Burford Capital Share Discussion Threads

[amrishbhim] 07/8/2019 10:08

Maybe it should have move to the main market rather than this AIM market. Totally agree but the statement makes no sense, should have done something yesterday

[montyhedge] 07/8/2019 10:07

I though the company said they would have to raise more capital at sometime in the future ?

[terry barnett] 07/8/2019 10:06

Released : 07 August 2019

RNS Number : 2085I
Burford Capital Limited
07 August 2019



7 August 2019



STATEMENT RE SHARE PRICE MOVEMENT



The Board of Directors of Burford Capital Limited ("Burford Capital" or "Burford" or the "Company") notes the decline in the Company's share price yesterday and confirms that it knows of no operational or corporate reason for the price movement.



Burford just reported the best results in its history and highlights the following:



• Burford's cash position and access to liquidity is strong. To be sure, Burford will need to take on additional external capital to continue its growth as it has done successfully throughout its history, but this is a cause for celebration, not for alarm, because it means the business is growing rapidly. We have discussed our capital structure at length in the past. Burford has a wide variety of capital sources available to it and significant ability to manage its cash outflows, and has over $400 million of cash and cash equivalents on hand as of 5 August 2019.



• Burford's returns are robust. In fact, our litigation finance returns rose to their highest-ever levels as of 30 June 2019.



• Burford uses the same IFRS accounting that is used widely across the financial services industry and has used consistent accounting policies for many years. Burford has been audited by Ernst & Young since 2010 with clean audit opinions every year.



• In addition to our audited IFRS reporting, Burford provides cash-based investment reporting in extraordinary detail, including providing line-by-line investment detail about every litigation finance investment we have ever made. We just put the latest installment of that reporting on our website yesterday. We are transparent about how we analyse and report on that data; our approach has been consistent for many years.



Burford believes that yesterday's share price movement relates to a rumour of a potential "short attack" or "bear raid", a tactic where short sellers take on a short position in a company's stock and then engage in claims about the company in an effort to alarm investors, depress a company's stock and profit from the decline. Burford also believes that some of its prior recent share price volatility is related to such activity.



There is a clear line between appropriate commentary and market manipulation, and Burford is investigating, with the assistance of market experts and experienced outside litigation counsel, the market activities here and will take appropriate legal action should we discover actionable misconduct. We are strongly suspicious that yesterday's significant fall in the share price was based on such actionable misconduct.



Short sellers of this ilk are not long-term investors. Rather, their goal is to panic investors into selling their holdings and thereby to drive down the share price. If investors oblige them, then the attack succeeds, long-term investors are harmed and the short sellers pocket a quick payday.



Companies are largely powerless to intervene in this dynamic other than by continuing to perform, just as Burford has been; the way to thwart the attacks is for investors to recognize manipulation for what it is and not behave as the short sellers hope.



Burford will continue to focus on business performance in our growing market and its long-term goals.





For further information, please contact:



Burford Capital Limited



Elizabeth O'Connell, CFA, Chief Financial Officer

[phone]





Macquarie Capital (Europe) Limited - NOMAD and Joint Broker

[phone]

Jonny Allison



Alex Reynolds







Liberum Capital Limited - Joint Broker

[phone]

Richard Crawley



Jamie Richards







Numis Securities Limited - Joint Broker

[phone]

Charlie Farquhar



Jonathan Abbott







Montfort Communications Limited - Financial Communications

[phone]

Robert Bailhache - email







About Burford Capital

Burford Capital is the leading global finance and investment 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 London Stock Exchange, and it works with law firms and clients around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.



For more information about Burford: www.burfordcapital.com





This release does not constitute an offer of any Burford fund. Burford Capital Investment Management LLC ("BCIM"), which acts as the fund manager of all Burford funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided herein is for informational purposes only. Past performance is not indicative of future results. The information contained herein 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 the funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum and other offering documents.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

[stewpot3] 07/8/2019 10:05

As a large bondholder I am at a complete loss as to what to do. Any advice?

[williamcooper104] 07/8/2019 10:05

Yep - I skim read MW - but was obviously of a very different calibre to the other bear commentary (eg CG)

[williamcooper104] 07/8/2019 10:03

V bounce guaranteed - every dead cat bounces

[ih_519566] 07/8/2019 10:03

Sold out at a massive loss. Which company will be heading the legal class action on behalf of cheated shareholders? Rather ironic to sue Burford Capital, so they get a taste of their own medicine!

[dave4545] 07/8/2019 10:03

Hope he's still holding, it would be nice to see a pump and dumper trapped in his own ramp

"..Tidy2 7 Aug '19 - 08:42 - 7229 of 7300
0 0 0
Steady climb now. Very hard to get stock !.."

[galatea99] 07/8/2019 10:03

@winsome:

I sold out yesterday as soon as I saw the name of MW.
I know from previous experience (with NQ Mobile) how sharp they are.
Fearsome, frightening but thorough.
There should be a way back for BUR but this will take time.

[williamcooper104] 07/8/2019 10:02

Winsome - I'm out too - bought a few then have been selling - now out - sold half 16 months or so ago There's a point when you don't fight the market - that's unfortunately come Will of course keep watching I fear that a discounted rights issue will come soon if Bur cannot borrow - I will look at that when it comes

[hpcg] 07/8/2019 10:02

The bonds are fine and the company isn't insolvent in a trading sense, unless money has been going out the back door. Not good for equity though, that for BUR is not worth buying above NAV as it is already marked to "fair value".

[montyhedge] 07/8/2019 10:01

Don't be crazy, don't catch a falling knife.

[mr hangman] 07/8/2019 10:01

Its this FAR RIGHT Goverments fault..

[onjohn] 07/8/2019 10:01

Can’t in auction

[1oughton] 07/8/2019 09:59

ONjohn - go on then buy more

[montyhedge] 07/8/2019 09:59

Looks odds on I would say, shorting hedgies have made a killing.

[sbb1x] 07/8/2019 09:59

Could it be suspended ..

[tom3579] 07/8/2019 09:58

Below 400 after the Bloomberg interview at 3pm is now quite possible.

[costax1654x] 07/8/2019 09:57

Maybe at 500

[sbb1x] 07/8/2019 09:57

Just watched that youtube clip. Utter xxxxx

[onjohn] 07/8/2019 09:57

V shaped bounce coming