TIDMBUR
RNS Number : 9121D
Burford Capital Limited
26 June 2023
26 June 2023
BURFORD CAPITAL ANNOUNCES UPDATE AND RELEASE DATE FOR 2Q23
FINANCIAL RESULTS
Burford Capital Limited, the leading global finance and asset
management firm focused on law, today provides the following update
and comment on several corporate matters, including the scheduling
of the release date for its interim results for the three and six
months ended June 30, 2023 ("2Q23") and its 2Q23 financial results
call.
Corporate update
The demand we see for our financing continues to outpace the
rate at which we can recycle capital from concluded matters to fund
that new demand. That is particularly the case, notwithstanding the
velocity we are now seeing in the portfolio, in light of the
pandemic-related delays we have experienced during the past few
years.
Thus, we were very pleased to successfully issue another series
of US notes today as part of our laddered debt strategy to provide
us with incremental capital to meet the market demand we are seeing
for our financing. This latest series of $400 million senior notes
matures in 2031. Today, we also announced the early redemption of
our 6.125% bonds due 2024, given the decreased cost of doing so
with the increase in UK gilt yields and to lock in a substantial
gain on favorable exchange rate development since these bonds'
issuance in April 2016. When this redemption concludes, we will
have no debt maturing until the relatively small remaining
maturities of our UK-issued debt in 2025 and 2026; our US
maturities do not commence until 2028 and are laddered out until
2031, well later than the weighted average life of our
portfolio.
While interest rates have obviously risen over the last year -
which means that in many jurisdictions the interest we earn on
awards and judgments has also risen - we were able to outperform in
this latest issuance. Our spread against the relevant bond index
has tightened since we began our US issuances.
Our ready access to significant capital not only sets us apart
from our competitors, but affirms our views about the appropriate
capital structure for this business. By providing capital from our
balance sheet, we retain considerably more of the profits we
generate in our higher returning assets for equity shareholders
than if we used traditional "2&20" fund structures; this
remains very much the case notwithstanding the increase in interest
rates we have seen during the past year.
YPF-related assets
The trial court has set July 26-28, 2023 for the hearing to
determine the remaining damages issues in the case.
Following the hearing, the parties will submit short
post-hearing briefs by August 4, 2023, and we expect the trial
court thereafter to issue a final written decision and
judgment.
Earnings release and conference call
We will report our 2Q23 financial results on Wednesday,
September 13, 2023, at 7.00am EDT / 12.00pm BST. Management will
host a conference call the same day to discuss the 2Q23 financial
results at 10.00am EDT / 3.00pm BST. Details of this call will be
announced in due course.
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 +1 (646) 793
- email 9176
For press inquiries:
David Helfenbein, Vice President, Public Relations +1 (212) 235
- email 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
Arnav Kapoor
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 which are forward-looking statements, 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 you 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.
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END
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June 26, 2023 09:08 ET (13:08 GMT)
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