Burford Capital Completes $17

RNS Number : 6606X

Burford Capital

09 December 2010

 



9 December 2010

Burford Capital Completes $175 Million Placing¹

Capital now exceeds $300 million for litigation and dispute investing

Burford Capital Limited ("Burford" or the "Company") is pleased to announce the completion of its placing of approximately $175 million (£110 million) following approval of all proposed resolutions at the Company's extraordinary general meeting held today. Application has been made to the London Stock Exchange for the Placing Shares, consisting of 100,000,000 ordinary shares, to be admitted to trading on AIM, which is expected to occur on Friday 10 December 2010.

Sir Peter Middleton, Hugh Steven Wilson and David Lowe, directors of the Company ("Directors"), all participated in the Placing, doubling their existing shareholdings, and the shareholders of Burford's investment adviser (the "Principals"), took direct ownership of the shares previously held by Burford Group and have agreed to an extension of the lock-up period to 23 August 2013. Following the Placing and the transfer of shares referred to above, the resulting shareholdings in the Company of the Directors and the Principals will be as follows:

Directors	Shares	% of issued share capital
Sir Peter Middleton	60,000	0.03
Hugh Steven Wilson	100,000	0.06
David Lowe	100,000	0.06
Principals	Shares	% of issued share capital
Glenavy Capital LLC (Christopher Bogart)	888,563	0.49
Litigation Risk Solutions LLC (Jonathan Molot)	541,667	0.30
Burford Advisors LLC (Selvyn Seidel)	194,770	0.11

Terms defined in the circular posted to Burford Shareholders on 24 November 2010 have the same meaning in this announcement, unless the context requires otherwise.

¹ Subject to admission of the Placing Shares to trading on AIM.

For further information, please contact:

Macquarie Capital (Europe) Limited	Joint Bookrunner, Broker and Nomad
Jonny Franklin-Adams	[phone]
Steve Baldwin	[phone]
Execution Noble Limited	Joint Bookrunner and Broker
Richard Crawley	[phone]
Nigel Morris-Jones
Financial Dynamics
Nick Henderson	[phone]
Laura Pope	[phone]

www.burfordcapital.com

About Burford Capital

Burford Capital's strategy is to create and manage a portfolio of commercial dispute financing investments diversified by duration, claim type, geography and a number of other variables, with the aim of providing shareholders with attractive levels of dividends and capital growth.  The Company expects returns to be uncorrelated to general equity market performance.

In the short term, the Company's focus is on commercial disputes in the United States and on international arbitration matters; in the medium term, the Company may expand its focus to other attractive and suitable jurisdictions.

Burford Group Limited acts as Investment Adviser to the Company -www.burfordgroupltd.com.

 

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