Utley Charles 4

What Happened

• Utley Charles, Chief Accounting Officer of Burford Capital Ltd (BUR), had RSUs vest on March 26, 2026 that converted into 21,006 ordinary shares (16,962 + 4,044). The filing records a net settlement for tax withholding where 8,466 shares were surrendered at $7.70 per share for $65,188. Net shares retained after withholding: 12,540.

Key Details

• Transaction date: 2026-03-26; Form 4 filed: 2026-03-30 (filed on time).
• Acquisitions: 16,962 shares and 4,044 shares recorded as exercise/conversion of derivatives (code M) at $0.00 (these reflect RSU-to-share conversion).
• Disposal for tax withholding: 8,466 shares disposed (code F) at $7.70 per share = $65,188 (net settlement of withholding).
• Footnotes: F1 = full vesting of RSUs granted 3/22/2023; F2 = vesting of one-third of RSUs granted 3/13/2025; F3 = tax withholding satisfied by net settlement of shares.
• Shares owned after transaction: not reported in this Form 4.

Context

• These entries reflect RSU vesting (awarded shares converting one-for-one) rather than an open-market purchase or a voluntary sale. The tax withholding via net settlement (surrendering shares) is a common administrative step and not necessarily an indication of bullish or bearish sentiment. Transaction codes: M = conversion/exercise of derivative (RSU conversion here); F = tax withholding.