(Alliance News) - Burford Capital Ltd said Tuesday it continues to shake up its management and board as it furthers its plans to list in the US.
Shares in Burford were 11% at 759.89 pence on Tuesday in London.
The AIM-listed litigation financing firm said it will appoint Aviva Will and David Perla as co-chief operating officers, who will be responsible for Burford's marketing, origination and underwriting activities.
Craig Arnott will become deputy chief investment officer and General Counsel Mark Klein will also become Chief Administrative Officer for the group.
As for its board, Burford has engaged management consulting firm Korn Ferry to lead the search for two new independent directors, as Director David Lowe will step down at the annual general meeting in May, and Chair David Middleton at the 2021 AGM.
In addition, the group will look to nominate Chief Executive Officer Christopher Bogart to the board. His nomination will by subject to shareholder approval at the 2020 annual general meeting, and Burford has confirmed that it will keep the chair and CEO role separate.
For its US listing plans, Burford said that following preparatory work, it is now ready to go through the formal process of seeking a US listing, starting with the submission of a registration statement to the US Securities & Exchange Commission.
Burford will seek a US listing on either the New York Stock Exchange or NASDAQ of its ordinary shares, instead of using an American Depository Receipt structure.
The group does not intend to issue new equity as part of the US listing, with its shares trading on both the US exchange and London's AIM.
Burford said the ultimate timing for any listing would be "difficult to predict" due to several factors, including the SEC comment process.
Finally, Burford announced that the US securities class action filed in August against it has been withdrawn by the plaintiffs and entirely dismissed.
Burford will publish its annual results on March 24.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Burford Capital (BUR)