Last checked at 9 Dec 2010 11:00
9 December 2010
Burford Capital Completes $175 Million Placing1
Capital now exceeds $300 million for litigation and dispute investing
Burford Capital Limited ("Burford" or the "Company") is pleased to announce the completion of its placing of approximately $175 million (£110 million) following approval of all proposed resolutions at the Company's extraordinary general meeting held today. Application has been made to the London Stock Exchange for the Placing Shares, consisting of 100,000,000 ordinary shares, to be admitted to trading on AIM, which is expected to occur on Friday 10 December 2010.
Sir Peter Middleton, Hugh Steven Wilson and David Lowe, directors of the Company ("Directors"), all participated in the Placing, doubling their existing shareholdings, and the shareholders of Burford's investment adviser (the "Principals"), took direct ownership of the shares previously held by Burford Group and have agreed to an extension of the lock-up period to 23 August 2013. Following the Placing and the transfer of shares referred to above, the resulting shareholdings in the Company of the Directors and the Principals will be as follows:
Directors | Shares | % of issued share capital |
Sir Peter Middleton | 60,000 | 0.03 |
Hugh Steven Wilson | 100,000 | 0.06 |
David Lowe | 100,000 | 0.06 |
Principals | Shares | % of issued share capital |
Glenavy Capital LLC (Christopher Bogart) | 888,563 | 0.49 |
Litigation Risk Solutions LLC (Jonathan Molot) | 541,667 | 0.30 |
Burford Advisors LLC (Selvyn Seidel) | 194,770 | 0.11 |
Terms defined in the circular posted to Burford Shareholders on 24 November 2010 have the same meaning in this announcement, unless the context requires otherwise.
1 Subject to admission of the Placing Shares to trading on AIM.
For further information, please contact:
Macquarie Capital (Europe) Limited | Joint Bookrunner, Broker and Nomad |
Jonny Franklin-Adams | +44 (0) 20 3037 5231 |
Steve Baldwin | +44 (0) 20 3037 2362 |
Execution Noble Limited | Joint Bookrunner and Broker |
Richard Crawley | +44 (0) 20 7456 9191 |
Nigel Morris-Jones | |
Financial Dynamics | |
Nick Henderson | +44 (0) 20 7269 7114 |
Laura Pope | +44 (0) 20 7269 7243 |
www.burfordcapital.com
About Burford Capital
Burford Capital's strategy is to create and manage a portfolio of commercial dispute financing investments diversified by duration, claim type, geography and a number of other variables, with the aim of providing shareholders with attractive levels of dividends and capital growth. The Company expects returns to be uncorrelated to general equity market performance.
In the short term, the Company's focus is on commercial disputes in the United States and on international arbitration matters; in the medium term, the Company may expand its focus to other attractive and suitable jurisdictions.
Burford Group Limited acts as Investment Adviser to the Company -www.burfordgroupltd.com.