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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Burford Capital Limited | BUR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -4.00 | -0.39% | 1,023.00 | 16:35:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 980.00 | 980.00 | 1,038.00 | 1,023.00 | 1,027.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 08/08/2024 | Interim | USD | 0.0625 | 01/11/2024 | 01/11/2024 | 05/12/2024 |
| 14/03/2024 | Final | USD | 0.0625 | 23/05/2024 | 24/05/2024 | 14/06/2024 |
| 13/09/2023 | Interim | USD | 0.0625 | 09/11/2023 | 10/11/2023 | 07/12/2023 |
| 13/03/2023 | Final | USD | 0.0625 | 25/05/2023 | 26/05/2023 | 16/06/2023 |
| 09/08/2022 | Interim | USD | 0.0625 | 03/11/2022 | 04/11/2022 | 01/12/2022 |
| 29/03/2022 | Final | GBP | 0.049544 | 26/05/2022 | 27/05/2022 | 17/06/2022 |
| 08/09/2021 | Interim | GBP | 0.046663 | 11/11/2021 | 12/11/2021 | 02/12/2021 |
| 17/02/2021 | Final | USD | 0.125 | 27/05/2021 | 28/05/2021 | 18/06/2021 |
| Top Posts |
|---|
Posted at 07/1/2025 18:52 by rider75 Or compare the BUR chart with YPF chart... |
Posted at 20/12/2024 10:49 by lomax99 Moneyweek today:Profit from righting a wrong In 2025 we should see the outcome of Burford Capital’s (LSE:BUR) litigation-funded court case against the Argentinian government, says Bruce Packard. The case dates back to the expropriation (theft) of YPF, the energy company, from investors. In September 2023 Judge Preska in New York awarded $16.1bn in damages to the plaintiff’s, of which Burford’s share could be $6.3bn (£5.3bn or £23 per share). That compares with a current market value of $3bn (£2.45bn or 1,060p per share) carried on Burford’s balance sheet. After BUR’s win in September, Argentina filed an appeal; a decision is likely in 2025. BUR expects a negotiated result at under 100% of the judgement value, but the stock price implies either that the case will be lost on appeal or that Burford won’t be able to enforce the judgement of a US court on a sovereign state. The firm also enjoyed a record quarter in 2024, generating cash receipts of $310m. Realisations from the core portfolio of disputes doubled year on year to $165m. Burford is a share that investors struggle to value: the price peaked at £20 per share in 2018 before slumping when Muddy Waters, the short seller, questioned the group’s fair value accounting write-ups for court cases such as the YPF dispute. Even if BUR doesn’t receive the full £23 per share from Argentina, a judgement in its favour and enforcement should validate its litigation-finance business model. |
Posted at 07/11/2024 12:07 by somerset lad Now have a BUR RNS on YPF.Also worth reposting post 26367 from 10 September as last night's news was neither a surprise nor particularly significant IMO: "I've never been very keen on the turnover motion because if BUR wins and ARG refuses to turn over the shares how can the US courts sensibly respond to the breach of the court order? And if BUR wins and (hypothetically) ARG turns over the shares, what move will ARG then make -- I'd imagine revoking licences, taxing profits at 99% or similar leaving BUR with nothing worth having or capable of sale. So the turnover motion has always seemed to me to be about hassling ARG into coming to the table. The DOJ's decision to consider whether to intervene presumably reflects ARG lobbying which, in turn, must reflect an ARG belief that they are otherwise (at least quite) likely to lose the turnover application. As a Judge I'd be a bit frustrated at the state coming in so late in the process, only indicating that it was considering intervening (rather than applying to actually intervene), and requesting 2 months to come to a conclusion. In her shoes I'd nevertheless accede to the request (don't want the Courts and State in major tension), but would press on with the alter ego applications (where there's no problem with international comity - if the aircraft or the bank account is in the US, the Court can order its seizure). From BUR's perspective, keeping the turnover motion in suspense is no bad thing (given that its purpose, in my view, is simply to hassle ARG, rather than to take delivery of the shares). In terms of getting ARG to the table, we await the ruling from the Court of Appeals. Whilst ARG has presumably been advised that the prospects of success are very low (evidenced by Milei's statements earlier in his Presidency), the opposition seem unwilling to acquiesce in a settlement whilst there remains a prospect of overturning the main judgment." |
Posted at 10/9/2024 07:57 by somerset lad I've never been very keen on the turnover motion because if BUR wins and ARG refuses to turn over the shares how can the US courts sensibly respond to the breach of the court order? And if BUR wins and (hypothetically) ARG turns over the shares, what move will ARG then make -- I'd imagine revoking licences, taxing profits at 99% or similar leaving BUR with nothing worth having or capable of sale. So the turnover motion has always seemed to me to be about hassling ARG into coming to the table.The DOJ's decision to consider whether to intervene presumably reflects ARG lobbying which, in turn, must reflect an ARG belief that they are otherwise (at least quite) likely to lose the turnover application. As a Judge I'd be a bit frustrated at the state coming in so late in the process, only indicating that it was considering intervening (rather than applying to actually intervene), and requesting 2 months to come to a conclusion. In her shoes I'd nevertheless accede to the request (don't want the Courts and State in major tension), but would press on with the alter ego applications (where there's no problem with international comity - if the aircraft or the bank account is in the US, the Court can order its seizure). From BUR's perspective, keeping the turnover motion in suspense is no bad thing (given that its purpose, in my view, is simply to hassle ARG, rather than to take delivery of the shares). In terms of getting ARG to the table, we await the ruling from the Court of Appeals. Whilst ARG has presumably been advised that the prospects of success are very low (evidenced by Milei's statements earlier in his Presidency), the opposition seem unwilling to acquiesce in a settlement whilst there remains a prospect of overturning the main judgment. |
