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Significant Growth in Investment Commitments

10 Jan 2018 07:00

RNS Number : 4195B
Burford Capital
10 January 2018
 

This announcement contains inside information.

 

10 January 2018

 

BURFORD CAPITAL REPORTS SIGNIFICANT GROWTH IN INVESTMENT COMMITMENTS

 

2017 commitments exceed $1.3 billion, more than triple 2016 level

Company also advises re financial calendar and investor meetings re possible bond issue

 

Burford Capital Limited ("Burford" or "the Company"), a leading global finance and investment management firm focused on law, today reports on the strong growth in its new investment commitments.

 

In 2017, Burford made $1.3 billion in new commitments, more than triple its 2016 level. The new commitments reflect a number of dynamics in Burford's business: continued growth in demand for capital in its core litigation finance business; access to capital through direct balance sheet investing and its new investment management business; and continued expansion of Burford's product offerings and investment strategies.

 

The new commitments are broken out below in the same categories used in Burford's interim results for the six months ended 30 June 2017 and investors are referred to Burford's 2017 interim report for an explanation of those categories (available at http://www.burfordcapital.com/investors/financial-reports-and-presentations/).

 

Total Investment Commitments made during financial year ended 31 December 2017

 

Balance sheet

commitments

 

Fund & other vehicle commitments

Single case finance

$34.4m

5%

$38.3m

6%

Portfolio finance

$377.8m

54%

$347.7m

54%

Recourse finance

$226.9m

33%

$248.4m

38%

Legal risk management

$59.2m

8%

$10.8m

2%

Total

$698.3m

100%

$645.2m

100%

Total Investment Commitments

$1,343.5m

 

 

Investor Meetings re Possible Bond Issue

 

Given the growth Burford has experienced, the Company intends to hold meetings with fixed income investors. A bond issue may follow subject to market conditions and pricing.

 

 

Notice of Results for the Financial Year ended 31 December 2017

 

Burford intends to release its full year results on 14 March 2018 and will host a conference call for investors and analysts at 2pm London time (GMT) / 10am New York time (EDT) that day.

 

As previously noted, Burford's board of directors determines the fair values of investments following the close of each financial reporting period after taking into account the views of management, the operation of the audit process and input from external experts (as it considers appropriate). Generally, that process does not conclude finally until shortly before the release of Burford's financial results for the relevant period and as a result Burford is unable to comment or provide guidance on its 2017 financial results in advance of their release.

 

 

Christopher Bogart, Burford's Chief Executive Officer, commented:

"We are delighted with the growth of the business in 2017. The new commitments made during the year have the potential to generate significant future income in the years to come and reflect a robust legal finance market that Burford continues to lead."

 

 

The person responsible for arranging for the release of this announcement on behalf of the Company is Elizabeth O'Connell, Chief Financial Officer.

 

 

For further information, please contact:

 

Burford Capital Limited

 

Elizabeth O'Connell, CFA, Chief Financial Officer

+1 212 235 6825

 

 

Macquarie Capital (Europe) Limited - NOMAD and Joint Broker

+44 (0)20 3037 2000

Jonny Allison

 

Nicholas Harland

 

 

 

Liberum Capital Limited - Joint Broker

+44 (0)20 3100 2222

Richard Crawley

 

Jamie Richards

 

 

 

Numis Securities Limited - Joint Broker

+44 (0)20 7260 1000

Charlie Farquhar

 

Harry Trueman

 

 

 

Neustria Partners - Financial Communications for Burford Capital

+44 (0)20 3021 2580

Robert Bailhache [email]

 

Charles Gorman [email]

 

Nick Henderson [email]

 

 

 

About Burford Capital

Burford Capital is a leading global finance and investment management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the London Stock Exchange, and it works with law firms and clients around the world from its principal offices in New York, London, Chicago and Singapore.

For more information about Burford: www.burfordcapital.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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