Share Name Share Symbol Market Type Share ISIN Share Description
Burford Capital Limited LSE:BUR London Ordinary Share GG00B4L84979 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +14.00p +0.90% 1,562.00p 1,562.00p 1,564.00p 1,574.00p 1,522.00p 1,535.00p 242,420 15:41:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 314.6 239.3 82.9 18.3 -

Burford Capital Share Discussion Threads

Showing 6926 to 6949 of 7175 messages
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DateSubjectAuthorDiscuss
24/6/2019
14:41
Burford Capital Limited Supreme Ct Hearing Denial, Petersen Interests SaleSource: UK Regulatory (RNS & others)TIDMBURRNS Number : 2309DBurford Capital Limited24 June 2019This announcement contains inside information.24 June 2019US SUPREME COURT DENIES PETERSEN HEARING, FURTHER BURFORD SALE OF PETERSEN INTERESTSSale of 10% of Petersen entitlement yields $100 million at an implied $1 billion valuationBurford Capital Limited ("Burford Capital" or "Burford" or "the Company"), the leading global finance and investment management firm focused on law, announces that the US Supreme Court has declined to hear Argentina's and YPF's appeals in the Petersen case, with the result that the lower court decisions finding jurisdiction for Petersen's claims in the US are now final. The Petersen case will now return to the trial court for merits proceedings. This continues an unbroken string of victories for the Petersen case in the courts. While we are pleased with this decision, it is important to emphasise that this decision relates purely to a preliminary jurisdictional question and does not foreshadow any particular result in the underlying litigation.Although the Supreme Court's decision is a matter of public record, Burford has issued this announcement as a matter of convenience. However, Burford does not intend to regularly issue such releases for other interlocutory steps in the proceedings, of which there are likely to be many before a final resolution.Burford also announces that it has sold a further 10% of its entitlement in the Petersen matter into the secondary market it has been developing, leaving Burford with 61.25% of its original entitlement. The sale price was $100 million, implying a value of $1 billion for Burford's entire original Petersen entitlement. Burford has now generated $236 million in proceeds from Petersen sales. As the market value of the Petersen matter has continued to rise (and as Burford also has further exposure to YPF-related claims through the Company's investment in the parallel Eton Park matter), reducing Burford's total holding and locking in significant profits represents prudent portfolio management. However, Burford has committed always to hold at least 50.1% of its original economic entitlement in the Petersen matter. The sale was to 11 institutional investors and was significantly over-subscribed. Including prior purchasers, there are now approximately 40 institutional investors participating in the Petersen secondary market.Burford will consider the impact of the Supreme Court's decision and further secondary market trading activity as part of its investment valuation process for the six months ended 30 June 2019. Our valuation process is discussed in detail in our annual reports.The person responsible for arranging for the release of this announcement on behalf of the Company is Elizabeth O'Connell, Chief Financial Officer.For further information, please contact:
lomax99
24/6/2019
14:41
certiorari denied: Https://www.supremecourt.gov/orders/courtorders/062419zor_bp7c.pdf (it's on page 4)
bestace
24/6/2019
14:36
SP just jumped. Is the Supreme Court decision now public?
galatea99
24/6/2019
14:35
judging from the spike... has the US Supreme Court deciden on whether the Petersen case is to continue in the US?
glawsiain
24/6/2019
08:17
“such rich returns can’t continue indefinitely”. Not sure about that statement because: If we assume that, probability distribution wise, the litigation pool from which returns are garnered remains relatively constant (indefinitely) and the distribution of the returns (ROIC) from that pool remains constant then the source of litigation cases can continue relatively indefinitely. (Realistic assumptions or conservative in a growing market?). The risk here is market interference, or regulation, from government. Where “the action”, so to speak, is will be in the competition for, and risk management of, the cases that each competitor screens for selection for their own case portfolio. We see from BUR that their screening process leads to selection of a fairly small proportion of opportunities from the overall pool, or pool presented to them, and this is likely to continue. The competitive market may lead to specialisation and may change how each competitor relies on their relatively individual risk perceptions for selecting cases, and how they manage the overall portfolio. These skills, which determine overall returns to the funders, will continue for the foreseeable future in my view. That is to say that there will be winners and losers or segmented categories of risk and reward among the competing players eventually. In such circumstances one might get a dominant player in a particular category which endures (indefinitely) due to the uniqueness of that set of people’s risk perceptions and business model in managing a portfolio and each of these players will have a unique risk/reward profile adequate for investors to back for different investment profiles. Returns per se will stabilise at reasonable market levels and be maintained amongst the winners in each category resulting in differentiation between players. It seems to me therefore that there is enough space, in market evolution terms, for this to continue for the foreseeable (long term investor time horizon) future. Which metrics to watch, and develop for analysis, is the key question in keeping abreast of this market evolution which seems to me to be immature. For example, specialisation in bankruptcy/administration recovery may be a unique skill set where a dominant player might emerge. This specialisation trend should not affect the returns of competitors focusing on a different set of cases from the overall general pool... Edit:... or even an aggregator role.
