TIDMBUR
RNS Number : 1914Y
Burford Capital Limited
03 May 2023
2 May 2023
Released via Form 6-K on May 2, 2023 and queued for release via
RNS upon its reopening on May 3, 2023.
BURFORD CAPITAL ANNOUNCES date FOR 2022 FINANCIAL RESULTS
AND UPDATE ON ITS FAIR VALUE ACCOUNTING
Burford Capital Limited ("Burford"), the leading global finance
and asset management firm focused on law, today announces the
expected date for the release of its audited 2022 annual financial
results and an update on the progress of its revised approach to
the fair value accounting for its capital provision assets.
2022 Annual Financial Results
Burford intends to announce its audited 2022 annual financial
results and file its related Annual Report on Form 20-F (the "2022
Annual Report") on Tuesday, May 16, 2023 at 7.00am EDT / 12.00pm
BST. Management will host a conference call for investors and
analysts the same day at 8.30am EDT / 1.30pm BST. Conference call
registration and participation details are provided at the end of
this announcement.
As previously announced, Burford is commencing quarterly
reporting beginning with the first quarter 2023. Financial results
for the first quarter 2023 are expected to be announced in the
first half of June 2023.
Fair Value Accounting Update
Since Burford's business update on March 15, 2023, we have made
substantial progress on refining our approach to fair value
accounting for our capital provision assets in consideration of
Accounting Standards Codification Topic 820-Fair Value Measurements
("ASC 820"). We have also continued to engage with the staff of the
US Securities and Exchange Commission (the "SEC") and Ernst &
Young LLP.
As a result of this work, Burford will move to a revised
approach to determine the fair value of its capital provision
assets that we believe represents best practice under ASC 820 and
anticipate will become an industry standard. Fundamentally, while
retaining objective events in the underlying litigation as the
principal determinant of fair value changes, we will begin using a
discounted cash flow model that can be sensitive to changes in
interest rates, duration and other traditional valuation factors.
We will provide further details about the methodology on May 16,
but we can say now we expect the application of this approach to
cause a moderate increase in the carrying value of our capital
provision assets.
In addition to applying this revised valuation approach to
Burford's 2022 annual financial statements, Burford will apply it
retroactively to its prior three years of annual financial
statements, which will cause us to restate those financial
statements for the fiscal years ended December 31, 2019, 2020 and
2021. As a result, the audit committee of Burford's board of
directors has concluded, following discussions with Burford's
independent registered public accounting firm, that Burford's
previously issued audited financial statements for the fiscal years
ended December 31, 2019, 2020 and 2021 and unaudited condensed
consolidated financial statements for the six-month periods ended
June 30, 2022 and 2021, and any related earnings releases or other
communications, should not be relied upon. Burford believes that
presenting Burford's 2022 annual financial statements, together
with the restated financial statements for the fiscal years ended
December 31, 2019, 2020 and 2021, in the 2022 Annual Report will
allow readers to review all pertinent data in a single document.
Therefore, Burford does not plan to amend its previously filed
Annual Reports on Form 20-F for these periods. Burford intends to
present restated financial statements for the six-month period
ended June 30, 2022 in due course when it issues its financial
statements for the three and six months ending June 30, 2023.
Investor and Analyst Conference Call
Burford will hold a conference call for investors and analysts
at 8.30am EDT / 1.30pm BST on Tuesday, May 16, 2023 . The dial-in
number for the conference call is +1 646 664-1960 (USA) / +44 (0)20
3936 2999 (UK) / +44 (0)20 3936 2999 (all other locations) and the
access code is 867191. To minimize the risk of delayed access,
participants are urged to dial into the conference call by 8.10am
EDT / 1.10pm BST .
A live webcast of the call will also be available at
https://www.investis-live.com/burfordcapital/644b751569b6910d00728042/osld
, and pre-registration at that link is encouraged.
An accompanying 2022 full year results presentation for
investors and analysts will also be made available on the Burford
Capital website prior to the conference call at
http://investors.burfordcapital.com .
Following the conference call, a replay facility for this event
will be available until Tuesday May 30, 2023 by dialing +1 845
709-8569 (USA) / +44 (0)20 3936 3001 (UK) / +44 (0)20 3936 3001
(all other locations) and using the replay access code 512960. A
replay facility will also be accessible through the webcast at
https://www.investis-live.com/burfordcapital/644b751569b6910d00728042/osld
.
