Arnott Craig 4

What Happened

• Craig Arnott, Chief Investment Officer — International at Burford Capital Ltd (BUR), reported conversion/vesting of a total of 36,425 ordinary shares on March 26, 2026 (three separate derivative conversions of 18,437; 14,197; and 3,791 shares). Each conversion is reported at $0.00 (conversion of awards, not a cash purchase).
• The filing also shows dispositions of the exact same amounts on the same date (total disposed = 36,425 shares). The net cash reported for these transactions is $0.00 in the Form 4 excerpt provided.

Key Details

• Transaction date: 2026-03-26; Form 4 filed: 2026-03-30 (filed within the standard two-business-day window).
• Transaction code: M (exercise or conversion of a derivative — these were RSU/PSU conversions rather than open-market purchases).
• Shares involved: 18,437; 14,197; 3,791 — total acquired 36,425 and total disposed 36,425.
• Price/consideration: $0.00 reported for each conversion/disposition (represents conversion of awards into shares, not a cash purchase/sale price).
• Shares owned after transaction: Not specified in the information provided.
• Footnotes on the awards:
  • F1: RSUs granted 3/22/2023 vested in full on the 3rd anniversary and convert one-for-one.
  • F2: PSUs granted 3/22/2023 vested at 77% of target upon certification and convert one-for-one.
  • F3: One‑third of RSUs granted 3/13/2025 vested and convert one-for-one.

Context

• These entries reflect conversion/vesting of restricted share units (RSUs) and performance share units (PSUs) into ordinary shares (derivative conversion). The matching acquisitions and dispositions on the same date often reflect immediate sale or share withholding to satisfy tax or other obligations, but the Form 4 itself does not state the reason — avoid assuming motive.
• Transaction code M is used for exercise/conversion of derivatives; because the reported consideration is $0, this is not an open-market purchase or a cash sale with proceeds reported on the Form 4 excerpt provided.
• No indication in the provided filing that the report was late.