Last checked at 1 Jun 2015 07:00
1 June 2015
BURFORD ACHIEVES $36 MILLION PROFIT FROM LITIGATION SUCCESS
Investment delivers record cash proceeds of $61 million for ROIC of 144%
Burford Capital Limited ("Burford") today announces the successful resolution of one of its US litigation finance portfolio investments. The investment result generated gross cash proceeds of $61 million and a profit of $36 million on a $25 million investment that was funded over a period of time beginning in 2012. The investment delivered a 144% return on invested capital and a 60% IRR.
Burford has previously recognised $10.1 million in unrealised gains from this investment which will therefore result in approximately $25.9 million in additional income being reported in the current financial period.
As a matter of policy, Burford does not disclose individual investment results unless they represent a disclosable event based on a combination of size and certainty. While this result warrants such disclosure, there is no change in Burford's overall disclosure policy.
Christopher Bogart, Chief Executive Officer of Burford, commented:
"We are delighted with this substantial result which underscores Burford's ability to deliver successful client solutions and uncorrelated financial returns. We look forward to delivering further successes as our investment portfolio continues to perform and the market for litigation financing continues to expand and evolve."
For further information, please contact:
Macquarie Capital (Europe) Limited - NOMAD and Joint Broker
Ken Fleming +44 (0)20 3037 2000
Nicholas Harland
Espirito Santo Investment Bank - Joint Broker
John Riddell +44 (0)20 7456 9191
Harry Stockdale
RBC Capital Markets - Joint Broker
Oliver Hearsey +44 (0)20 7653 4000
Neustria Partners - Financial Communications for Burford Capital
Robert Bailhache +44 (0)20 3021 2580
robert.bailhache@neustriapartners.com
About Burford Capital
Burford is a leading global finance and professional services firm focused on law. Burford's businesses include litigation finance, insurance and risk transfer, law firm lending, corporate intelligence and judgment enforcement, advisory and professional services and a wide range of investment activities. Burford's equity and debt securities are publicly traded on the London Stock Exchange, and it works with lawyers and clients around the world from its principal offices in New York and London.
For more information about Burford, visit www.burfordcapital.com.