(Alliance News) - Burford Capital Ltd on Thursday said there is "widespread support" among shareholders for amendments allowing its planned dual UK-US listing.
Burford, which provides financing for legal cases, urged shareholders on Wednesday to approve resolutions proposed for its annual general meeting next Wednesday. These resolutions are aimed at amending the company's articles and long-term incentive plan to comply with regulations for the upcoming US listing.
Following this, on Thursday, Burford has made it clear that: "Without the amended articles being adopted, the company will not be able to proceed with its plans for its US listing."
Having communicated with its shareholders, Burford said there is "widespread support" for the amendments and for the re-appointment of existing directors. It called on shareholders to make sure "that their actual intentions have been properly reflected and voted by their back offices, nominees and other intermediaries".
Burford asked shareholders to vote in favour of its amended articles of association, for the reappointment of Chair Peter Middleton and Director Charles Parkinson, as well as for amendments to its long-term incentive plan.
The company has withdrawn a proposal to amend section 3.4 of its long term incentive plan rules, an amendment which had "attracted negative commentary from ISS and Glass Lewis". It said that while the changes were "commonplace in US practice" they were not needed for the move.
The proxy vote deadline is Monday next week.
"The company has been hard at work on the US listing, which was expressed as a clear priority of many shareholders. We will not be able to continue that work if the appropriate resolutions are not passed at next week's AGM," Burford said.
Shares in Burford were down 2.2% at 423.54 pence in London on Thursday,
By Anna Farley; annafarley@alliancenews.com
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Burford Capital (BUR)