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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Burford Capital Limited | LSE:BUR | London | Ordinary Share | GG00BMGYLN96 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 30.00 | 2.85% | 1,083.00 | 59,309 | 09:25:05 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1,081.00 | 1,083.00 | 1,100.00 | 1,073.00 | 1,100.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | USD 1.39B | USD 610.52M | USD - | - | 2.31B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 09:28:06 | O | 169 | 1,082.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 22/11/2024 | 12:00 | UK RNS | Burford Capital Limited Director/PDMR Shareholding |
| 15/11/2024 | 13:15 | UK RNS | Burford Capital Finance LLC Partial Repurchase and Cancellation of Bonds |
| 08/11/2024 | 12:00 | UK RNS | Burford Capital Limited Sterling Conversion Rate for 2024 Interim Dividend |
| 08/11/2024 | 10:26 | ALNC |  IN BRIEF: Burford Capital profit halves but cash intake rises 50% |
| 07/11/2024 | 12:46 | UK RNS | Burford Capital Limited 3Q24 Results & Quarterly Report |
| 07/11/2024 | 12:03 | UK RNS | Burford Capital Limited Burford Statement re YPF Matter |
| 28/10/2024 | 12:00 | UK RNS | Burford Capital Limited Notice of 3Q24 Results & Results Call Details |
| 17/10/2024 | 10:00 | UK RNS | Burford Capital Limited 2025 AGM Logistics |
| 01/10/2024 | 10:00 | UK RNS | Burford Capital Limited Director/PDMR Shareholding |
| 25/9/2024 | 12:15 | UK RNS | Burford Capital Limited Issue of New Shares in Connection With LTIP |
Burford Capital (BUR) Share Charts1 Year Burford Capital Chart |
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1 Month Burford Capital Chart |
Intraday Burford Capital Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 11/12/2024 | 23:17 | BURFORD CAPITAL :::::::::::::::::::::::::: Litigation Funding | 26,539 |
| 04/10/2023 | 14:38 | YPF Monetization | 2 |
| 20/9/2023 | 20:07 | Burford Capital - Argentina Interest Watch | 1 |
| 20/9/2023 | 18:03 | Burford Capital - Argentina Interest Watch | - |
| 06/8/2023 | 10:30 | Payment | - |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 09:28:08 | 1,082.00 | 169 | 1,828.58 | O |
| 09:28:00 | 1,081.10 | 1,000 | 10,811.00 | O |
| 09:24:46 | 1,083.00 | 153 | 1,656.99 | AT |
| 09:24:46 | 1,083.00 | 73 | 790.59 | AT |
| 09:24:34 | 1,083.00 | 76 | 823.08 | AT |
| Top Posts |
|---|
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 18/10/2024 20:55 by galatea99 There is a story here that parties who had previously bought from Burford percentages of the YPF case are now offering to local Argentine companies the opportunity to buy sub.parts. The price seems to be 17% of the total amount recovered in NY.Long article. The first paras: "Los procesos judiciales contra el país tienen un mercado aparte. Parte de la demanda fue cedida por Burford a "inversores" que a su vez ofrecen ahora el 30% de su tenencia Fondos de inversión locales estuvieron recibiendo en las últimas jornadas ofertas para participar del juicio contra la Argentina por la expropiación de YPF dispuesta por el gobierno de Cristina Kirchner y de la mano de Axel Kicillof. El precio: 17% del valor técnico que hoy oscila por encima de los u$s 17 mil millones. Burford Capital cedió a terceros una parte del juicio que encabeza en Nueva York contra el país, los que a su vez están ofreciendo en la plaza local revender un porcentaje de esa demanda." Google Translate: "The legal proceedings against the country have a separate market. Part of the lawsuit was ceded by Burford to "investors" who in turn are now offering 30% of their holdings Local investment funds have been receiving offers in recent days to participate in the lawsuit against Argentina for the expropriation of YPF ordered by the government of Cristina Kirchner and the hand of Axel Kicillof. The price: 17% of the technical value that today oscillates above US$ 17 billion. Burford Capital ceded to third parties a part of the lawsuit that it is leading in New York against the country, who in turn are offering to resell a percentage of that lawsuit in the local market." |
