Welcome to our dedicated page for Burford Capital news (Ticker: BUR), a resource for investors and traders seeking the latest updates and insights on Burford Capital stock.
Burford Capital Limited (symbol: BUR) is a preeminent global finance and professional services firm with a singular focus on law. Listed on both the London Stock Exchange (LSE) and the New York Stock Exchange (NYSE), Burford has established itself as a trailblazer in the field of litigation finance, asset management, and legal advisory services. The company's core business revolves around providing capital to the legal industry, thereby facilitating the resolution of meritorious commercial disputes.
Burford's operations are segmented into two primary areas: Capital Provision and Asset Management and Other Services. The Capital Provision segment encompasses the direct funding of legal cases and investments in managed funds, while the Asset Management segment offers an array of services including litigation insurance, law firm lending, corporate intelligence, and judgment enforcement.
Over the years, Burford has secured over $500 million in capital commitments, aiding a diverse clientele that ranges from start-ups to major public corporations. Notably, Burford collaborates with more than half of the AmLaw 50 firms and many of the leading law firms in the UK. This extensive client reach underscores Burford's significant impact in legal finance and risk management.
Recent achievements for Burford include a landmark $16 billion judgment in a case against Argentina, emphasizing its prowess in high-stakes litigation finance. Additionally, Burford's inclusion in the Russell 3000® and 2000® Indexes marks its growing influence and recognition in the financial sector. The firm’s ongoing projects also involve innovative approaches to corporate finance solutions, as evidenced by a recent $325 million commitment with a Fortune 50 company.
Burford's comprehensive suite of services extends to risk transfer, asset recovery, and advisory activities, positioning it as a one-stop solution for legal finance needs. The company's strong financial health is reflected in its robust quarterly earnings and continuous expansion across key global markets including the United States, United Kingdom, Singapore, Hong Kong, China, and Australia.
With offices in major financial hubs such as New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney, and Hong Kong, Burford maintains a global footprint that enables it to serve clients effectively across different jurisdictions. As a publicly traded entity, Burford remains committed to transparency and stringent regulatory compliance, ensuring sustained growth and shareholder value.
Burford Capital, the leading global finance and asset management firm focused on law, celebrates its 15th anniversary. In just 15 years, Burford has grown from a $130 million investment fund to a $7.4 billion industry leader, with a 27x increase in market capitalization. The company has announced several key appointments and additions to its team:
1. Aviva Will appointed as President, focusing on high-value, client-facing activities.
2. David Perla appointed as Vice Chair, focusing on Marketing, Public Policy, Industry Affairs, and Public Relations.
3. Several senior professionals added from top global corporations and law firms, including Andrew Farthing, Carrie Tendler, Josh Reed, Kate Tellez, Florencia Villaggi, Josh Wood, and Nicholas Sinigaglia.
These appointments reflect Burford's commitment to growing talent from within and attracting experienced senior professionals as it continues to expand its global relationships and evolve towards complex financings with sophisticated corporate counterparties.
Burford Capital (BUR), a leading global finance and asset management firm focused on law, has announced the results of its extraordinary general meeting (EGM) held on August 20, 2024. All proposed resolutions were approved by shareholders, including:
1. Appointment of KPMG LLP as external auditor (143,284,414 votes for)
2. Authorization for directors to agree on auditor remuneration (143,285,180 votes for)
3. Adoption of new articles of incorporation (141,847,412 votes for)
The special resolution to adopt new articles of incorporation received 231,013 votes against and 1,222,991 votes withheld. This EGM outcome demonstrates strong shareholder support for Burford Capital's proposed changes and governance structure.
Burford Capital reported its unaudited financial results for Q2 and H1 2024.
Key Highlights:
- Total revenues rose by 217% YoY to $137 million in Q2 2024.
- Capital provision income increased by 237% YoY to $119 million in Q2.
- Net realized gains in H1 grew by 36% to $128 million.
- Total operating expenses in Q2 decreased by 14% to $37 million.
- Net income for Q2 was $53.7 million, a significant improvement from a loss of $21.5 million in Q2 2023.
- Book value per share remained stable at $10.50.