sogoesit
23/6/2019
22:45
qruz, 1615 ish looks a key objective. Potential turn tomorrow
bamboo2
23/6/2019
14:11
Hi Bamboo, I presume no update here, although it went up, it didn't hit above 1615 yet. BUR seems to following a similar trend to FEV, both tanking oct 2018, tanking more in Jan19 then recovering and hitting a high in march (bur not closing it) now both stuck in deaths cross.. BUR close to jumping out / falling back in! Results around 25th July, if that doesn't pull it above 1800 I don't know what will for another 8 months.
qruz
22/6/2019
14:44
When I was at the lunch with Bogart in the spring he said that in his view, the only way to generate Burford's returns with Burford's level of risk was to copy Burford's approach and terms. So others may be forced to choose cases with a lower prospect of success, or to seek a smaller percentage of the returns, but they will struggle to manage that risk/reward balance. Bogart was also keen to say that pricing in law was remarkably inelastic: people are generally happy to pay top dollar for the best, rather than negotiate on price, though whether that applies to litigation funders in the way it does to law firms themselves must be a moot point. I think from now the results will become more and more interesting as they will start to show whether returns are being squeezed or not. All the indications are not as yet, but my instinct is that such rich returns can't continue indefinitely.
mad foetus
22/6/2019
14:09
US Supreme Court decision on whether the Petersen case is to continue in the US expected on Monday. Https://www.lanacion.com.ar/economia/la-corte-suprema-de-eeuu-se-expedira-el-lunes-sobre-el-juicio-a-ypf-nid2260431
galatea99
22/6/2019
10:27
bestace - yes, demand from law firms is increasing (greater "awareness" of TPLF), and supply is provided for the reasons I gave. At present, the former would appear to be greater. My concern is that a funder such as Burford ("A-lister") can afford to reject 95% (right figure?) of propositions it receives, and continue to do that. Is this necessarily the case with the increasing number of firms, including law firms who set up their own funding arm? That's the bit where I'm sceptical. Of their ability to discriminate. Some other firms can become A-list without directly competing with Burford: Manolete, for example, in a niche area. So, yes, my example of CAT bonds wasn't altogether appropriate.
jonwig
21/6/2019
19:18
jonwig - As far as I've seen, the bear argument seems to focus on increasing supply of capital whilst ignoring demand. "Too much capital chasing not enough investment opportunities" seems be the nub of it, which seems like first order thinking to me where second order thinking would involve a consideration of the interaction of supply with demand. If you take the IMF Bentham press release at face value, the increased supply of capital is being driven by increasing demand from law firms, corporates etc. in need of litigation funding, it's not being driven by yield-hungry investors pushing more capital into the market than can be supported by the demand. If you're suggesting the demand vs supply dynamics led to cat bonds being issued at rates lower than their underlying risks merited, can you point to any evidence of the same thing happening in the litigation finance industry? It's a risk of course that could happen in future but I don't see it right now. It would manifest itself in a deterioration in IRRs and ROCEs and I don't see any evidence of that with Burford or any of the other listed players, let alone see any deterioration to the point where returns have fallen below the cost of capital. Is there any evidence that excess supply of capital in the litigation finance industry has led to more competition on pricing, which is a slightly different point? The only example I can think of for any of the litigation funders is where Burford have quoted a 10% cut on the AMP class action case in Australia compared to the usual industry 30% [*]. However that case could be considered atypical as far as Burford are concerned: class actions are not something they generally get involved in, it was a launch case into the Australian market - a self-styled "headline-grabbing entry... to compete for the largest case in the country, which thoroughly disrupted that market", and the royal commission findings have surely reduced the litigation risk such that a lower fee need not result in a lower IRR (AMP have already admitted wrong-doing). So I don't think the AMP case can be considered characteristic of overall pricing trends in the industry, indeed there were two blog posts published on the Burford website just this week which detailed at some length how pricing is not the main determinant of winning business. As ever, I'd welcome any counter-arguments. * source: Https://specialreports.theaustralian.com.au/1437724/funders/
bestace
21/6/2019
15:22
That is what i meant lol
arregius
21/6/2019
14:02
bestace, and others - are "the bears" denying increased demand, or is it something else? A few years ago there was huge demand for CAT-bonds, chasing excess returns in a ZIRP market. These instruments got overpriced: yielding maybe 3% instead of a more sensible 10%. What could go wrong ... after all the world had seen 10 years without serious US windstorm damage! Then there was Harvey, then others in short order. (I was involved.) Now, with demand for a new investment instrument, is the same happening? Can funders deliver these returns over a decent period. (I'm not talking about Burford, I'm looking at the rest.)
