REG - Burford Capital Ltd - Notice of 2024 Results & Reporting Change Preview

Burford CapitalAnnouncement

25/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250225:nRSY2769Ya&default-theme=true

RNS Number : 2769Y  Burford Capital Limited  25 February 2025

 

February 24, 2025

 

Released out of hours on February 24, 2025, and queued for release via RNS
upon its reopening on February 25, 2025.

 

Burford Announces Date for Release of 4Q24 and FY24 Financial Results and
Previews Changes to Financial Reporting Framework

 

Burford Capital Limited ("Burford"), the leading global finance and asset
management firm focused on law, will release its financial results for the
three months ended December 31, 2024 ("4Q24"), and the year ended December 31,
2024 ("FY24"), on Monday, March 3, 2025, at 7.00am EST / 12.00pm GMT.
Additionally, Burford today previews changes to its financial reporting
framework in conjunction with becoming a US domestic issuer effective as of
January 1, 2025.

 

Burford will hold a conference call for investors and analysts at 10.00am EST
/ 3.00pm GMT on Monday, March 3, 2025. For swift access to the conference call
at the time of the event, pre-registration is encouraged at
https://registrations.events/direct/Q4I37665972
(https://registrations.events/direct/Q4I37665972) . The dial-in numbers for
the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA
& Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK
toll free), and the access code is 37665. To minimize the risk of delayed
access, participants are urged to dial into the conference call by 9.40am EST
/ 2.40pm GMT.

 

A live audio webcast and replay will also be available at
https://events.q4inc.com/attendee/169138797
(https://url.us.m.mimecastprotect.com/s/Ab0zC1wDl6upY6zJiLfyTV86vX?domain=events.q4inc.com)
, and pre-registration at that link is encouraged.

 

An accompanying 4Q24 and FY24 results presentation for investors and analysts
will be made available on Burford's website prior to the conference call at
http://investors.burfordcapital.com (http://investors.burfordcapital.com) .

 

Preview of changes to financial reporting framework

 

Burford has always focused on providing disclosure that represents what
shareholders actually own, which is reflected in the "Burford-only" basis of
financial reporting. "Burford-only" reporting removes the impact of private
fund entities that must be consolidated under accounting standards, even
though economic ownership resides with a third party.

 

Beginning with the upcoming reporting for 4Q24 and FY24 financial results, the
Burford-only disclosure will be enhanced with a more prominent use of segment
reporting through two reportable segments: (i) "Principal Finance" (which
captures the financial impact of the legal finance portfolio funded by
Burford's balance sheet) and (ii) "Asset Management and Other Services" (which
captures fee income from Burford's private funds funded by third-party capital
and income earned from other service-related operations). Under US reporting
standards, the use of segment reporting allows for more efficient and helpful
disclosure on the key metrics that illuminate how Burford generates
shareholder value in each segment.

 

The sum of Burford's two reportable segments will be referred to as "Total
Segments" in certain disclosures, which is consistent with and identical to
reporting on an aggregate "Burford-only" basis.

 

The Principal Finance segment reporting will be further simplified by
discontinuing the use of the labels "capital provision-direct" or "core
portfolio" (which described direct funding of legal finance assets by
Burford's balance sheet) and "capital provision-indirect" (which described
indirect funding of legal finance assets through commitments made by Burford's
balance sheet to private funds). Performance track record measures such as
return on invested capital (ROIC) and internal rate of return (IRR) will be
entirely consistent with prior reporting and reflect direct funding by the
balance sheet (formerly referred to as "capital provision-direct" or "core
portfolio"), excluding the impact of any balance sheet commitments to private
funds.

 

Reporting as US domestic issuer

 

As previously announced on August 5, 2024, effective as of January 1, 2025,
Burford no longer met the requirements to qualify as a "foreign private
issuer" as defined by the US Securities and Exchange Commission, due to the
continued shift of its equity ownership to US-based investors. Beginning with
the upcoming reporting for 4Q24 and FY24 financial results, Burford will
report as a US domestic issuer, which entails changes to Burford's reporting
and disclosures including:

 

 ·             Filing periodic reports on Form 10-K (annual) and Form 10-Q (quarterly)
 ·             Filing current reports on Form 8-K
 ·             Complying with US proxy requirements in connection with its annual shareholder
               meeting
 ·             Meeting shorter filing timelines for financial results applicable to large
               accelerated filers (40 days for quarterly reports and 60 days for annual
               reports)

 

As part of this transition, Burford's supplementary reporting documents will
also be streamlined. As noted above, a detailed earnings presentation will be
available when the financial results are released via Burford's investor
relations website and current report on Form 8-K. The press release associated
with Burford's quarterly financial results will serve solely as a reference to
the earnings call and detailed earnings presentation and no longer provide a
comprehensive disclosure of financial results.

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Americas: Josh Wood, Head of Investor Relations - email                       +1 212 516 5824
 (mailto:jwood@burfordcapital.com)
 EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations -          +44 (0)20 3530 2023
 email (mailto:rbailhache@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Senior Vice President, Public Relations - email             +1 212 516 5824
 (mailto:media@burfordcapital.com)

 Deutsche Numis - NOMAD and Joint Broker                                       +44 (0)20 7260 1000
 Giles Rolls
 Charlie Farquhar

 Jefferies International Limited - Joint Broker                                +44 (0)20 7029 8000
 Graham Davidson
 James Umbers

 Berenberg - Joint Broker                                                      +44 (0)20 3207 7800
 Toby Flaux
 James Thompson
 Yasmina Benchekroun

About Burford Capital

Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/) 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 and Hong Kong.

 

For more information, please visit www.burfordcapital.com
(http://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 that are forward-looking, 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 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, 2023 filed with the US Securities and Exchange
Commission on March 28, 2024 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.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NORPPUPCPUPAGRC