- Decline in YTD revenue by 52% due to prior year's gains from a case win.
The company highlighted improved liquidity, with cash and cash equivalents increasing by 78% to $350 million. An interim dividend of 6.25¢ per share was declared, payable on December 5, 2024.
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 (BUR), a leading global finance and asset management firm focused on law, has announced the release date for its 2Q24 financial results. The company will disclose its financial results for the three and six months ended June 30, 2024, on Thursday, August 8, 2024, at 7:00am EDT / 12:00pm BST.
A conference call for investors and analysts will be held on the same day at 10:00am EDT / 3:00pm BST. Participants are encouraged to dial in by 9:40am EDT / 2:40pm BST to avoid delays. A live webcast of the call will be available, and pre-registration is recommended. An accompanying 2Q24 results presentation will be accessible on Burford's website prior to the call.
Burford Capital has announced an extraordinary general meeting (EGM) scheduled for August 20, 2024, at 1:30 p.m. BST in Guernsey. The EGM aims to approve KPMG LLP's appointment as the company's independent registered public accounting firm and authorize the board to agree on their remuneration. Additionally, Burford proposes amendments to its articles of incorporation to align with US market norms, anticipating a change to full US issuer status this year.
The Notice of EGM, detailing proposed resolutions and voting procedures, is available on Burford's website. Due to the company's dual listing on the NYSE and LSE, final voting results are expected to be announced on August 23, 2024. The proposed amendments to the articles of incorporation are summarized in the Notice of EGM, with a full redline comparison available on the company's website.
Burford Capital (BUR) has announced its upcoming Extraordinary General Meeting (EGM) scheduled for August 20, 2024, at 1:30 p.m. BST in Guernsey. The EGM agenda includes approving KPMG LLP as the company's independent registered public accounting firm and proposing amendments to Burford's articles of incorporation to align with US market norms. This move anticipates Burford's transition to full US issuer status later this year.
The Notice of EGM, detailing proposed resolutions and voting procedures, is available on Burford's website. Due to the company's dual listing on NYSE and LSE, final voting results are expected to be announced on August 23, 2024. The proposed amendments to the articles of incorporation are summarized in the Notice of EGM, with a full redline comparison available on the company's website.
On July 1, 2024, Burford Capital's audit committee approved the appointment of KPMG LLP as the new independent auditor, with ratification from the Board of Directors. KPMG will audit Burford's financial statements for the fiscal year ending December 31, 2024, replacing Ernst & Young LLP, which has served since 2010. This change aligns with shareholder feedback and best practices in the UK market, despite no mandatory rotation requirement. The transition to KPMG awaits shareholder ratification at an upcoming extraordinary general meeting. Ernst & Young's reports for the past two financial years contained no adverse opinions or disagreements. However, material weaknesses in internal controls were identified and are being addressed.
On June 28, 2024, Burford Capital announced the issuance of 24,909 new ordinary shares under its 2016 Long Term Incentive Plan (LTIP) to satisfy vested restricted stock units. These shares, issued on June 26, 2024, will be listed on both AIM market of the London Stock Exchange and the New York Stock Exchange, with trading expected to begin on July 4, 2024. Following this issuance, Burford's total issued ordinary share capital will be 220,082,694, with 669,947 shares held in treasury, leading to 219,412,747 voting shares. Additionally, Burford's recent annual compensation review resulted in the adjustment and reduction of previously awarded, unvested shares by 32,043 for both its CEO, Christopher Bogart, and CIO, Jonathan Molot.
Burford Capital, a leading global finance and asset management firm, announced on June 21, 2024, that effective June 18, 2024, key executives including CEO Christopher Bogart, CIO Jonathan Molot, and Co-COOs Aviva Will and David Perla received an aggregate of 202,018 shares of Burford's ordinary stock. These distributions followed the executives' original investments in notional shares as part of the Deferred Compensation Plan (DCP) made during March and April 2022. Additionally, Burford issued a total of 208,691 new shares to be admitted to trading on the AIM market of the London Stock Exchange and the NYSE, effective June 28, 2024. The new issuance brings Burford's total ordinary share capital to 220,057,785, with 219,387,838 shares having voting rights.
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