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BUR Burford Capital Limited

-21.00 (-1.95%)
Last Updated: 16:19:15
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Burford Capital Limited BUR London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-21.00 -1.95% 1,057.00 16:19:15
Open Price Low Price High Price Close Price Previous Close
1,078.00 1,054.00 1,080.00 1,078.00
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Industry Sector

Burford Capital BUR Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 11/6/2024 17:42 by chester9
From Zack'sInvestors in Burford Capital Limited BUR need to pay close attention to the stock based on moves in the options market lately. That is because the Sep 20, 2024 $2.50 Call had some of the highest implied volatility of all equity options today.What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.What do the Analysts Think?Clearly, options traders are pricing in a big move for Burford Capital shares, but what is the fundamental picture for the company? Currently, Burford Capital is a Zacks Rank #5 (Strong Sell) in the Financial - Miscellaneous Services industry that ranks in the Top 37% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of 46 cents per share to 39 cents in that period.Given the way analysts feel about Burford Capital right now, this huge implied volatility could mean there's a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Posted at 04/6/2024 20:52 by djderry
The Sysco case is getting messy.A judge in Minnesota has denied Bur and Sysco's attempt to substitute Bur as plaintiff in the pork and beef element of the price- fixing lawsuit,upholding an earlier decision,which contradicts the chicken case.
Reading the court document,I don't understand why there seems to be no reference to how we got here.The only reason Bur sought control is because Sysco,in complete contravention of the original contract,assigned parts of the claim to their suppliers which then meant their economic interest was changed/ compromised.I'm seeing no reference to this aspect of the case.
I can only hope there will be a further appeal.
Posted at 28/5/2024 17:11 by extrader
Also from Seb

Burford Capital is expected to join the broad-market Russell 3000® and small-cap Russell 2000® Indexes.

Click to read the release.


#legalfinance #litigationfunding #BurfordCapital

I'm somewhat surprised that BUR doesn't appear to have released this news to its UK-based shareholders ...

Posted at 05/5/2024 17:10 by extrader
Hat tip to BlueWiley

Greenhaven Road Capital shareholder update

From hxxps://

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


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.

Posted at 19/4/2024 20:08 by somerset lad
Seb has posted.

I don't think BUR really wants to take delivery of the expropriated YPF shares. Owning shares in a company in a jurisdiction whose legislature is potentially very hostile to you is a recipe for value destruction. But the application does, very neatly, put ARG's feet to the fire.

I suspect BUR was quite happy with Judge Preska's order to publish. If BUR were unhappy they would presumably have asked the Judge to delay the publication date to give them time to consider and pursue a possible appeal. BUR may well have felt that they needed to assert confidentiality for consistency with other applications they may make in future, where they really do want to keep the detail under wraps (to avoid tipping off e.g. other creditors who might want to go after the same assets).
Posted at 15/3/2024 16:04 by tomtrudgian
‘Presumably it’s been passed by the auditors’, says Extrader, referring I assume to the fair valuation of (Burford only, YPF only) Capital Provision Assets (CPAs). This was increased from US 823m in FY22 to 1.372 billion in FY23.

No audit. No P&L A/c or balance sheet etc was provided. Instead we got a ludicrously extensive unaudited ‘presentation’ including slides.

The US 549 million CPA asset increase (Burford only, YPF only) in fair value may well be justified or even modest, but it surely dwarfs the other metrics for 2023 so trumpeted in the BUR presentation.

No problem. We were told the Burford audited statutory accounts will be published with the Annual Report when submitted to the SEC within 30 days.`I do not expect any changes.

However Burford added that the audit report will be qualified. Due both to ‘material weakness’ in internal financial controls, and to a lack of documented evidence of assumptions in the fair valuing of CPAs. As to the latter the auditors are very probably just covering their backsides. However the use of the word ‘material̵7; is very unusual.

I remain a strong long term shareholder.
Posted at 15/3/2024 13:50 by lomax99
IC yesterday:

Stellar year for Burford Capital
Cash receipts are pouring in at the litigation funder

Burford Capital (BUR) has had an excellent year. The litigation funder saw realisations jump by 42 per cent to $496mn (£400mn), with courts “back in full swing”. In other words, significantly more of its lawsuits are concluding – and concluding in its favour. Cash generation has also improved, with cash receipts leaping by 49 per cent to $489mn.

