REG - Burford Capital Ltd - Transaction in Own Shares

Burford CapitalAnnouncement

19/09/2023 13:30

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RNS Number : 9532M  Burford Capital Limited  19 September 2023

 

 

19 September 2023

 

 

INTENDED PURCHASES OF ORDINARY SHARES IN CONNECTION WITH LTIP

 

Burford Capital Limited (the "Company"), the leading global finance and asset
management firm focused on law, today announces a further share repurchase
programme for the Company's ordinary shares, no par value per share ("Ordinary
Shares") with authorization to repurchase up to a maximum aggregate amount of
£4.0 million (the "Programme") in connection with forthcoming vesting of
restricted stock units ("RSUs") under the Burford Capital 2016 Long Term
Incentive Plan (the "LTIP").  It has generally been the Company's practice to
purchase Ordinary Shares in the market in connection with the delivery of
vested RSUs under the LTIP.

 

About the Programme

 

·    The Programme will be financed through existing cash resources.

·    The Company has appointed Numis Securities Limited ("Numis") to
independently manage the Programme to repurchase Ordinary Shares on its behalf
and within certain defined parameters.

·    Any purchase of Ordinary Shares will be carried out on AIM, a market
operated by the London Stock Exchange.

·    The aggregate number of Ordinary Shares acquired by the Company
pursuant to the Programme shall not exceed the maximum number of Ordinary
Shares which the Company is authorized to acquire pursuant to the authority to
acquire up to a maximum of 21,895,271 Ordinary Shares as obtained at the
Company's annual general meeting held on July 5, 2023 (the "General
Authority").

·    In accordance with the General Authority, the maximum price paid per
Ordinary Share acquired by the Company pursuant to the Programme is to be no
more than the higher of:

o  105% of the average of the middle market quotations for the five business
days immediately preceding the day on which Ordinary Shares are contracted to
be acquired; and

o  the higher of the price of the last independent trade and the highest
current independent purchase bid for Ordinary Shares on the trading venue
where the acquisition is carried out.

·    The Programme will commence on the date of this announcement and will
continue until the earlier of (i) the expiration of the General Authority and
(ii) until the maximum pecuniary amount has been purchased under the
Programme.

·    Ordinary Shares acquired pursuant to the Programme will be initially
held by the Company in treasury and, at the Company's sole discretion, may
subsequently be used in connection with the employees' share schemes or
directors' award plans, as the case may be. Shares held in treasury are not
entitled to dividends and have no voting rights at the Company's annual
general meetings.

·    Acquisitions of Ordinary Shares pursuant to the Programme will take
place in open market transactions and may be made from time to time depending
on market conditions, share price and trading volume.

·    The Programme will operate in accordance with and under the terms of
the General Authority and the parameters of the Market Abuse Regulation
596/2014 and Commission Delegated Regulation (EU) 2016/1052 (in each case as
they form part of UK law pursuant to the European Union (Withdrawal) Act
2018).

·    As of September 19, 2023, the Company's total issued share capital
consisted of 219,049,877 Ordinary Shares, with one voting right per share. The
Company holds 89,947 Ordinary Shares in treasury. Therefore, the total number
of voting rights in the Company as of September 19, 2023 was 218,959,930.

·    Daily announcements will be made as soon as practicable after each
purchase of Ordinary Shares pursuant to the Programme, and upon completion of
the Programme.

 

 

For further information, please contact:

 

 Burford Capital Limited
 For investor and analyst inquiries:
 Robert Bailhache, Head of Investor Relations, EMEA and Asia - email  +44 (0)20 3530 2023
 (mailto:rbailhache@burfordcapital.com)
 Jim Ballan, Head of Investor Relations, Americas - email             +1 (646) 793 9176
 (mailto:JBallan@burfordcapital.com)
 For press inquiries:
 David Helfenbein, Vice President, Public Relations - email           +1 (212) 235 6824
 (mailto:dhelfenbein@burfordcapital.com)

 Numis Securities Limited - 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
 Tony White

 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, Sydney 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, 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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