Member Info for Renegade

Twt,

There's a gap to fill between 8th Sept and 11th Sept (which opened after we got the YPF ruling when the SP spiked). Gap goes down to £11.15 which will need to be filled before the SP can regain momentum and go forward. Hopefully the gap has now filled when the SP went to £11.18 a few minutes ago then quickly bounced back to the £11.24+ range.

If not, it's more of the same until the MM's (algo's) decide that that's enough.

USA short has gone up but as for the UK short, I am yet to see any evidence of a change in position.

That's confidence for you. Jonathan Molot (Chief Investment Officer) just bought 58K shares. What does he know that we don't. Lol.

Twt,

If I understood it correctly, they seemed to think that seizing state owned sovereign assets was dubious at best but seizing (freezing) trading companies which were run by the Argentinian Government was a real goer. In doing so Burford would make it very difficult for them to trade in the real world and also limit cash flowing into/out of the country.

I also liked the bit about an upfront settlement and then further annual payments as part of an agreed settlement. All would be doable with a loan from the IMF and if written into the deal/contract, would revert back to the $16Bn damages (full award minus any payments made) if Argentina defaulted.

Twt,

I've got £2,671,815.71 (ish) spent so far (before today trading) so a little way to go to get to that £4M buyback.

In my view, it looks like the yanks are happy to trade this in the $14 to $14.5 region. Time will tell though if that plays out.

Fwiw, just watched the Artem Fokin interview on youtube. He and the interviewer were both very bullish on Burford. One comment which I noted and liked was that "the business was firing on all cylinders now, Covid cases are coming in".

Seb Maril is on the case:

https://www.lanacion.com.ar/economia/ypf-piden-a-la-jueza-empezar-a-embargar-en-30-dias-nid22092023/

And:

https://twitter.com/SebastianMaril/status/1705345495135068578/photo/1

£4.0 million to spend:

65,000 shares bought so far.

65K x 1205.7p (Av) = £783,705

So, lots more to come.

Twt,

Above all, a buyback also sends a message to the market which says "we are in control and don't you forget it". SP 12.13p as i type.

P.S.

This morning (on low volume) it looks like Mr Market Maker is forcing Burford into "paying a realistic price" when buying those £4M shares.

Twt,

It's all in the link that I provided earlier. What is interesting is that a company can manipulate it's own share price by buying/issuing/selling it's own shares into the market. In this case it's very smart and positive share buying action which has stimulated the share price.

Is it a sign of better things to come? Time will tell.

To be read with your morning cuppa:

https://www.investopedia.com/ask/answers/042015/why-would-company-buyback-its-own-shares.asp#:~:text=However%2C%20there%20are%20several%20reasons,boosting%20its%20key%20financial%20ratios.

Thanks for the link ffc.

I particularly like Christopher Bogart's last and closing comment " and once again, thank you all very much for your support in what is turning out to be a pretty super fantastic year for us".

He says it all really.

Btw,

Seb's post was almost a year ago so it will be interesting to see if the Argentinian Republic review their report in September 2023 and if they amend the previous figure.

Ffc,

In my view the Argentinian Republic had already accepted the loss when they submitted their annual report to the US SEC - updating the information on international litigation - with or without judgement publishing potential damages at USD 8,400 million. This was reported by Seb Maril on 30 Sep 2022.

In the end it will all be immaterial. A few hundred million here or there will just melt into insignificance when the negotiated settlement begins in ernst.

Some time ago, someone posted a message which read "how can you post a bond without knowing the actual amount of the damages"?

Well there we have it folks in black and white, a summary of the total damages.

The big question now is, what percentage of the the damages will Argentina have to post as a bond and in what timescale? Indeed, will they have to post a bond at all???

Looks like the NYSE and LSE were both closed for a while.

NYSE now up and running again. For now at least.

A Monday morning RNS is now a must.

VOLUME: 2.32M

477% VS DAILY AVG

So far.

Ria20,

Bad if you live in Argentina.

RNS out:

https://www.lse.co.uk/rns/BUR/statement-re-petersen-and-eton-park-matters-d2ljhmbdcmcp08k.html

Q22023 results and broadcast on Wednesday should be a good read and listen.

Lol.