Share Buyback Programme

Litigation Capital Management Ltd

05 October 2023

 

05 October 2023

Litigation Capital Management Limited

("LCM" or the "Company")

Share Buyback Programme

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, today announces that it intends to commence a share buyback programme in respect of its ordinary shares up to a maximum consideration of A$10.0 million from the date of this announcement (the "Share Buyback Programme").

The purpose of the Share Buyback Programme is to reduce the share capital of the Company in order to return value to shareholders.

The Share Buyback Programme was first announced in the full year audited results for the year ended 30 June 2023 released on 19 September 2023.

LCM has entered into an irrevocable non-discretionary instruction with Canaccord Genuity Limited ("Canaccord") in relation to the purchase by Canaccord, acting as principal during the period commencing on 5th October 2023 and ending upon the publication of the full year audited results of the Company for the year ended 30th June 2024, of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than A$10.0 million and the simultaneous on-sale of such Ordinary Shares by Canaccord to LCM, where they will be held in treasury. Canaccord will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Company.

The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with Chapter 12 of the UK Listing Rules and the provisions of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018. Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company may make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

Enquiries

Litigation Capital Management	c/o Tavistock
Patrick Moloney, Chief Executive Officer Mary Gangemi, Chief Financial Officer
Canaccord (Nomad and Joint Broker)	Tel: [phone]
Bobbie Hilliam
Investec Bank plc (Joint Broker)	Tel: [phone]
David Anderson
Tavistock (PR and IR)	Tel: [phone]
Tim Pearson Katie Hopkins	[e-mail]

NOTES TO EDITORS

Litigation Capital Management (LCM) is an alternative 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 income 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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