TIDMBUR
RNS Number : 9532M
Burford Capital Limited
19 September 2023
19 September 2023
INTENDED PURCHASES OF ORDINARY SHARES IN CONNECTION WITH
LTIP
Burford Capital Limited (the "Company"), the leading global
finance and asset management firm focused on law, today announces a
further share repurchase programme for the Company's ordinary
shares, no par value per share ("Ordinary Shares") with
authorization to repurchase up to a maximum aggregate amount of
GBP4.0 million (the "Programme") in connection with forthcoming
vesting of restricted stock units ("RSUs") under the Burford
Capital 2016 Long Term Incentive Plan (the "LTIP"). It has
generally been the Company's practice to purchase Ordinary Shares
in the market in connection with the delivery of vested RSUs under
the LTIP.
About the Programme
-- The Programme will be financed through existing cash resources.
-- The Company has appointed Numis Securities Limited ("Numis")
to independently manage the Programme to repurchase Ordinary Shares
on its behalf and within certain defined parameters.
-- Any purchase of Ordinary Shares will be carried out on AIM, a
market operated by the London Stock Exchange.
-- The aggregate number of Ordinary Shares acquired by the
Company pursuant to the Programme shall not exceed the maximum
number of Ordinary Shares which the Company is authorized to
acquire pursuant to the authority to acquire up to a maximum of
21,895,271 Ordinary Shares as obtained at the Company's annual
general meeting held on July 5, 2023 (the "General Authority").
-- In accordance with the General Authority, the maximum price
paid per Ordinary Share acquired by the Company pursuant to the
Programme is to be no more than the higher of:
o 105% of the average of the middle market quotations for the
five business days immediately preceding the day on which Ordinary
Shares are contracted to be acquired; and
o the higher of the price of the last independent trade and the
highest current independent purchase bid for Ordinary Shares on the
trading venue where the acquisition is carried out.
-- The Programme will commence on the date of this announcement
and will continue until the earlier of (i) the expiration of the
General Authority and (ii) until the maximum pecuniary amount has
been purchased under the Programme.
-- Ordinary Shares acquired pursuant to the Programme will be
initially held by the Company in treasury and, at the Company's
sole discretion, may subsequently be used in connection with the
employees' share schemes or directors' award plans, as the case may
be . Shares held in treasury are not entitled to dividends and have
no voting rights at the Company's annual general meetings.
-- Acquisitions of Ordinary Shares pursuant to the Programme
will take place in open market transactions and may be made from
time to time depending on market conditions, share price and
trading volume.
-- The Programme will operate in accordance with and under the
terms of the General Authority and the parameters of the Market
Abuse Regulation 596/2014 and Commission Delegated Regulation (EU)
2016/1052 (in each case as they form part of UK law pursuant to the
European Union (Withdrawal) Act 2018).
-- As of September 19, 2023, the Company's total issued share
capital consisted of 219,049,877 Ordinary Shares, with one voting
right per share. The Company holds 89,947 Ordinary Shares in
treasury. Therefore, the total number of voting rights in the
Company as of September 19, 2023 was 218,959,930.
-- Daily announcements will be made as soon as practicable after
each purchase of Ordinary Shares pursuant to the Programme, and
upon completion of the Programme.
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
Yasmina Benchekroun
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 US Securities and Exchange
Commission. 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.
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 that are forward-looking, including in its periodic
reports that Burford files with, or furnishes to, the US Securities
and Exchange Commission, other information made available 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 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, those discussed under "Risk Factors" in
Burford's annual report on Form 20-F for the year ended December
31, 2022 filed with the US Securities and Exchange Commission on
May 16, 2023 and other reports or documents that Burford files
with, or furnishes to, the US Securities and Exchange Commission
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
POSFLFVLAEIALIV
(END) Dow Jones Newswires
September 19, 2023 08:30 ET (12:30 GMT)
Burford Capital (AQSE:BUR.GB)
Historical Stock Chart
From Nov 2024 to Dec 2024
Burford Capital (AQSE:BUR.GB)
Historical Stock Chart
From Dec 2023 to Dec 2024