For further information, please contact:
Burford Capital Limited
For investor and analyst inquiries:
Robert Bailhache, Head of Investor Relations, +44 (0)20 3530
EMEA and Asia - email 2023
Jim Ballan, Head of Investor Relations, Americas
- email +1 (646) 793 9176
For press inquiries:
David Helfenbein, Vice President, Public Relations
- email +1 (212) 235 6824
Numis Securities Limited - NOMAD and Joint +44 (0)20 7260
Broker 1000
Giles Rolls
Charlie Farquhar
+44 (0)20 7029
Jefferies International Limited - Joint Broker 8000
Graham Davidson
Tony White
+44 (0)20 3207
Berenberg - Joint Broker 7800
Toby Flaux
James Thompson
Arnav Kapoor
About Burford Capital
Burford Capital is the leading global finance and asset
management firm focused on law. Its businesses include litigation
finance and risk management, asset recovery and a wide range of
legal finance and advisory activities. Burford is publicly traded
on the New York Stock Exchange (NYSE: BUR) and the London Stock
Exchange (LSE: BUR), and it works with companies and law firms
around the world from its offices in New York, London, Chicago,
Washington, DC, Singapore, Dubai, Sydney and Hong Kong.
For more information, please visit www.burfordcapital.com .
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy any ordinary shares or other
securities of Burford.
This announcement does not constitute an offer of any Burford
private fund. Burford Capital Investment Management LLC, which acts
as the fund manager of all Burford private funds, is registered as
an investment adviser with the SEC. The information provided in
this announcement is for informational purposes only. Past
performance is not indicative of future results. The information
contained in this announcement is not, and should not be construed
as, an offer to sell or the solicitation of an offer to buy any
securities (including, without limitation, interests or shares in
any of Burford private funds). Any such offer or solicitation may
be made only by means of a final confidential private placement
memorandum and other offering documents.
Risk Factor
As disclosed in the "Basis of presentation of financial
information and certain terms used in this Business Review" section
of our March 15, 2023 Business Review as of and for the year ended
December 31, 2022, if we are unable to file the 2022 Annual Report
on the timeline contemplated, the trading price of our securities
and our access to the capital markets could be adversely affected
and if that inability continues past the end of the relevant cure
period (which would be no earlier than June 30, 2023) we could be
required to seek an amendment or waiver of the reporting covenant
in the indentures governing our outstanding senior notes in order
to avoid an event of default under such indentures.
Forward-looking statements
This announcement contains "forward-looking statements" within
the meaning of Section 21E of the US Securities Exchange Act of
1934, as amended, regarding assumptions, expectations, projections,
intentions and beliefs about future events. These statements are
intended as "forward-looking statements". In some cases,
predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential",
"predict", "projected", "should" or "will" or the negative of such
terms or other comparable terminology are intended to identify
forward-looking statements, but are not the exclusive means of
identifying such statements. In addition, Burford and its
representatives may from time to time make other oral or written
statements which are forward-looking statements, including in its
periodic reports that Burford files with, or furnishes to, the SEC,
other information sent to Burford's security holders and other
written materials. By their nature, forward-looking statements
involve known and unknown risks, uncertainties and other factors
because they relate to events and depend on circumstances that may
or may not occur in the future. Burford cautions you that
forward-looking statements are not guarantees of future performance
and are based on numerous assumptions , expectations, projections,
intentions and beliefs and that Burford's actual results of
operations, including its financial position and liquidity, and the
development of the industry in which it operates, may differ
materially from (and be more negative than) those made in, or
suggested by, the forward-looking
statements contained in this announcement. Significant factors
that may cause actual results to differ from those Burford expects
include, among others, (i) impacts resulting from changes to
Burford's fair value approach for capital provision assets,
including Burford's intent to restate Burford's historical
financial statements and any related determination as to the
existence of a material weakness in internal controls in connection
with these changes, (ii) the successful completion of audit and
other procedures and other conditions necessary to issue Burford's
audited financial statements and to file Burford's annual report on
Form 20-F for the year ended December 31, 2022 with the SEC, and
(iii) those discussed under "Risk Factors" in Burford's annual
report on Form 20-F for the year ended December 31, 2021 filed with
the SEC on March 29, 2022, Burford's interim report on Form 6-K
furnished to the SEC on August 9, 2022 and other reports or
documents that Burford files with, or furnishes to, the SEC from
time to time . In addition, even if Burford's results of
operations, including its financial position and liquidity, and the
development of the industry in which it operates are consistent
with the forward-looking statements contained in this announcement,
those results of operations or developments may not be indicative
of results of operations or developments in subsequent periods.
Except as required by law, Burford undertakes no obligation to
update or revise the forward-looking statements contained in this
announcement, whether as a result of new information, future events
or otherwise.
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END
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