Last checked at 17 Dec 2021 07:00
For immediate release
17 December 2021
Litigation Capital Management Limited
("LCM" or the "Company")
Board change
Litigation Capital Management Limited (AIM:LIT), a leading international alternate asset manager of disputes financing solutions, advises that the employment of Nick Rowles-Davies by the Company's subsidiary, LCM Corporate Services Pty Ltd, has been terminated on the grounds of gross misconduct effective 17 December 2021. Following the termination of employment, and in accordance with the terms of his contract of employment, Mr. Rowles-Davies has been removed from his position as Executive Vice Chairman on the board of directors of the Company with immediate effect.
The decision to terminate Mr. Rowles-Davies' employment follows the identification of certain expenses claims which have been made in contravention of LCM's Global Expense Guidelines and Policy. While the breaches are a significant violation of internal company policies, their quantum is not material to LCM's financial condition and performance.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and is being released on behalf of the Company by Mary Gangemi, Chief Financial Officer.
Enquiries
Litigation Capital Management | c/o Alma PR |
Patrick Moloney, Chief Executive Officer | |
Canaccord (Nomad and Joint Broker) | Tel: 020 7523 8000 |
Bobbie Hilliam | |
Investec Bank plc (Joint Broker) | Tel: 020 7597 5970 |
David Anderson | |
Alma PR | Tel: 020 3405 0205 |
Justine James Kieran Breheny | LCM@almapr.co.uk |
Molly Gretton |
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternate asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its revenue from both its direct investments and also performance fees through asset management.
LCM has an unparalleled track record driven by disciplined project selection and robust risk management.
Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.