Business
Progress on Fund I investment
Progress on Fund I investment.
About this update from Litigation Capital Management Ltd
[{"type":"text","content":"\n\n20 July 2023\n \nLitigation Capital Management Limited\n(\"LCM\" or the \"Company\")\n \nProgress on Fund I investment\n \nLitigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces a positive development on an investment within its Fund I portfolio.\n \nLCM has funded a claim advanced in respect of a breach of a bilateral investment treaty and brought under the International Centre For Settlement Of Investment Disputes (ICSID) Convention. An ICSID tribunal has issued an award on jurisdiction, liability, damages and costs in favour of LCM's funded party.\n \nThe quantum of the award entered in favour of LCM's funded party is USD$ 76.7m (c. AUD$ 109m) plus interest and costs.\n \nThis means that LCM's funded party has succeeded in the claim. If the award is not subject to challenge and is not satisfied the dispute will move to an enforcement stage. We will assess any further funding requirements once the enforcement strategy has been finalised.\n \nThe issuing of the award in favour of LCM's funded party has significantly de-risked this investment.\n \nLCM has invested approximately AUD$ 5.7m (USD$ 4m) in this dispute to date. In line with our usual practice LCM's returns are calculated as a rising multiple of invested capital over time. As such we cannot calculate our overall return on this investment until it concludes. The investment however is no longer attended with liability and quantum risk as that has been decided. Final performance will be announced to the market after conclusion of the investment. \n \nPatrick Moloney, CEO of LCM, commented: \"This is a significant and positive development in this investment. Subject to any challenge to the very favourable award we now move to an enforcement stage, after which we will see the benefit of the leveraged returns available from our Fund Management strategy.\"\n \nEnquiries\n\n\n\nLitigation Capital Management\n\n\nc/o Tavistock PR\n\n\n\n\nPatrick Moloney, Chief Executive Officer\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCanaccord (Nomad and Joint Broker) \n\n\nTel: 020 7523 8000\n\n\n\n\nBobbie Hilliam\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestec Bank plc (Joint Broker)\n\n\nTel: 020 7597 5970\n\n\...