Last checked at 20 Apr 2020 07:00
20 April 2020
Litigation Capital Management Limited
(LCM or the Company)
Conclusion of Joint Venture Arrangement
Litigation Capital Management Limited (AIM:LIT), a leading international provider of disputes financing solutions, announces the conclusion of its Joint Venture Arrangement (JVA or Arrangement) with Vannin Capital Limited (Vannin) and associated profit of A$2.45 million.
In 2013, LCM entered into a JVA with Vannin. That JVA involved LCM sourcing, negotiating and managing through to completion various litigation finance investments, all within Australia. Vannin supplied the capital associated with the Arrangement. In March 2015, the Arrangement went into runoff.
Whilst in runoff, certain disputes arose between the parties as to their entitlements. As part of the final resolution of those disputes, LCM will receive profits totalling A$2.45 million, contributing to LCM's gross profit for the current financial year. The JVA has now been concluded by all interested parties.
Patrick Moloney, CEO of LCM, commented: "We are very pleased to have come to a final resolution of the Joint Venture Arrangement, the amount received from which, exceeds our expectations."
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 |
Rebecca Sanders-Hewett | LCM@almapr.co.uk |
Justine James | |
David Ison |
NOTES TO EDITORS
Litigation Capital Management (LCM) is a global provider of disputes finance which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is fund and/or asset management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Corporate 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 effective project selection, active project management and robust risk management.
Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.
www.lcmfinance.com