A lot of recent excitement has centred around a $16bn final judgment against Argentina, relating to the seizure of Argentine oil major YPF in 2012. Even when YPF assets are stripped from the equation, however, Burford’s unrealised and realised gains are still up 67 per cent year on year.

The tricky part is knowing what comes next. Increased deployments in recent years and relatively low levels of resolutions could mean that more big gains are just around the corner. Meanwhile, the YPF case could ultimately result in a huge cash injection, assuming Argentina loses its appeal and eventually pays the damages.

This is far from guaranteed, however, and during an earnings call analysts questioned whether 2023 was an “outlier on the high side” and asked whether the Covid backlog had temporarily boosted business. More generally, predicting the exact timelines and outcomes of lawsuits remains as tricky as ever – even if Burford says its portfolio is well-diversified in terms of size, client concentration and subject matter.

This lack of visibility makes Burford a difficult company to value. The group currently trades on a forward price/earnings ratio of 8.9 versus a five-year average of 7.8, but its valuation has bounced around a great deal in the past couple of years. With analysts forecasting a sizeable drop in revenue and profit next year, we remain on the sidelines. Hold.
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
Posted at 08/9/2023 19:08 by tonysss13
BUR statement out

Exhibit 99.1

8 September 2023


Court’s Ruling suggests a final judgment of approximately $16 billion against Argentina

Burford Capital Limited, the leading global finance and asset management firm focused on law, today releases the following statement in connection with the September 8, 2023 Findings of Fact and Conclusions of Law (the “Ruling”) issued by the United States District Court for the Southern District of New York (the “Court”) in connection with the Petersen and Eton Park cases against the Republic of Argentina and YPF (the “Case” or the “YPF Litigation”).

The Ruling follows a prior decision on March 31, 2023 by the Court granting summary judgment on liability against Argentina and setting for an evidentiary hearing questions around the date on which Argentina should have made a tender offer for YPF’s shares and the appropriate rate of pre-judgment interest to be applied. That evidentiary hearing was held on July 26-28, 2023 and the Ruling is the Court’s decision on the issues raised for hearing.

The Court decided the issues raised at the hearing in Petersen’s and Eton Park’s (collectively, “Plaintiffs217;”) favor, holding that the appropriate date for the tender offer was April 16, 2012 and that pre-judgment interest should run from May 3, 2012 at a simple interest rate of 8%.

The Court has asked the parties to memorialize the Ruling in a proposed judgment and submit it to the Court, which Petersen and Eton Park will endeavor to do forthwith. We discuss below the computation of potential damages but in round numbers the Court’s Ruling implies a judgment against Argentina of approximately $16 billion.

In other words, the Ruling results in a complete win against Argentina at the high end of the possible range of damages.

Jonathan Molot, Burford’s Chief Investment Officer who leads Burford’s work on the Case, commented:

“We have been pursuing this case since 2015 and it has involved substantial Burford management time along with the dedicated engagement of a team of some of the best lawyers on the planet from multiple law firms and world-class experts (going up against very good lawyers, and winning). Burford is uniquely positioned to pursue these kinds of cases and secure wins for clients and substantial returns for shareholders – not only because of the size and scale of these kinds of cases, but because of the internal and external resources we can uniquely bring to bear. There is no aspect of this case, from strategy to minutiae, that did not involve an experienced Burford team spending many thousands of hours getting to this point. This case represents what Burford is all about and exemplifies the contribution we make to the civil justice system – without us, there would be no justice in this complicated and long-running case for Petersen and Eton Park.”


Christopher Bogart, Burford’s Chief Executive Officer, commented:

“In our recent shareholder letter, we referred to the YPF-related assets as one of Burford’s four pillars of value and I’m pleased to see this extraordinary win and the value it could create for our shareholders once we complete the litigation process and collect from Argentina. The Ruling is a major milestone for Burford and we continue to see momentum in our overall portfolio and continued demand for our capital and services.”

