Burford Capital Announces Transition to US Domestic Issuer Status
Burford Capital , a leading global finance and asset management firm focused on law, has announced its transition to US domestic issuer status effective January 1, 2025. This change comes as US ownership of Burford's issued and outstanding ordinary shares exceeds 50% as of June 30, 2024. As a result, Burford will no longer qualify as a 'foreign private issuer' under the US Securities Act of 1934.
The transition requires Burford to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the SEC. Additionally, the company will need to comply with US proxy requirements and Regulation FD. This move is the culmination of over five years of planning, aimed at maximizing Burford's investability in the US public market. The company's ordinary shares will continue to be fully dual-listed on both the New York Stock Exchange and the London Stock Exchange.
Burford Capital, una delle principali società di finanza e gestione patrimoniale a livello globale specializzata nel settore legale, ha annunciato la sua transizione a status di emittente nazionale negli Stati Uniti a partire dal 1° gennaio 2025. Questo cambiamento avviene poiché la proprietà americana delle azioni ordinarie emesse e in circolazione di Burford supera il 50% a partire dal 30 giugno 2024. Di conseguenza, Burford non sarà più classificata come 'emittente privata straniera' ai sensi del Securities Act degli Stati Uniti del 1934.
La transizione richiede che Burford presenti rapporti annuali sul modulo 10-K, rapporti trimestrali sul modulo 10-Q e rapporti correnti sul modulo 8-K alla SEC. Inoltre, la società dovrà conformarsi ai requisiti di delega degli Stati Uniti e al Regolamento FD. Questa mossa rappresenta il culmine di oltre cinque anni di pianificazione, finalizzata a massimizzare l'attrattiva di Burford nel mercato pubblico statunitense. Le azioni ordinarie della società continueranno ad essere quotate in modo completamente doppio sia sulla Borsa di New York che sulla Borsa di Londra.
Burford Capital, una de las principales firmas globales de finanzas y gestión de activos centrada en el ámbito legal, ha anunciado su transición al estatus de emisor nacional en EE.UU. a partir del 1 de enero de 2025. Este cambio se produce porque la propiedad estadounidense de las acciones ordinarias emitidas y en circulación de Burford supera el 50% a partir del 30 de junio de 2024. Como resultado, Burford ya no calificará como 'emisor privado extranjero' bajo la Ley de Valores de EE.UU. de 1934.
La transición requiere que Burford presente informes anuales en el formulario 10-K, informes trimestrales en el formulario 10-Q y informes actuales en el formulario 8-K a la SEC. Además, la empresa deberá cumplir con los requisitos de poder de los EE.UU. y con la Regulación FD. Este movimiento es la culminación de más de cinco años de planificación, con el objetivo de maximizar la inversión de Burford en el mercado público estadounidense. Las acciones ordinarias de la empresa seguirán cotizando en ambas bolsas, la Bolsa de Nueva York y la Bolsa de Londres.
버포드 캐피탈(Burford Capital)은 법률 분야에 중점을 둔 세계적인 금융 및 자산 관리 회사로서 2025년 1월 1일부터 미국 국내 발행자 신분으로 전환한다고 발표했습니다. 이번 변화는 2024년 6월 30일 기준으로 버포드의 발행 및 유통 보통주에 대한 미국의 소유 비율이 50%를 초과함에 따라 발생합니다. 이로 인해 버포드는 미국 증권법 제1934호에 따른 '외국 사적 발행자'로 더 이상 분류되지 않게 됩니다.
이 전환은 버포드가 SEC에 연례 보고서(Form 10-K), 분기 보고서(Form 10-Q) 및 현재 보고서(Form 8-K)를 제출하도록 요구합니다. 또한, 회사는 미국의 위임 요구 사항 및 FD 규정을 준수해야 합니다. 이 조치는 미국 공공 시장 내 버포드의 투자 가치를 극대화하기 위한 5년 이상의 계획의 결실입니다. 회사의 보통주는 뉴욕증권거래소와 런던증권거래소에 계속해서 이중 상장됩니다.
