Judgment in New Zealand Investment

RNS Number : 5168C

Litigation Capital Management Ltd

21 June 2021

 

21 June 2021

Litigation Capital Management Limited

("LCM" or the "Company")

Judgment in New Zealand Investment

Litigation Capital Management Limited (AIM:LIT), a specialist alternate asset manager and leading international disputes financing solutions provider, announces that the High Court of New Zealand has issued a judgment in favour of the plaintiff in a dispute which has been financed by LCM.  This investment forms part of LCM's Direct Investment Portfolio and is 100% funded from balance sheet.

The case involved a long-running partnership dispute and this recent judgment was for an interim accounting of the assets of that partnership.  That accounting is yet to be finalised however the court ordered the disbursement to the plaintiff of a significant amount from funds which have been contributed by the defendant and which are already held by the Court.

The delivery of this judgment crystallises the entitlement of LCM to an amount of approximately NZD$26.8M (AUD$24.9m) in revenue which includes the return of LCM's investment of NZD$6.7M.

The defendant has indicated an intention to appeal however LCM is confident that the judgment entered in favour of the funded party will be retained.

Patrick Moloney, Chief Executive Officer of LCM , comments: "LCM's support enabled the plaintiff in this partnership dispute to assert his rights.  Without funding that would not have been possible.  Although the dispute has some remaining matters to finalise, this judgment provides the means for LCM's investment to be realised and I think this is an excellent result for both LCM and the funded litigant."

Enquiries

Litigation Capital Management	c/o Alma PR
Patrick Moloney, Chief Executive Officer
Canaccord (Nomad and Joint Broker)	Tel: [phone]
Bobbie Hilliam
Investec Bank plc (Joint Broker)	Tel: [phone]
David Anderson
Alma PR	Tel: [phone]
Justine James Rebecca Sanders-Hewett	[e-mail]
Susie Hudson

NOTES TO EDITORS

Litigation Capital Management (LCM) is a specialist alternate asset manager and leading international disputes financing solutions provider 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 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.

www.lcmfinance.com

 

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