LONDON (Alliance News) - Burford Capital Ltd on Wednesday said its BC Capital Ltd subsidiary has agreed to repurchase and cancel shares listed on the Channel Islands Stock Exchange.
Burford, which provides capital to fund litigation cases, said the shares had been issued in 2013 to provide back-up liquidity in the event of a funding shortfall for the business, prior to it being ready to access debt markets.
Given the growth of the business since then and its ability to access other forms of capital, it said it no longer makes sense to pay the 3.0% stand-by fee for the CISX shares.
Burford shares were untraded on Wednesday, having last traded at 323.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Burford Capital (BUR)