned Ordinary 
       transaction                Shares pursuant to vesting 
                                  of a Joint Share Ownership 
                                  Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       355,283 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Jonathan Newman 
 2    Reason for notification 
 a)   Position / status          Executive Director, PDMR 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 

      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Sale of jointly owned Ordinary 
       transaction                Shares pursuant to vesting 
                                  of a Joint Share Ownership 
                                  Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       355,283 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Camilla Kenyon 
 2    Reason for notification 
 a)   Position / status          Executive Director, PDMR 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Sale of jointly owned Ordinary 
       transaction                Shares pursuant to vesting 
                                  of a Joint Share Ownership 
                                  Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       241,592 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
 a)   Name                       Sinead O'Haire 
 2    Reason for notification 
 a)   Position / status          Group Company Secretary, 
                                  PDMR 
 b)   Initial notification       Initial 
       / amendment 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
 a)   Name                       B.P. Marsh & Partners Plc 
 b)   LEI                        N/A 
 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             Ordinary shares of 10 pence 
       the financial              each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification             ISIN: GB00B0XLRJ79 
       code 
 b)   Nature of the              Sale of jointly owned Ordinary 
       transaction                Shares pursuant to vesting 
                                  of a Joint Share Ownership 
                                  Plan 
 c)   Price(s) and volumes(s)     Price(s)   Volume(s) 
                                   245p       231,170 
 e)   Date of the transaction    2017-11-07 
 f)   Place of the transaction   London Stock Exchange, AIM 
                                  (XLON) 
 

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains fifteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 25 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least five years.

Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.

Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman's Office and established herself as a central part of the management team.

In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016 Alice was appointed Managing Director of B.P. Marsh.

In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the Company's overall progress towards achieving the objectives and goals of the Company, as set by the Board.

Dan Topping is the Chief Investment Officer of B.P. Marsh, having been appointed as a Director in 2011. He joined the Company in February 2007, following two years at an independent London accountancy practice. Dan is the Senior Executive with overall responsibility for the portfolio and investment strategy of B.P. Marsh.

Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the Institute of Chartered Secretaries and Administrators.

Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director across the portfolio.

Camilla Kenyon was appointed as Head of Investor Relations at B.P. Marsh in February 2009, having four years' prior experience with the Company. She was appointed to the main board in 2011. Camilla is Chair of the New Business Committee evaluating new investment opportunities. She acts as a nominee director and is a standing member of the Investment Committee. She is a Member of the Investor Relations Society.

Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 17 years' experience in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the Chartered Institute of Securities and Investment.

Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003 and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director for Walsingham Motor Insurance Limited, and provides senior financial support and advice to all companies within the Group's portfolio as well as evaluating new investment opportunities.

- Ends -

This information is provided by RNS

The company news service from the London Stock Exchange

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November 07, 2017 09:37 ET (14:37 GMT)