Posted at 13/8/2024 16:57 by chester9 Bloomberg with thanksBurford Capital suggested that remarks by an Argentine provincial governor support its push to collect a $16 billion US court award against an oil company it argues is an "alter ego" of President Javier Milei's government. Litigation funder Burford won the judgment against Argentina last year over the 2012 nationalization of oil company YPF SA. US District Judge Loretta Preska ruled that the action violated the rights of shareholders whose interests Burford acquired. Since then, however, Burford has struggled to collect the massive award. The firm is currently trying to convince Preska to let it explore going after assets of YPF itself on the grounds that the company is essentially identical to the government. To that end, Burford lawyer Randy Mastro on Monday invoked recent public comments by Buenos Aires Province Governor Axel Kicillof. Read More: Burford Seeks Argentina's YPF Stake to Pay $16 Billion Award "YPF's directors are officials of President Milei," Kicillof said at a July 31 news conference, adding that they made decisions dictated by Milei. Mastro said Kicillof's statements were consistent with Burford's position. Kicillof was criticizing YPF's decision to locate a multibillion-dollar liquefied natural gas plant project with Malaysia's Petronas in another province, suggesting it was a political decision. YPF, which is 51%-owned by the Argentine government, has denied the decision was political, saying that it hired international consultants to guide the choice. If Kicillof's comments prove pivotal in the case, it will hardly be the first time. The governor was deputy economy minister in 2012 and helped spearhead the YPF nationalization. At the time, he argued to congress that company by-laws requiring a nationalization to be accompanied by a tender offer to shareholders at a pre-determined price was a "bear trap," comments that were cited by Burford in its case. Burford is currently seeking further information on whether YPF is an alter ego of the Argentine government. The company argues that Preska already dismissed claims against it and says Burford is trying to relitigate the issue. The litigation funder bought the YPF shareholders' claims for $16.6 million in 2015, and its share of the judgment would be some $6.2 billion. If it can collect even part of that, Burford stands to make a massive return. But Argentina, which is also appealing the award, has a long history of stonewalling foreign judgment creditors. It fought a 15-year battle with Paul Singer's Elliott Management before reaching a $4.7 billion settlement over its 2001 sovereign debt default. |
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 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 12/2/2024 15:14 by dagoberia Bur share price as unpredictable as ever.. rather bad news from the chicken case, I thought this would drop.. the opposite. I guess the market thinks this ruling cannot impact YPF |
Posted at 30/1/2024 16:49 by chester9 Burford Capital Announces Closing of Private Offering of Senior Notes Burford Capital Limited ("Burford" or "Burford Capital"), the leading global finance and asset management firm focused on law, today announces the closing on January 30, 2024 of the private offering of $275.0 million aggregate principal amount of additional 9.250% senior notes due 2031 (the "Additional Notes") by its indirect, wholly owned subsidiary, Burford Capital Global Finance LLC (the "Issuer"). The Additional Notes are guaranteed on a senior unsecured basis by Burford Capital as well as Burford Capital Finance LLC and Burford Capital PLC, both indirect, wholly owned subsidiaries of Burford Capital (such guarantees, together with the Additional Notes, the "Securities"). There was $400.0 million aggregate principal amount of the Issuer's 9.250% senior notes due 2031 (the "Initial Notes") outstanding prior to the closing of the offering. The Additional Notes were initially offered to investors at an offering price equal to 103.625% of the principal amount thereof, plus accrued interest from January 1, 2024, representing a yield to worst of 8.251%. The Additional Notes were issued as "Additional Notes" under the indenture, dated as of June 26, 2023 (the "Indenture"), by and among the Issuer, Burford Capital, as parent guarantor, the other guarantors party thereto from time to time and U.S. Bank Trust Company, National Association, as trustee (pursuant to which the Issuer previously issued the Initial Notes). The Additional Notes have identical terms to the Initial Notes (other than with respect to the date of issuance, the issue price and the first interest payment date) and will be treated as a single class for all purposes under the Indenture. Burford Capital intends to use the net proceeds from the offering of the Securities for general corporate purposes. |
Posted at 28/12/2023 11:06 by laughton So what? You think that the BUR share price would react positively to them accepting coupons on bonds issued by Argentina in settlement of their award? |
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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