Conditional Settlement of Litigation Project

RNS Number : 8435D

Litigation Capital Management Ltd

28 June 2019

 

28 June 2019

Litigation Capital Management Limited

("LCM" or the "Company")

Conditional Settlement of Litigation Project

Litigation Capital Management Limited (AIM:LIT), a leading international provider of litigation financing solutions, announces that a conditional settlement has been reached in respect of one of its litigation projects.

The conditional settlement is expected to contribute a gross profit to the Company of approximately A$2.7million to A$3million, with all capital invested by LCM also being recovered.

The project relates to an open class action commenced in the Federal Court of Australia on behalf of certain persons that suffered loss as a result of making investments in an allegedly fraudulent investment scheme.

The terms of the settlement are confidential, and the settlement is subject to conditions which include Court approval. LCM will make a further announcement with the financial metrics of this litigation project once the conditions of the settlement are met.

Class actions represent one of several types of litigation projects that LCM provides funding for in addition to single-case and portfolio funding, as well as international arbitration, commercial claims and claims arising out of insolvency.

Patrick Moloney, CEO of LCM, said: 

"The conditional settlement of this litigation project is further demonstration of LCM's experience and expertise at funding class actions in Australia and our ability to achieve strong returns on invested capital. Class actions constitute a significant part of LCM's heritage, and we see these cases continuing to make up part of our portfolio whilst we continue to diversify our portfolio by project type, claim size and geography."

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CONTACTS

Litigation Capital Management

Patrick Moloney, Chief Executive Officer                             

Nick Rowles-Davies, Executive Director

Canaccord (Nomad and Broker)                                  Tel: [phone]

Bobbie Hilliam / Emma Gabriel

Hawthorn Advisors                                                         [e-mail]

Lorna Cobbett / Zinka MacHale                                    Tel: [phone]

NOTES TO EDITORS

About LCM

Litigation Capital Management ("LCM") is a leading international provider of litigation financing solutions. This includes single-case and portfolio; 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 has been listed on AIM since December 2018, trading under the ticker LIT. www.lcmfinance.com

 

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