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 Limited provided an update on its 2022 business activity, highlighting over $300 million in cash receipts and a significant increase in portfolio activity as courts resumed operations. The company reported Burford-only capital provision-direct realizations up 33% to $350 million and a record $1.2 billion in new commitments. Notable outcomes included a $90 million settlement and a potential $400 million in proceeds from appellate resolutions. Despite strong performance, Burford is revising its fair value methodology, which could lead to material changes in its financial statements. An interim dividend of 6.25¢ per share is set for June 2023.
Burford Capital announced plans to purchase up to 400,000 ordinary shares to satisfy awards under its 2016 Long Term Incentive Plan. The expected market value of this purchase is approximately £2,804,000, based on the closing price on the London Stock Exchange's AIM as of December 7, 2022. The share buyback will be requested from the trustee of the Burford Capital Employee Benefit Trust and will occur on the open market by December 31, 2022. An announcement will follow upon completion of the purchase.
Burford Capital Limited has appointed Berenberg as its Joint Corporate Broker, effective immediately. This addition enhances Burford's advisory capabilities alongside existing brokers Numis Securities and Jefferies International. Burford Capital focuses on law-related finance and asset management, operating globally with offices in key financial centers. The appointment aims to strengthen Burford’s market presence and shareholder value.
Burford Capital Limited has announced its 2022 interim dividend of 6.25 US cents per share, set to be paid on December 1, 2022, for shareholders recorded by November 4, 2022. For those opting for Sterling, the dividend converts to 5.542254 pence per share, based on an exchange rate of £1 = US$1.1277. This highlights Burford's commitment to returning value to shareholders amidst its legal financing operations.
Burford Capital has appointed Jordan Licht as its new Chief Financial Officer, transitioning from his role as COO at Caliber Home Loans. Licht's extensive experience includes significant positions at Morgan Stanley and consulting at Diamond Consulting. He aims to enhance Burford's finance function as the firm completes its transition to a full US SEC-registered issuer. Licht replaces Ken Brause, who will act as a Senior Advisor during the transition. CEO Christopher Bogart expressed confidence in Licht's capabilities to advance the company's finance structure.
Burford Capital Limited will disclose its interim results for the six months ended June 30, 2022, on August 9, 2022, at 7.00am EDT. A conference call for investors and analysts is scheduled for the same day at 10.00am EDT. Investors can pre-register for the call through the provided link to ensure dedicated access. An interim results presentation will be available on Burford's website on the same date. A replay facility will also be accessible until August 23, 2022.
Burford Capital announced that Andrea Muller, a non-executive director, purchased 10,000 ordinary shares between June 21 and June 23, 2022, for an average price of $8.88 per share on the New York Stock Exchange. This transaction follows the company's ongoing commitment to transparency in dealings by insiders. The notification is part of regulatory compliance for securities transactions by persons discharging managerial responsibilities.
Burford Capital announced the closing of $350 million for its Burford Alternative Income Fund II LP, focusing on post-settlement investments. This fund will support law firms and clients by monetizing legal receivables. In addition, Burford has raised over $1 billion in three months through a new bond issue and a pre-settlement fund. The investment period for BAIF II will last until September 11, 2025. CEO Christopher Bogart expressed satisfaction with the fund's launch, highlighting its importance in addressing payment delays in settlements.
Burford Capital Limited announced its plan to purchase ordinary shares worth approximately £160,000 to meet the awards for its non-employee directors. This initiative aims to buy up to 23,066 Shares based on recent average closing prices on the New York and London Stock Exchanges. The purchase will take place in the open market following this announcement. An update will be provided once the purchases are completed.
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