Introductory matters

As is customary in US litigation, the Ruling was released without prior notice to Burford or the parties by its posting on PACER, the publicly available official US federal court site, at 10:45am EDT on September 8, 2023, and was thus public immediately upon release. The Ruling is also available in its entirety on Burford’s IR website at hxxp:// for the convenience of investors who did not wish to register for a PACER account.

While Burford offers in this release its views and interpretation of the Ruling, those are qualified in their entirety by the actual text of the Ruling and we caution that investors cannot rely on Burford’s statements in preference to the actual Ruling. In the event of any inconsistency between this release and the text of the actual Ruling, the text of the actual Ruling will prevail and be dispositive. Burford disclaims, to the fullest extent permitted by law, any obligation to update its views and interpretation as the litigation proceeds. Moreover, the Case remains in active litigation and Argentina has declared its intention to appeal any decision; all litigation carries significant risks of uncertainty and unpredictability until final resolution, including the risk of total loss. Finally, Burford is and will continue to be constrained by legal privilege and client confidences in terms of the scope of its ability to speak publicly about the Case or the Ruling.

Burford also cautions that there are meaningful remaining risks in the Case, including further proceedings before the Court, appeals, enforcement and collateral litigation in other jurisdictions. Moreover, litigation matters often resolve for considerably less than the amount of any judgment rendered by the courts and to the extent that any settlement or resolution discussions occur in this Case no public communication about those discussions will be possible until their conclusion.

The Ruling

The Court previously held that (i) the bylaws “on their face, required that the Republic make a tender offer” for Petersen’s and YPF’s shares; (ii) “the Republic failed to make the tender offer”; and (iii) the failure “harmed Plaintiffs because they never received the compensated exit” that the bylaws promised. Indeed, the Court held that “once the Court decides the legal issues, the relatively simple facts in this case will demand a particular outcome” and held that “there is no question of fact as to whether the Republic breached”.

Thus, the Court held that “Plaintiffs were damaged by the Republic because Plaintiffs were entitled to receive a tender offer that would have provided them with a compensated exit but did not”.


The Court previously held that the damages to be awarded will consist of the tender offer price under Formula D of the bylaws calculated in US dollars as of a constructive notice date that is 40 days prior to Argentina taking control and triggering the tender offer obligation. The Court said it must decide as a factual matter whether the operative notice date for the calculation is 40 days before April 16, 2012, when the Presidential intervention decree was implemented, or 40 days before May 7, 2012, when the Argentine legislature took follow-up action. In the Ruling, the Court concluded that April 16, 2012 was the appropriate date.

The calculation of damages using a notice date that is 40 days before the April 16, 2012 takeover was included in Plaintiffs' publicly filed summary judgment brief and would imply tender offer consideration of approximately $7.5 billion for Petersen and $900 million for Eton Park, before interest.

The Court also previously reserved for determination the prejudgment interest rate that would run from the date of the breach in 2012 through the issuance of a final judgment in 2023. The Court accepted that “the commercial rate applied by the Argentine courts is the appropriate measure” and noted that Plaintiffs had pleaded that that rate was “between 6% and 8%”, but “the Court reserves judgment on the precise rate it will utilize”. After the hearing, the Court ultimately applied an 8% rate from May 3, 2012 until the date of the judgment, and thereafter interest will accrue at the applicable US federal rate until payment.

Subject to final computations by the parties’ experts, that finding implies interest of approximately $6.8 million for Petersen and $815 million for Eton Park, yielding a total judgment of approximately $14.3 billion for Petersen and $1.7 billion for Eton Park, or $16 billion in total.

Investors may find notable the Court’s commentary on Burford’s role in the case:

The Court also rejects the Republic’s effort to inject Burford Capital into these proceedings. This remains a case brought by plaintiffs against a defendant for its wrongful conduct towards them, and the relevant question is what the Republic owes Plaintiffs to compensate them for the loss of the use of their money, not what Plaintiffs have done or will do with what they are owed. The Republic owes no more or less because of Burford Capital’s involvement. Furthermore, the Republic pulled the considerable levers available to it as a sovereign to attempt to take what it should have paid for and has since spared no expense in its defense. If Plaintiffs were required to trade a substantial part of their potential recovery to secure the financing necessary to bring their claims, in Petersen’s case because it was driven to bankruptcy, and litigate their claims to conclusion against a powerful sovereign defendant that has behaved in this manner, this is all the more reason to award Plaintiffs the full measure of their damages.

