Last checked at 19 May 2021 07:18
19 May 2021
Litigation Capital Management Limited
("LCM" or the "Company")
New Litigation Finance Agreement with Carillion for claim against former auditors
Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces that it has entered into a new litigation finance agreement with certain Carillion entities (in liquidation).
The agreement to provide a litigation finance facility is to fund a claim in the Commercial Court of the High Court of Justice of England & Wales against the Carillion group's former auditors, KPMG. The claim arises from KPMG's conduct of its audits of the Group's financial statements. The losses which form the subject matter of the claim are expected to exceed £250 million.
Carillion was the largest corporate collapse in the building and construction industry in UK history.
LCM continues to demonstrate its ability to access high quality investment opportunities, enabling long term value creation for shareholders and investors. The litigation finance facility with Carillion further strengthens the Company's existing, high quality, portfolio of investments.
Patrick Moloney, CEO of LCM, commented: "As a pioneer of the litigation finance industry, LCM has long and deep experience in funding insolvency related disputes. As such, LCM is extremely well placed to tailor a finance package to pursue these claims."
Nick Rowles-Davies, Executive Vice Chairman of LCM, commented: "This investment demonstrates LCM's prominence and pedigree in the disputes finance industry and in particular, LCM's position as funder of choice in the UK insolvency market and we are delighted to be supporting thousands of creditors who have suffered as a consequence of the biggest insolvency in recent UK history."
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 | LCM@almapr.co.uk |
Susie Hudson Kieran Breheny Molly Gretton |
NOTES TO EDITORS
Litigation Capital Management (LCM) is a leading international provider of litigation financing solutions. This includes single-case and portfolios across; class actions, commercial claims, claims arising out of insolvency and international arbitration. 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