Business
Burford Capital raises $175 m
Burford Capital raises $175 m.
About this update from Burford Capital Limited
[{"type":"text","content":"\n RNS Number : 7020W Burford Capital 24 November 2010 \n \n\n \n \n \n \n \n \n24 November 2010\n \n \nBURFORD CAPITAL RAISES $175 MILLION\nPlacing creates the world's largest dispute financier\n \nBurford Capital Limited (\"Burford Capital\" or the \"Company\"), the commercial dispute investor, is pleased to announce a placing of approximately $175 million (£110 million), consisting of 100 million Placing Shares at 110 pence per share. The placing will allow Burford Capital to continue its investment programme and solidify its position as a market leader in commercial dispute financing. The completion of the placing is subject to shareholder approval and the admission to trading of the shares on AIM, which is expected to take place on or about 10 December 2010.\nBurford Capital has been pleased with the results of the last year - its maiden year following its October 2009 IPO. The demand for capital, and the supply of high quality investment opportunities, has enabled capital to be committed at a significantly faster rate than anticipated, so that over $100 million representing 80% of its capital has now been committed to a broad portfolio of litigation matters (over $40 million in the last quarter). The Company has consistently advocated a portfolio approach to investing in this asset class and its early successes affirm the investment proposition and business model. \nThe Company believes that the Investment Adviser has built the infrastructure to permit the ongoing deployment of capital rapidly as attractive opportunities present themselves. Capital appears to be scarce in this area, and Burford Capital is often the capital provider of choice in a wide variety of opportunities. The Investment Adviser sees continued strong demand for its capital with an active pipeline of opportunities and continues to pursue the investment objectives, policies and structures that were identified at the time of IPO. The Company believes that the remaining uncommitted proceeds from the IPO and the proceeds of the current placing can together be committed to investments within eighteen months. \nMacquarie Capital (Europe) Limited and Execution Noble Limited are acting as joint-bookrunners to the Placing.\nChristopher Bogart, Chief Executive Officer of ...