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
  +25.50p +2.68% 975.50p 975.00p 976.50p 979.00p 963.00p 975.00p 478,480 16:35:20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 59.0 46.1 21.4 40.1 1,995.34

Burford Capital Share Discussion Threads

Showing 21451 to 21473 of 21475 messages
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DateSubjectAuthorDiscuss
24/7/2017
13:29
Jonwig where's the broker note link ?
qruz
24/7/2017
09:24
N+1 Singer: "Burford has announced a favourable arbitration panel decision and award in respect of one of its two high profile cases involving Argentina. The ICSID panel awarded damages of $324m plus interest, to which (if paid in full) Burford would be entitled to roughly $140m for a to-date investment of $13m. While there is still risk of further appeal-type proceedings and significant delay, this looks like substantial progress and will lead to further income being included in the (H2) 2017 results. Burford’s entitlement also looks to be in line with our evolving thinking on the valuation of the two jumbo cases involving Argentina. As such, while the market will likely applaud what looks like another great investment by the company, its impact on underlying valuation may be more muted."
doubleorquits
24/7/2017
08:15
One broker cautions that only a proportion of the potential $110m fair value gain will appear in the FY2017 results (maybe as low as $27m) with the remainder (subject to all the warnings) when realised, perhaps in FY2018.
jonwig
24/7/2017
07:59
So if we say it was carried at $30m and is now worth $140m, subject to caveats about appeals and enforcement, it will be interesting to see how the market values that relatively simple increase in value (by BUR standards). This is a different business to others and harder to value: a good result today doesn't affect next years results and in a sense all outcomes are one offs.
mad foetus
24/7/2017
07:19
The RNS: https://www.investegate.co.uk/burford-capital--bur-/rns/favourable-investment-result/201707240700058218L/ Note the cautionary warnings, possible pitfalls, etc! bestace - thanks, I stand corrected. I thought legal interest charges (like HMRC's) were always penal!
jonwig
23/7/2017
11:20
jonwig - I don't think so. If you read paras (e) and (f) in the second link in my last post #1195, ICSID are specifying the interest rate to be used and they make no reference to a premium over and above the 6-month US Treasury bill. I just did a quick calculation in Excel and the interest on $324m, compounded at 6-monthly intervals, comes to just $7.6m, so Burford's share would be $3.3m if simply pro rata'd as a 140/324 share. DYOR as I may have got those calculations wrong. I suppose it's possible that the method of interest calculation in Burford's funding agreement with the plaintiff is different to that specified in the ICSID tribunal, but that would seem a bit odd to me.
bestace
23/7/2017
11:11
On the Mastercard ruling, GKC's funding agreement (extracts of which are included as an appendix to the judgment) came in for some criticism. The tribunal described it as a "convoluted and verbose contract" before adding that "Since the purpose of the Funding Agreement is to enable these proceedings to be brought for the benefit of a large class of consumers, who are entitled to see a copy (save for confidential sections), it is unfortunate that it is drafted in such an impenetrable manner." Http://www.catribunal.org.uk/files/1.1266_Walter_Hugh_Judgment_CAT_16_210717.pdf
bestace
23/7/2017
11:05
Thanks for the great finds here! They hinted last year that they were very confident about the incomplete 2010 settlements. A $140m uplift would be around 53c/sh so if this happens in 2018 it would raise the earnings to at least 2017's (pari passu). Dave - statutory interest on UK late payments is BBR + 8%. I'd imagine similar in this case. Bestace - wouldn't it be T-bill rate plus X% where X is probably 8?
jonwig
23/7/2017
11:05
From the local rag that broke the news (via Google translate): Https://www.clarin.com/economia/economia/aerolineas-gobierno-evalua-aceptara-fallo-ciadi-obliga-pagar-us-320-millones_0_Skj468bL-.html "At this time, among the legal experts who work for the government, it is a weight to accept the award. They argue that, if they reject the ruling, they would have to pay a court fee and costs of 26 million dollars. And at first glance, they fear that a new trial might be even more unfavorable. The officials who were analyzing the case argue that although it is a hard blow to have to pay such amount, "Argentina got it cheap." The suit was for $ 1.59 billion, but the ICSID did not accept all the claims that were filed." They are also carrying an extract from the tribunal ruling here: Https://images.clarin.com/2017/07/22/HygtT6lIb_720x0.jpg The 6-month US Treasury bill rate used to calculate the interest has been at rock bottom for most of the period in question (c. 0.25% on average), so it won't add as much as one might hope.