Next steps

The Court has asked the parties to submit a proposed judgment reflecting the Ruling, which Plaintiffs will endeavor to do promptly. Once that judgment issues, Argentina has indicated its intention to appeal.

There is also a process for seeking reconsideration from the District Court of its own ruling, although such motions rarely prevail as they are being made to the same judge who decided the matter originally.


Once the Court issues its final judgment, that judgment will be appealable as of right to the Second Circuit Court of Appeals.

The Second Circuit presently is taking around a year to resolve appeals once filed, although there is meaningful deviation from that mean. The District Court’s judgment would be enforceable while the appeal is pending unless Argentina posts a bond to secure its performance, which we consider unlikely, or unless a court grants a relatively unusual stay.

Following the Second Circuit’s decision, either party can seek review from the Supreme Court of the United States. The Supreme Court accepts cases only on a discretionary basis and we believe the likelihood of it accepting a commercial case of this nature that does not present a contested issue of law is quite low, particularly given that Argentina has already once in this Case unsuccessfully sought Supreme Court review.

With an enforceable judgment in hand, Plaintiffs will either need to negotiate a resolution of the matter with Argentina, which would certainly result in what would likely be a substantial discount to the judgment amount in exchange for agreed payment, or engage in an enforcement campaign against Argentina which would likely be of extended duration relying on Burford’s and its advisors’ judgment enforcement expertise. Burford will not provide publicly any information about its enforcement or settlement strategies.

Burford’s position

Burford has different economic arrangements in each of the Petersen and Eton Park cases.

At bottom, on a net basis, we expect that the Burford balance sheet will be entitled to around 35% of any proceeds generated in the Petersen case and around 73% of any proceeds generated in the Eton Park case.

In the Petersen case, Burford is entitled by virtue of a financing agreement entered into with the Spanish insolvency receiver of the Petersen bankruptcy estate to 70% of any recovery obtained in the Petersen case. That 70% entitlement is not affected by Burford’s spending on the cases, which is for Burford’s account; it is a simple division of any proceeds. From that 70%, certain entitlements to the law firms involved in the case and other case expenses will need to be paid, reducing that number to around 58%.

Burford has, however, sold 38.75% of its entitlement in the Petersen case to third party investors, reducing Burford’s net share of proceeds to around 35% (58% x 61.25%).

In the Eton Park case, there is both a funding agreement and a monetization transaction. The net combined impact of those transactions is that Burford would expect to receive around 73% of any proceeds. Burford has not sold any of its Eton Park entitlement.

In both Petersen and Eton Park, the numbers above are approximations and will vary somewhat depending on the ultimate level of case costs by the end of the Case, as we expect continued significant spending on the Case.


For further information, please contact:

Burford Capital Limited

For investor and analyst inquiries:

Robert Bailhache, Head of Investor Relations, EMEA and Asia – email

+44 (0)20 3530 2023

Jim Ballan, Head of Investor Relations, Americas – email

+1 (646) 793 9176

For press inquiries:

David Helfenbein, Vice President, Public Relations – email

+1 (212) 235 6824

Numis Securities Limited – NOMAD and Joint Broker

+44 (0)20 7260 1000

Giles Rolls

Charlie Farquhar

Jefferies International Limited – Joint Broker

+44 (0)20 7029 8000

Graham Davidson

Tony White

Berenberg – Joint Broker

+44 (0)20 3207 7800

Toby Flaux

James Thompson

Arnav Kapoor

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 New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.

For more information, please visit

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”, “anticipate221;, “believe”;, “continue̶1;, “could”, “estimate̶1;, “expect”, “forecast̶1;, “guidance̶1;, “intend”, “may”, “plan”, “potentialR21;, “predict”;, “projectedR21;, “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 which are forward-looking statements, 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 you 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, (i) uncertainty relating to adverse litigation outcomes and the timing of resolution of litigation matters and (ii) those discussed under “Risk Factors” in Burford’s annual report on Form 20-F for the year ended December 31, 2022 filed with the US Securities and Exchange Commission on May 16, 2023 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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