jonwig
21/6/2019
11:48
Post 6313: I am very much "less sophisticated"; and not only in investing! However, I thought that one could lead a horse to water but one could not make it drink? Please sophisticatedly enlighten me. AIMSimpleton'sV
sogoesit
21/6/2019
11:36
I'm not sure you need to read between the lines when their press release is titled "IMF Bentham launches new US$500 million Fund in response to increased worldwide demand for dispute resolution finance" and it includes statements like this: "IMF is increasing its fund capacity in direct response to the exponential growth in demand for dispute resolution finance around the world" and this: "IMF is experiencing strong market demand for funding across all jurisdictions. Since 2015 IMF has recorded an 85% increase in the number of non-US funding applications and a 149% increase in US funding applications. Demand for dispute resolution finance is growing as a result of increased awareness, the increasing costs of arbitration and litigation and regulatory changes in some jurisdictions which now allow parties to seek dispute resolution finance. Demand is particularly strong in Asia and Canada where dispute resolution finance is still relatively new but it is becoming a mainstream global financial product." Https://www.imf.com.au/newsroom/press-releases/press-releases-full-post/press-releases/2019/06/20/imf-bentham-launches-new-us$500-million-fund-in-response-to-increased-worldwide-demand-for-dispute-resolution-finance The bears sometimes claim there is too much capital supply chasing too little demand, but statements like the above would suggest that isn't an issue.
bestace
21/6/2019
08:36
Imf bentham lunches new fund 500m. The market demanding capital. Anyone reading between the lines?
arregius
21/6/2019
07:25
Although the Petersen case is just one (albeit) high profile case in which Burford is involved (and there will be many twists and turns along the way),I note that Argentina has been re-admitted to the MSCI Emerging Markets index.Their market is up 14% in May.YPF,the company at the centre of the dispute is up 10% on the month.On a macro level, Argentina is being rehabilitated.Yes,the political risks are there,with Christina Kirchner running for Vice President,but Argentina needs to be seen to play by the rules if it wishes to continue to benefit from its re-admittance to the financial markets ( and the IMF).I expect that,as a settlement comes to light,there will be the usual negotiations,settlement discussions and (a little) discounting. ( The less sophisticated among you would call it 'horse-trading'.)Inexorably, Argentina,will be brought to a negotiated settlement and,like the thirsty horse brought to the water font,will do what all horses do and drink!
djderry
20/6/2019
12:33
1470p support is holding albeit the 95% CAGR lower trend line has broken. 1630p would regain that trend line. AIMArtisticV
sogoesit
20/6/2019
10:37
bamboo Nearly as complex as the accounts 😉
redartbmud
20/6/2019
07:25
Bamboo, have you thought of entering the last chart for the Turner Prize. It could win. Actually I wouldn’t mind it 6ft x 4ft on my wall. Keep up the good work.
brexitplus
19/6/2019
22:39
'bit more of a mess than usual, as done in haste. Long term lower rising trendline/neckline [pink] [the BBD line!] has held. It contains the lower portion of a triangulation. The upper t/line of triangualtion in green is the neckline of a potential INVH&S, that has a tp approx. 1880 Hresistance at approx. 1615, 1720, 1860 Following death cross, Smas still falling, 200 at 1669, 50 at 1619 Next potential turns, 28/6, 4-5/7, 18-19/7[x2], 25/7/19 PS, just noticed, looks like another turn 19-20/6/2019
bamboo2
19/6/2019
22:10
Hi qruz, sorry I have been away, and only been keeping half an eye on markets. Hope to get back into charts over the next few weeks, as my workload will be reduced. Am having a q look now, and will let update if anything interesting.
bamboo2
19/6/2019
21:43
I saw the same, looks like a mistake as we closed in London 2.4 up%
qruz
19/6/2019
21:24
Burford closed in the US $24 up 24%(on ADVFN), hope that's not a mistake
dekle
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