Completion of IPO and Commenc

RNS Number : 1235B

Burford Capital

21 October 2009

 



21 October 2009

Burford Capital Announces Completion of IPO and Commencement of Trading

Burford Capital Limited ("Burford Capital" or the "Company"), the commercial dispute investor, today announces the successful completion of its IPO and admission of its 80 million ordinary shares to the AIM Market of the London Stock Exchange plc ("Admission"). Unconditional dealing in its shares will commence at 8.00am this morning.  

Burford Capital's ticker symbol is BUR. Fox-Pitt, Kelton Limited is acting as Nominated Adviser and Broker to the Company. Execution Limited acted as Co-Lead Manager on the IPO.

For further information, please contact:

Fox-Pitt, Kelton Limited

Marc Milmo                                 [phone]

Jonny Franklin-Adams            [phone]

Financial Dynamics

Rob Bailhache                            [phone]

Nick Henderson                        [phone]

www.burfordcapital.com

Notes to Editors

• Burford Capital's strategy is to create and manage a portfolio of commercial dispute financing investments diversified by duration, claim type, geography and a number of other variables, with the aim of providing shareholders with attractive levels of dividends and capital growth. The Company expects returns to be uncorrelated to general equity market performance. 

• In the short term, the Company intends to focus on commercial disputes in the United States and on international arbitration matters; in the medium term, the Company may expand its focus to other attractive and suitable jurisdictions.

• In the absence of unforeseen circumstances, the Company anticipates that the net proceeds of the IPO should be fully invested (or committed to be invested) within 18 to 24 months of Admission.

• Burford Group Limited (the "Investment Adviser") will act as Investment Adviser to the Company. The principals of the Investment Adviser are Christopher Bogart and Selvyn Seidel. Mr. Seidel has 40 years of experience as a practising litigator and chaired a variety of litigation and arbitration activities and cases for one of the largest law firms in the world. Mr. Bogart has been a practising litigator, the general counsel of a Fortune 50 corporation managing a portfolio of litigation, and an investment manager.

• The Company is chaired by Sir Peter Middleton, former Group Chairman and Group Chief Executive of Barclays Bank plc. Sir Peter is currently UK Chairman of Marsh & McLennan Companies, Chairman of Camelot Group plc and Chairman of the Centre for Effective Dispute Resolution, and also chaired a review of Civil Justice for the Blair Government.

Neither this announcement nor its distribution to any person (i) constitutes or forms part of any offer or invitation to sell or issue or purchase or subscribe for any shares or other securities in the Company or (ii) may be relied on for the purpose of any contract for the acquisition of any such shares or securities. Neither this announcement, nor any copy of it, may be taken or transmitted into the United States, Canada, Australia, Japan or South Africa (save pursuant to a relevant exemption from applicable securities laws, if any) or into any jurisdiction where doing so would be unlawful. Any failure to comply with this restriction may constitute a violation of relevant local securities laws.

The securities referred to in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended ("the US Securities Act") or under the securities laws of any State of or other jurisdiction within the United States, and, subject to certain exceptions, no shares or other securities of the Company may be offered or sold, resold or delivered, directly or indirectly, in or into the United States, or to, or for the account or benefit of, any US persons (as defined in Regulation S under the US Securities Act). No action will be taken in relation to any other jurisdiction to register or qualify any such shares or securities for offer and sale in or into that jurisdiction, and no offer and sale of any such shares or securities will be made in any jurisdiction where any such action would be required.

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