Posted at 22/8/2024 11:55 by tomtrudgian Almost certainly no special dividend, hTnt99. Burford Capital first have to win the appeal, which many think likely, but then must COLLECT. Collection may be in every conceivable manner, but it will not be in cash or soon.Why no special dividend? From 1st Jan 2025 Burford Capital will be a US domestic issuing company. Thereafter their agent’s must deduct US withholding tax (15% in the UK, but variable) from dividends to foreign shareholders. This can be offset only against taxpayer’s unearned income, in jurisdictions including the UK. In addition there always remains the general point that dividends are expensive for companies who pay agents to calculate and distribute dividends in different currencies and tax rates. Further, dividends are never allowable against company tax, unlike the alternatives: eg interest on bonds, debentures, loans, accruals etc. The future? If “collection |
Posted at 06/8/2024 09:17 by tomtrudgian Burford US shareholders now consist, much later than anticipated, of over 50% of shareholders outside the US. So, effective 1 Jan 25 BUR will become a US domestic issuer. What does this mean for UK shareholders? Quite a lot:1/ Audited accounts calculated according to the globally more common International Financial Reporting Standards (IFRS) will no longer be produced. Audited accounts will continue, but only according the US Generally Accepted Accounting Principals (GAAP). 2/ That will mean quarterly results, already produced with three quarters unaudited, are now compulsory. Slightly less fair valuing of assets, and less emphasis on accruals and more on cash, both either way. 3/ It may also mean following standard US practices for example: Much reduced dividends, the ending of Trading Updates, and the imposition of US 15% (variable) dividend withholding tax. Probably BUR’s place of incorporation changing from Guernsey to the US, and a greater effect on the sterling share price caused by US events and the dollar exchange rate. BUR have long believed that the overall effect will be an increase in the share price. About time, some may think. |
Posted at 28/5/2024 16:11 by extrader Also from SebBurford @BurfordCapital · 41m Burford Capital is expected to join the broad-market Russell 3000® and small-cap Russell 2000® Indexes. Click to read the release. hxxps://burfordcapit #legalfinance #litigationfunding #BurfordCapital I'm somewhat surprised that BUR doesn't appear to have released this news to its UK-based shareholders ... GLA |
Posted at 05/5/2024 16:10 by extrader Hat tip to BlueWileyGreenhaven Road Capital shareholder update From hxxps://www.greenhav Burford (BUR) - As the ancient Greeks said, "The wheels of justice turn slowly, but grind exceedingly fine." As a litigation financer, Burford has funded a large portfolio of legal cases that are working their way through the legal process. Their largest "holding" is a judgement against Argentina related to the YPF case, for which Burford is in charge of pursuing the payout. If Burford were to collect the full $6.2B (not including post-judgement interest accruing at ~5% per year), this windfall would be worth $28 per share. To be clear, especially given Argentina's history in cases of this type, it is my expectation that Burford will take a haircut in a negotiated settlement. Interestingly, Burford's CIO Jonothan Molot appears on the visitor logs for senior Argentinian officials (hxxps://audiencias. at least they are talking. While the YPF judgment is a massive asset for Burford, it is far from the only case that should start gaining more traction in the near term. Despite receiving $242M of proceeds from $135M of pre-2020 vintage deployments in 2023, Burford still has ~$782M of deployments remaining in that vintage that we should start seeing flow through the P&L in the form of realizations as courts are now fully re-opened and cases delayed by the pandemic conclude. Similar to the inevitable growth of KKR, excluding a change of law limiting litigation finance, I believe that Burford should continue to grow because of corporate manager incentives. They are solving two problems, particularly for public companies. First, legal cases are a drain on current year P&L. Thus, if a CEO or CFO wants to preserve this year's earnings, they can have Burford pay the legal expenses, resulting in "found money?" It is easy to see a CEO hugging the General Counsel and CFO when they tell him/her that they found the money to "save" the year simply by partnering with Burford. The second problem is that the market does not generally attribute value to pending legal cases, and GAAP accounting does not help. However, if you sell a portion of the potential outcome to Burford for cash, the market does value that. Want to "strengthen" your balance sheet, at least optically, for the market or lenders? Sell a part of your case to Burford. One Fortune 50 company partnered with Burford last year for a $325M commitment to their case. Right now, Burford is the only funder with that scale. CEOs, CFOs, and General Counsels like collecting bonuses. If that means giving up some future economics to Burford, which is playing the justice-turns-slowly game, so be it. With these dynamics, I think demand will grow. Ultimately, shareholder returns will come down to Burford's case-selection abilities, which historically have been outstanding. Since inception, only 8% of deployments have gone to adjudication and lost, resulting in a ~85% loss of capital to those line items. In contrast, 73% of deployments reached a settlement returning an average of 58% (23% IRR), and the remaining 19% reached a winning adjudication returning an average of 247% (49% IRR). Time will tell if these high returns continue, but there is a lot of upside potential that is not being priced into shares today. The CEO seems to agree with his recent $5M purchase. ATB |
