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What conspiracy?
Not usually into conspiracy theories but maybe they’ll get to buy back cheaper ?
I read the link and what Poolfax posts would add up with the fall, what you posted previously and yesterday's late RNS. What they posted about Burford isn't from their link and that's what interested me. Why would you inform the market of your intention to buy them back? That doesn't seem like a smart move; it's only going to serve you if you plan to sell more.
See Poolefax's link.
The backstory was reported a few days ago :
.."Of only tangential interest here, BUR's largest (10.5%) shareholder, Saudi's entrepreneurial Mithaq Capital has just swooped on a distressed US retail company :
hxxps://www.msn.com/en-us/money/companies/children-s-place-s-stock-pops-21-after-investor-group-takes-majority-stake/ar-BB1ijZ9S
Market comment highlights aggressive, contrarian and opportunistic approach to business..."
HTH
Interesting. Have you a source Poolefox?
We built our position in BUR in 2019 (post MW) and kept it since then at 10.51% level. We did some corporate restructuring in 2020 where the investor entity changed so we updated market to notify that change (no share was ever sold).
We trimmed our position the day before yesterday to fund some urgent capital injection in another situation. We hate this disposal but we have all the intentions to buyback these shares as soon as we could. Here is the situation where we needed liquidity urgently
:https://www.yahoo.com/lifestyle/mithaq-capital-loans-children-place-160144590.html
If I remember correctly, Mithaq initially paid £5.25p per share, so nice profit for them
See today's RNS. Now 18.5m shares (8.5 %)
Mithaq prev had 10.5% (23m shares), so have sold down. I wonder who took them up?
Mithaq is the family investment co of the principal shareholders of AlRajhi Bank, the largest Islamic bank in the world by capital and one of the largest joint stock co's in Saudi Arabia.
GLA
IR has confirmed my understanding on the proposed NY legislation. "The legislation relates to bondholders who sue. It doesn’t relate to court judgments or arbitration awards"
Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces that it will release its financial results for the year ended December 31, 2023 ("FY23") and the three months ended December 31, 2023 ("4Q23") on Thursday, March 14, 2024, at 7.00am EDT / 11.00am GMT.
In case of a growing company, there are several parameter, by which you can evaluate their performance.
Paying 9 % as interest may be a better deal, than leaving out promising opportunities or fund them through the investment funds. A few of the main long time owners might also be those fimamce by bonds, at that nice level of interests. They are bankers, with almost infinite resources.
"We are having a blow out year"
RNS:
"Burford Capital Limited,the leading global finance and asset management firm focused on law, today announces the closing on January 30, 2024 of the private offering of $675.0 million aggregate principal amount of 9.250% senior notes due 2031."
We certainly are Mr Bogart, we certainly are.
AceOfClubs
Hi Brigra, thanks for this!
This is the Quillan partner (founder) involved hxxps://www.lexology.com/firms/1325267/Mark_Hastings
.."For over five years, Mark acted for notable oligarch Boris Berezovsky, now deceased, in several signature cases. In Gorbunova v Berezovsky (2013), Mark succeeded in setting aside a £300 million worldwide freezing order obtained by his client’s former long-term partner, who made several claims against him. In Berezovsky v Hine & Ors (2011), Mark acted in a number of separate multi-billion-dollar actions arising from an alleged joint venture between CIS oligarchs, in a case involving freezing orders, search and seizure orders, jurisdiction disputes, complex issues of Russian law and Russian asset valuation. In Berezovsky v Abramovich (2012), Mark acted in $6 billion Commercial Court proceedings concerning Russian oil and aluminium assets, with the three month trial described by the international media as the most significant private court case ever..."
'Don't mention the Malvinas, ...'
Ho hum
No problem.. I tweeted Seb with the Magazine editor's details.
Seb replied to me saying that they had contacted him. He is now waiting for a copy of the actual document to see the details.
https://twitter.com/BrianCop/status/1765513935866798125
Google "New York moves to rewrite law on sovereign debt default recovery"
My reading is that it will only affect bond debt raised in NY and this nothing to worry about. I have however already written to Robert in IR and will share if anything of note
Interesting indeed …thank you Brigra
Things are hotting up!
A claim for the full $16B was lodged in the commercial court in London today.
Make Hastings of Quillon law filed it.
https://www.cdr-news.com/categories/litigation/20272-argentina-investors-file-usd-16-billion-london-enforcement-claim
Https://www.ft.com/content/3c4f3323-d9bb-4399-94fb-0bd4abd67b2a
I managed to open without bring subscriber.
I think it has nothing to do with anything in Burfords business .
Br
Thanks for all the responses, appreciated. ATB all
As a layman, without legal qualification, just at first sight: BUR's and its clients claims, and the awards are not defaulted sovereign debts.
Could someone with a legal background comment on whether this might have any impact on the progress of BUR's New York litigation, pls?
FT today : New York moves to rewrite law on sovereign debt default recovery
.."New York lawmakers have moved to limit how much creditors can recover from defaulted sovereign debt in the state's jurisdiction, ..."
rest behind paywall.
The issues are set out here hxxps://www.cliffordchance.com/content/dam/cliffordchance/briefings/2023/05/sovereign_debt_restructuring_three_new_york_assembly_active_bills.pdf
but I'm having a Paddington moment :'I am a bear of very little brain and long words bother me'.
;-
As I said before if milei wakes up and offers some kind of general amnesty for hidden dollars under peoples beds etc then tens of billions of dollars will be ploughed back into the Argentine banks for milei to collect taxes from, if he does this there could be a tsunami of dollars flooding into his banks and making it much easier for milei to dollarize his economy, that in itself will help to stabilise inflation for the ordinary poor people of that country, it would also be the biggest and most important incentive for multinational companies to do business in argentina and pay substantial taxes in argentina, get those hidden dollars out from beneath those hidden places and quicken up this whole dollarization programme. milei needs to encourage those hidden dollars out from there fearful place and into the Argentine banks to earn some interest for those impoverished citizens.
https://www.batimes.com.ar/news/economy/argentines-put-us23-billion-into-banks-signalling-faith-in-milei.phtml
Gla
"We are having a blow out year"
400 Million Doller in Cash from Non YPF cases, from increase cases pre 2020.
TOP UP
I’m so sorry jammy I seem to have started something ! My bad. Thing is it’ll be a least a couple of decades until I’m possibly proved wrong given my prediction of £100 was before I die. lol unlike matey with his certainty that it would be circa 20-26. Yes others thought it “possible” but that weren’t trying to convince the left s say more gullible!!!! Also the newbies here didn’t know about his “friend”
Absolutely everyone is free to post whatever but I refuse to allow some garbage unchallenged!!!