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Overview of Burford Capital Ltd
Burford Capital Ltd (symbol: BUR) is a global finance and asset management firm with a specialized focus on legal finance, litigation finance, and risk management. The company transforms legal claims into valuable assets by providing innovative financing solutions to litigants and law firms. Its services enable clients to secure capital for commercial disputes, ensuring that meritorious cases can be pursued based solely on their merits.
Business Model and Core Services
Burford Capital operates through two primary segments that reflect its diverse expertise:
- Principal Finance: This segment involves deploying capital from the company’s balance sheet to fund legal finance assets. It supports legal claims through structured financial products and capital provision assets. This approach allows the firm to directly engage in litigation finance while managing risk and optimizing capital allocation.
- Asset Management and Other Services: This segment encompasses advisory services, law firm lending, litigation insurance, corporate intelligence, judgment enforcement, and other related legal finance activities. Through these offerings, Burford Capital provides a wide array of solutions that help mitigate financial risk and unlock cash flow opportunities for its clients.
Industry Position and Market Presence
Burford Capital is recognized for its innovative approach in the legal finance space. By treating legal claims as assets, the company has positioned itself as a pioneer in a field often described as a "game-changer" by industry commentators. Its client base spans across the globe, including major corporations, high-profile law firms, and financial institutions. With operations in strategic markets such as the United States, United Kingdom, Singapore, Hong Kong, China, and Australia, Burford Capital effectively leverages its international presence to serve a diverse range of clients.
Diversification and Risk Management
The firm’s diversified portfolio includes litigation finance, insurance and risk transfer, law firm lending, asset recovery, and a broad suite of legal finance and advisory activities. This diversified business model helps manage risk through multiple revenue streams and strategic asset allocation. By integrating robust risk management frameworks, Burford Capital ensures that financial resources are deployed efficiently and that clients receive comprehensive support across various legal and financial challenges.
Operational Excellence and Expertise
Burford Capital’s operations are underpinned by deep industry expertise and a commitment to transparency. The company employs a precise and measured approach to financing legal claims, supporting its reputation as a reliable partner in complex commercial disputes. Its financial and advisory services are designed to provide clear value-addition by shifting legal expenses away from operational budgets, thus enabling more effective capital management.
Competitive Landscape
Operating in a niche yet rapidly evolving market, Burford Capital faces competition from both traditional financial institutions and emerging legal finance specialists. The company differentiates itself through its extensive experience, a diversified service offering, and a strategic focus on treating legal claims as investable assets. These factors enable Burford Capital to maintain a competitive edge in the global legal finance arena.
Clientele and Global Reach
Burford Capital’s clientele ranges from startups and growing companies to large public corporations and premier law firms, including collaborations with notable industry groups such as the majority of top-tier law firms in the United Kingdom and many in the United States. Its global offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney, and Hong Kong allow the firm to serve a geographically diverse and sophisticated market effectively.
Conclusion
In summary, Burford Capital Ltd exemplifies a sophisticated integration of financial acumen with legal expertise. Its innovative business model not only provides capital solutions for litigation and legal disputes but also reinforces a robust risk management framework that adapts to the evolving needs of its global clientele. The company’s approach to converting legal claims into liquid financial assets continues to set industry benchmarks, making it a pivotal player in the legal finance sector.
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.
Burford Capital's latest Burford Quarterly highlights key economic and business trends impacting commercial disputes across various industries. Notably, the US healthcare sector sees increased consolidation and rising costs, leading to major disputes. The journal features expert insights on construction disputes, with a focus on megaprojects and AI challenges. Additionally, the impact of the Unified Patent Court in Europe is discussed, showcasing its influence on IP litigation. Judges at a recent conference argue against mandatory financial disclosure for legal finance, emphasizing its potential inefficiency. Co-COO David Perla underscores the comprehensive analysis of these industry-specific trends.
Burford Capital, a leading global finance and asset management firm focused on law, announced the completion of open market purchases of 19,285 shares to satisfy non-employee directors' awards. These shares were acquired on June 4, 2024, at an average price of 1129.2549p per share. Additionally, shares were granted to several current and former non-employee directors under the 2021 Non-Employee Directors' Share Plan as compensation for their services. Notable grants include Rukia Baruti (2,467 shares), Pamela Corrie (2,352 shares), Robert Gillespie (2,467 shares), Christopher Halmy (4,246 shares), John Sievwright (5,803 shares), and Hugh Steven Wilson (1,950 shares).
Burford Capital, a global finance and asset management firm specializing in law, announced the planned purchase of 19,285 of its ordinary shares on the London Stock Exchange to fulfill awards to non-employee directors under the 2021 Non-Employee Directors' Share Plan.
Numis Securities, trading as Deutsche Numis, will handle the acquisition, valued at approximately £212,135, based on average closing prices from May 29 to May 31, 2024. A follow-up announcement will be made once the purchases are complete.
Burford Capital, a global finance firm focused on law, is set to join the Russell 3000® and Russell 2000® Indexes after the US market opens on July 1, 2024. This marks the first entry of a legal finance firm into these indexes. Legal finance, an emerging asset class, is generally uncorrelated to market conditions. Burford's inclusion underscores its growth with investors and clients, including Fortune 500 companies. Celebrating its 15th anniversary in October 2024, Burford boasts a multi-billion dollar portfolio. In 2023, a Burford-funded case yielded a $16 billion judgment, the largest in the history of the US District Court for the Southern District of New York. CEO Christopher Bogart highlighted the growing demand for legal finance and a recent $325 million commitment with a Fortune 50 company. Russell indexes, benchmarked by $10.5 trillion in assets, are important for investment managers and institutional investors.
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