REG - Burford Capital Ltd - Update & Release Date for 2Q23 Results

Burford CapitalAnnouncement

26/06/2023 14:15

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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, 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
 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
(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 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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