LITIGATION CAPITAL MANAGEMENT LIMITED (LIT) — Results for the six months ended 31 December 2025

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the LITIGATION CAPITAL MANAGEMENT LIMITED RESULTS PRESENTATION. Throughout today's recorded meeting, attendees will be in listen only mode. Questions are encouraged. They can be submitted at any time using the q and a tab situated on the right hand corner of your screen. Just type your question and press send. Before we begin, we'd like to submit the following poll, and I'm sure the company will be most grateful for your participation. I now like to hand over to the management team. David, Patrick, good morning to you both. Good morning, everybody, and good evening to those who are joining in Australia. Patrick Maloney is my name. Most of you will know me as the CEO, and I'm joined by David Collins, the CFO. I will deal with the first part of our presentation as to where we're up to, and David will present with respect to financials. But investors will will probably observe that this will be a slightly shorter presentation than we're used to giving. That is principally because of the position the company is in currently. We are very much focused upon management of the existing portfolio, and we are not taking on any new investments at this time. And I wanna start with performance. And what we're really seeing flowing through the financials of LCM now is the result of two large losses, two large losses at trial which have occurred, you know, pre in previous financial periods but are really being taken up in the financial accounts now, which David Wolf will talk to, but have really sort of impacted pretty significantly upon net assets. And those two large and rather concentrated investments which we're unsuccessful on have really driven that outcome in this financial period. And and that's really detracted from what we...