Litigation Capital Management Ltd Progress on Fund I investment (6402G)
20 Julho 2023 - 3:00AM
UK Regulatory
TIDMLIT
RNS Number : 6402G
Litigation Capital Management Ltd
20 July 2023
20 July 2023
Litigation Capital Management Limited
("LCM" or the "Company")
Progress on Fund I investment
Litigation 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.
LCM 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.
The quantum of the award entered in favour of LCM's funded party
is USD$ 76.7m (c. AUD$ 109m) plus interest and costs.
This 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.
The issuing of the award in favour of LCM's funded party has
significantly de-risked this investment.
LCM 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.
Patrick 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."
Enquiries
Litigation Capital Management c/o Tavistock PR
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Tel: 020 7597 5970
Broker)
David Anderson
Tavistock PR Tel: 020 7920 3150
Tim Pearson lcm@tavistock.co.uk
Katie Hopkins
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternative asset
manager specialising in disputes financing solutions
internationally, which operates two business models. The first is
direct investments made from LCM's permanent balance sheet capital
and the second is third party fund management. Under those two
business models, LCM currently pursues three investment strategies:
Single-case funding, Portfolio funding and Acquisitions of claims.
LCM generates its revenue from both its direct investments and also
performance fees through asset management.
LCM has an unparalleled track record driven by disciplined
project selection and robust risk management.
Currently headquartered in Sydney, with offices in London,
Singapore, Brisbane and Melbourne, LCM listed on AIM in December
2018, trading under the ticker LIT.
www.lcmfinance.com
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