Burford Capital Significant Growth in Investment Commitments (4195B)
10 January 2018 - 6:00PM
UK Regulatory
TIDMBUR
RNS Number : 4195B
Burford Capital
10 January 2018
This announcement contains inside information.
10 January 2018
BURFORD CAPITAL REPORTS SIGNIFICANT GROWTH IN INVESTMENT
COMMITMENTS
2017 commitments exceed $1.3 billion, more than triple 2016
level
Company also advises re financial calendar and investor meetings
re possible bond issue
Burford Capital Limited ("Burford" or "the Company"), a leading
global finance and investment management firm focused on law, today
reports on the strong growth in its new investment commitments.
In 2017, Burford made $1.3 billion in new commitments, more than
triple its 2016 level. The new commitments reflect a number of
dynamics in Burford's business: continued growth in demand for
capital in its core litigation finance business; access to capital
through direct balance sheet investing and its new investment
management business; and continued expansion of Burford's product
offerings and investment strategies.
The new commitments are broken out below in the same categories
used in Burford's interim results for the six months ended 30 June
2017 and investors are referred to Burford's 2017 interim report
for an explanation of those categories (available at
http://www.burfordcapital.com/investors/financial-reports-and-presentations/).
Total Investment Commitments Balance sheet Fund & other
made during financial commitments vehicle commitments
year ended 31 December
2017
Single case finance $34.4m 5% $38.3m 6%
Portfolio finance $377.8m 54% $347.7m 54%
Recourse finance $226.9m 33% $248.4m 38%
Legal risk management $59.2m 8% $10.8m 2%
------------------------------ --------- ----- ------------- --------
Total $698.3m 100% $645.2m 100%
------------------------------ --------- ----- ------------- --------
Total Investment Commitments $1,343.5m
------------------------------ -----------------------------------------
Investor Meetings re Possible Bond Issue
Given the growth Burford has experienced, the Company intends to
hold meetings with fixed income investors. A bond issue may follow
subject to market conditions and pricing.
Notice of Results for the Financial Year ended 31 December
2017
Burford intends to release its full year results on 14 March
2018 and will host a conference call for investors and analysts at
2pm London time (GMT) / 10am New York time (EDT) that day.
As previously noted, Burford's board of directors determines the
fair values of investments following the close of each financial
reporting period after taking into account the views of management,
the operation of the audit process and input from external experts
(as it considers appropriate). Generally, that process does not
conclude finally until shortly before the release of Burford's
financial results for the relevant period and as a result Burford
is unable to comment or provide guidance on its 2017 financial
results in advance of their release.
Christopher Bogart, Burford's Chief Executive Officer,
commented:
"We are delighted with the growth of the business in 2017. The
new commitments made during the year have the potential to generate
significant future income in the years to come and reflect a robust
legal finance market that Burford continues to lead."
The person responsible for arranging for the release of this
announcement on behalf of the Company is Elizabeth O'Connell, Chief
Financial Officer.
For further information, please contact:
Burford Capital Limited
Elizabeth O'Connell, CFA, Chief +1 212 235
Financial Officer 6825
Macquarie Capital (Europe) Limited +44 (0)20 3037
- NOMAD and Joint Broker 2000
Jonny Allison
Nicholas Harland
Liberum Capital Limited - Joint +44 (0)20 3100
Broker 2222
Richard Crawley
Jamie Richards
Numis Securities Limited - Joint +44 (0)20 7260
Broker 1000
Charlie Farquhar
Harry Trueman
Neustria Partners - Financial +44 (0)20 3021
Communications for Burford Capital 2580
Robert Bailhache [email]
Charles Gorman [email]
Nick Henderson [email]
About Burford Capital
Burford Capital is a leading global finance and investment
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 London Stock Exchange, and it works with law firms and
clients around the world from its principal offices in New York,
London, Chicago and Singapore.
For more information about Burford: www.burfordcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
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