Posted at 22/2/2024 18:21 by tail_risk From Greenhaven Road Q4 Letter:Burford (BUR) The litigation finance company is by definition "playing the long game" as their average case takes almost three years from funding to resolution, but many take significantly longer. As a result, earnings in three years really are being driven by the investments being made today. The two senior managers of Burford each own more than $100M worth of stock. They are building an asset management business. Two of management's priorities with long-term implications are to continue to build out both their data science infrastructure Burford believes that they have the best proprietary data on legal settlements, which improves their case underwriting and thus long-term returns and their customer base. Historically, the "deal pipeline" of cases came from law firms looking to get their legal work paid for by Burford so that clients were more likely to pursue their cases. Increasingly, large companies are coming to Burford with cases as a case financed by Burford allows management to pursue a case without hurting current year earnings and their current year bonuses. Burford is currently working with 2 Fortune 50 companies. Working directly with corporates is going to be important for continuing to grow the litigation financing business. Like the rest of Burford's investor base, I am paying attention to their Argentina YPF case because if and when they can collect their judgement the potential proceeds exceed the market capitalization of the company. The developments with the new Argentinian president are incrementally positive for Burford. We are also tracking several other material cases, including Sysco, and any indications of continued progress on the corporate front. As discussed in our investor presentation (to investors only) that accompanied our last letter, Burford's business is one where power laws can come into play. In general, they earn good returns on average for "meat and potatoes" type cases but have the potential to earn incredible returns on a smaller basket of cases which can have outsized impacts on business valuation. |
Posted at 29/10/2023 16:22 by three black crows TOP HOLDINGSIn addition to PAR, our other top holdings include Burford Capital (BUR), KKR, APi Group (APG), and Cellebrite (CLBT):Burford Capital (BUR): Burford is a litigation funder that funds legal cases for a portion of the proceeds. The company's downside is limited to the cost of funding a lawsuit, and their upside is limited only by the size of the settlement or jury award. Burford's most successful investment to date has been YPF, where they funded a case against the government of Argentina, which privatized the YPF oil company without providing compensation to shareholders. During the third quarter, a judge in New York ruled in favor of Burford and other YPF claimants in every way possible. Burford's share of the verdict is $6.2B and accruing interest at over $300M per year. This is quite significant relative to Burford's $3B market capitalization, though the market is discounting the award because Argentina has a history of trying to avoid paying.In my opinion, if Burford is going to be successful, a few massive cases like YPF will drive a significant portion of the returns. In venture capital, this dynamic is referred to as Power Law. As the investor Peter Thiel said, the "biggest secret in venture capital is that the best investment in a successful fund equals or outperforms the entire rest of the fund combined." On paper, this has been the case with YPF where Burford has invested a total of $35M to date. Yes, on paper that is a 177 bagger. Burford already sold $7M of their investment for $236M, or more than a 30 bagger. It is likely that Burford will take a discount to collect their $6.2B YPF judgement but, given that their basis is only $28M whatever the discount, the returns should be eye-popping.Over the course of the summer, we spent significant energy looking at other cases that Burford has funded. The company is intentionally opaque and will not discuss individual cases for many reasons, including confidentiality. However, after sifting through thousands of pages of court documents (via the public access resource PACER), Burford presentations, SEC filings, and news media accounts, there is reason to believe that Burford has line of sight to another multibillion-dollar award where collectability is far less of an issue than with YPF. Given the multiple sources and triangulation involved, the presentation of our analysis is far more suited to PowerPoint than a quarterly letter. We will email the presentation to all limited partners next week, but for now, rest assured I believe Burford is worth far more than the $13 per share Mr. Market has ascribed to it |
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