Burford Capital, une société mondiale de premier plan dans le domaine de la finance et de la gestion d'actifs axée sur le droit, a annoncé sa transition vers le statut d'émetteur national américain à compter du 1er janvier 2025. Ce changement intervient alors que la teneur américaine des actions ordinaires émises et en circulation de Burford dépasse 50% au 30 juin 2024. En conséquence, Burford ne se qualifiera plus comme 'émetteur privé étranger' en vertu de la loi sur les valeurs mobilières américaine de 1934.
La transition nécessite que Burford soumette des rapports annuels sur le formulaire 10-K, des rapports trimestriels sur le formulaire 10-Q et des rapports actuels sur le formulaire 8-K à la SEC. De plus, la société devra se conformer aux exigences de procuration américaines et à la Réglementation FD. Ce mouvement est le résultat de plus de cinq ans de planification, visant à maximiser l'attractivité de Burford sur le marché public américain. Les actions ordinaires de la société continueront d'être intégralement cotées à la fois sur la Bourse de New York et sur la Bourse de Londres.
Burford Capital, ein führendes globales Finanz- und Vermögensverwaltungsunternehmen mit Schwerpunkt im Rechtsbereich, hat seine Umstellung auf den Status eines US-inländischen Emittenten angekündigt, die am 1. Januar 2025 wirksam wird. Diese Änderung tritt in Kraft, da der US-Anteil an den ausgegebenen und ausstehenden Stammaktien von Burford zum 30. Juni 2024 die 50%-Marke überschreitet. Infolgedessen wird Burford nicht mehr als 'ausländischer privater Emittent' gemäß dem US-Wertpapiergesetz von 1934 qualifiziert.
Die Umstellung erfordert, dass Burford jährliche Berichte auf Formular 10-K, vierteljährliche Berichte auf Formular 10-Q und aktuelle Berichte auf Formular 8-K bei der SEC einreicht. Darüber hinaus muss das Unternehmen die US-Proxy-Anforderungen und die Regelung FD einhalten. Dieser Schritt ist das Ergebnis von über fünf Jahren Planung, die darauf abzielt, Burfords Investierbarkeit im US-Öffentlichen Markt zu maximieren. Die Stammaktien des Unternehmens werden weiterhin vollständig dual gelistet an der New Yorker Börse und der Londoner Börse.
- Transition to US domestic issuer status may increase visibility and attract more US investors
- Continued dual-listing on NYSE and LSE maintains global market presence
- Inclusion in Russell 3000® and 2000® Indexes enhances market recognition
- Increased regulatory compliance requirements may lead to higher administrative costs
- More frequent reporting (quarterly instead of semi-annual) may increase operational burden
Insights
Burford Capital's transition to US domestic issuer status is a strategic move with significant implications. This change reflects the company's growing US investor base, now exceeding
Key impacts include:
- Increased transparency through more frequent reporting (quarterly vs. semi-annual)
- Greater regulatory oversight, potentially boosting investor confidence
- Improved access to US institutional investors, possibly leading to increased trading volume
Burford Capital's transition to US domestic issuer status carries significant legal and regulatory implications. The shift from foreign private issuer to domestic status will subject the company to more stringent disclosure requirements under the Securities Exchange Act of 1934. Key changes include:
- Filing more detailed and frequent reports (10-K, 10-Q, 8-K)
- Compliance with US proxy rules and Regulation FD
- Potential exposure to increased shareholder litigation risks
Burford Capital's transition to US domestic issuer status is a calculated market positioning move. This change, culminating from over five years of planning, signals Burford's strong commitment to the US market. Key observations:
- Adoption of US GAAP accounting standards enhances comparability with US peers
- Inclusion in Russell indexes increases visibility to index-tracking funds
- Maintained dual-listing preserves access to both US and UK investors
- Increased analyst coverage from US firms
- Improved stock liquidity and trading volumes
- Broader access to US-based institutional investors
This is the culmination of more than five years of planning and methodical steps towards this end result, which Burford believes maximizes its investability in the US public market, the world's largest. Along the way, after listing on the New York Stock Exchange in October 2020, Burford has implemented US generally accepted accounting principles, adopted a quarterly versus semi-annual reporting cadence and been added to the Russell 3000® and 2000® Indexes, among other interim steps leading to this outcome.
This development has no impact on the status of Burford's ordinary shares, which will continue to be fully dual-listed on both the New York Stock Exchange and the London Stock Exchange.
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
For more information, please visit 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.
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SOURCE Burford Capital
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