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Thank you for registering for Burford’s 2024 global retail shareholders call with Christopher Bogart and Jordan Licht.

LIVE EVENT DATE: June 20, 2024

LIVE EVENT TIME: 10:00 AM EDT

Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces the pound sterling conversion rate for its shareholder-approved final dividend for the year ended December 31, 2023 of 6.25 US cents per ordinary share to be paid on June 14, 2024 to shareholders of record as of May 24, 2024.

For shareholders electing to receive their dividend in pound sterling, the final dividend is 4.903876 pence per ordinary share, based on the exchange rate of £1 = US$1.274502 set on May 30, 2024.

They have lots of cases ongoing all the time. Q1 24 was a tough LFL with LY but Q2 should be smashed it’s the whole half LFL that will be the key short term SP. They keep deploying their money so long term they will pay back very well if their win rate is maintained. In short term if President Milei gets the powers he needs he can then deal with court losses and the payments should start to flow but that may take another 12 months. If next week good it may stop the SP drop, let’s hope so.

Afraid not 10.63 ouch, next weeks meeting better be good.

this time last year a desperate cash chase was going on. finally on the 29th june tarana rode to the rescue but at what margin cost?

on the 30th we were treated to fy results from the year that closed 6 months earlier, with the hype about things going on and those that may happen. it looks like its the same **** show this year, though at least raised money to get through for a few more months. bergen happily taken price down from 0.80p to 0.60. this year no blame on them, it all sits clearly with the incompetents in charge.

at least this year the 29th and 30th are a weekend so 17 days to go.

Well corrected Jatw yes Stocko have them as the 23rd Sept. Thx

I would expect a further drop and then a run up to results in July. Bit vague July its 4 weeks to go surely late or early would have helped. Today most SPs under pressure so longer term this will rerate.

Elvis their are 1000s of companies out there with better records than ENET. Big boring companies like Rolls Royce, Marks and Spencer, Next, BP and Shell all of whom pay good dividends and are never going bust (well not soon). They have all at least doubled in recent times.

I bought ENET on the foolish idea that the company was onto something, a secret sauce. I left the original holding which was once worth a lot more because I was stupid. That said this loss has taught me a whole lot more than doubling my money on other companies. All AIM and higher boards at the very least embellish the truth, many simply lie.

Simple rules are do the maths, do not trust the board until they have earned it, if the market is going down someone usually knows something, market makers play games and if linked to Bergen run for the hills!

All of which you can ignore but there are lots of better companies

If gross margin maintained at 65% and Operating costs could be held at 6.5m then revenue of 12m should see the company close to break even. First hurdle then is get some orders in so FY23 at 3.8m jumps up massively to 12m in FY24. Simple on the maths now if David wants to tell us that 20M is on the cards for FY25 with some truth this time then SP should be 20p+ for a modest PE of 16.

Sales 20m gross margin 13m operating 6.5m other finance costs and tax 1m leaves 5.5m. Heaven knows how many shares by then 420 m = 1.3 EPS. PE 16 share price 20.8p a massive return.

I really must stop day dreaming, would be nice though : )

Privium Fund Management (UK) Ltd Stake opening at 5%.

Which explains the recent move, now let’s have some SAW news.

Huge progress but SP back to where we were 12 months ago and 21% down on 52 week peak.

its a share for traders as revenue is so lumpy. Don't forget Q2 last year

"We have produced the strongest set of six-month financial results in Burford's history, with net income attributable to shareholders of nearly $240 million and tangible book value per share growth of 12% over the past six months. Our core portfolio generated a lot of cash with realized gains tripling on our core portfolio realizations, and new business was very strong. Our new valuation methodology is sensitive to interest rate changes and thus higher rates during the first six months of 2023 were a headwind for the fair value of our core portfolio, especially during the second quarter, but these valuation movements are non-cash and unrealized and are expected to continue to fluctuate over time. Operating expenses reflect strong portfolio performance and certain idiosyncratic events."

YPF in next 12 months and Sysco hopefully moved substantially on but Q2 and H1 23 were not soft. SP may take a while to firm up despite it being long term great value.

If they deliver 650m FY27 the EPS would be close to 22p using todays PE at 7.1 that's at £1.57 a share.

3 years of dividend at 4.5p = 13.5p

Even if market refuses to re rate the SP plus Divi = £1.705 annual return of 20%.

That's worst case scenario unless people stop sending cards and we know that the rate of sending cards is only a slow decline.

Lightbulb i hope you are right but remember the disaster of Bergen. Contracts must be delivered of more huge dilution and a price drop. the 45 days will go quickly

This awful fund mechanism is not new. What would be is being paid for contracts does this imply 45 days to good news? who knows!

Trufins use of EBITDA is very inconsistent. I tried to reverse engineer their forward guidance but they use too much adjusted data. That said the PE calc looks very promising for FY26. They need to give us more info for this year to know it’s built on solid ground. Used Stocko for sales, they may deliver more. Next results should give better clarity.

Last year LTHS watched with horror as May went into June and then late June. David has changed after the farce of last year. Plus the incumbent who hadn’t got the bills paid left. They used to put out RNS on Tuesdays. Much better in May or those questions from last year will resurface.

Dowgate up to 10.1% could be the details of a SAW deal are close

Finally had time to watch the update. They are a good team operating in a developing opportunity.

If costs held and sales grow as suggested then off £14m they become profitable. They expect that this year. If growth maintained in the following year FY25 then we can get some true measurables currently SP looks right. With labour spending heavily on NHS (if you believe what they say) then this should benefit IUG. This will either get taken out or SP will start to move upwards when and if they get to PBT. Trading update in July will show whether SP will move this year or next.

The £2m credit facility with HSBC puts cash raise noise down. They are a good company but it may be another year before SP really moves.

One day off its wednesday

Last Trading Update

If costs held Clinical AI sales doubling as forecast and Simulation is growing then starts to look better value, if and only if cash is good. Can they deliver a H1 tiny Operating profit? We will know more tomorrow.

Outlook:

We remain positive about the outlook for the Group in 2024:

The Group therefore expects revenue in 2024 to be between £14m to £17m and continues to anticipate reaching profitability with its current cash.