bestace
23/7/2017
10:50
Excellent posts.$140m, 5% cagr for 7 years is nearly $200m. Hopefully they will clarify with an RNS.DD
discodave4
23/7/2017
09:38
'but is estimated to be in the range of $140 million and is subject to an ongoing and compounding interest entitlement. '... This is even more impressive. Simple interest and compound interest are two very different concepts. Compound interest can hugely magnify the eventual payout while simple interest does not enjoy leverage... While simple interest is calculated on the original amount of a loan, compound interest is calculated on the original (principal) amount and also on the accumulated interest of previous periods, and can thus be regarded as “interest on interest''..do a calc. yourself to see the difference when millions of dollars are involved
gersemi
23/7/2017
09:26
Original report here: hTTp://www.burfordcapital.com/newsroom/burford-capital-reports-favourable-investment-result/ Presume there will be an RNS Monday morning reflecting the same. Long way from actually making money on this result though; pleasing so far.
carcosa
23/7/2017
09:16
hxxp://markets.businessinsider.com/news/stocks/burford-capital-reports-favourable-investment-result-1002196620 Christopher Bogart, Chief Executive Officer of Burford, commented: "We are very pleased with this result and are gratified to see justice done for Teinver and its stakeholders. Without Burford’s capital, it is doubtful that this kind of recovery could have been obtained for the claimants. This investment is from our 2010 vintage and proves out what we have said to investors over time: that it is premature to judge any investment vintage until it is entirely complete.” If we are reaping the rewards from 2010, imagine 5 years time when the hundreds newly invested cases start to flourish.. Might have to buy more...
qruz
23/7/2017
09:03
Thanks to the III poster for this one!! hxxp://www.4-traders.com/BURFORD-CAPITAL-LIMITED-5668352/news/Burford-Capital-Reports-Favourable-Investment-Result-24803434/ 07/22/2017 | 06:03pm EDT Burford Capital Limited (“Burford̶1;), a leading global finance and investment management firm focused on law, is pleased to announce that a favourable decision in an arbitration matter underlying one of its investments has been rendered by the arbitration tribunal. The arbitration matter is a claim by Teinver S.A. and others against Argentina in connection with Argentina’s expropriation of two airlines. The arbitration tribunal ruled yesterday evening against Argentina, requiring it to pay $324,254,807 in damages plus pre- and post-award interest which remains to be computed. Burford’s entitlement from the award is dependent on a number of other variables which are not yet known precisely but is estimated to be in the range of $140 million and is subject to an ongoing and compounding interest entitlement. As at 30 June 2017, Burford’s current investment in this matter is approximately $13 million and it is carried on the balance sheet at a fair value of approximately $30 million. Thus, this favourable result is expected to result in the recognition of substantial additional income (although not approaching Burford’s full potential entitlement above) pursuant to Burford’s valuation policies. Any such income would be included in Burford’s financial result for the second half of its financial year 2017, to be reported in its financial results for the year ended 31 December 2017. However, Burford has not yet determined, nor yet consulted with its auditors about, any impact of the arbitral decision on Burford’s financial statements in 2017. It is important to emphasize that this arbitral decision does not necessarily mean that this amount will actually be paid in full, or at all. There remain various avenues for challenge to the decision and the matter is not yet free of litigation risk; indeed, the entire decision could later be overturned by an adjudicatory body with higher authority and result in a loss for Burford. Moreover, it is commonplace for there to be negotiations, settlement discussions and discounting that could reduce materially the figures provided above, and Burford generally does not have any control over the outcome of those discussions as it is a third party to the actual litigation. Nonetheless, it is Burford’s policy to announce individually significant investment results such as this one for the information of shareholders despite the uncertainty as to the final outcome. For further background to the Teinver investment, please refer to Burford’s 2015 Annual Report.
qruz
22/7/2017
07:38
So Burford/GKC may appeal, then. I'm hoping not. The Law Gazette says BUR would provide up to £40m in costs. With $1.6bn in AUM, this could well wipe out their 2017 performance fees.
jonwig
21/7/2017
16:03
More on what bestace refers to:- Https://www.cdr-news.com/categories/competition-and-business-crime/7459-breaking-cat-rejects-mastercard-consumer-action
jeff h
21/7/2017
13:40
bestace - actually I would think their client funds did: GKC didn't use their own money. There'll be no fees earned, that's for sure!
jonwig
21/7/2017
11:43
Notice of Interim 2017 Results and Conference Call Burford Capital Limited ("Burford"), a leading global finance firm focused on law, confirms that it will announce its interim results for the six-month period ended 30 June 2017 on Thursday 27 July 2017 at 7:00am (BST). Management will host a conference call for investors and analysts at 2:00pm (BST) / 9.00am (EDT) on Thursday 27 July 2017. The dial-in number for the conference call is +44 (0) 20 3003 2666 / +1 646 843 4608 / (Toll free +44 (0) 808 109 0700 / +1 866 966 5335) and the password is 'Burford'. An accompanying presentation will be available on the Burford Capital website: hxxp://www.burfordcapital.com/investors/ A replay facility will be available until Thursday 10 August 2017 by dialling +44 (0) 20 8196 1998 / +1 866 583 1035 with the passcode '5490256#'.
qruz
21/7/2017
07:30
qruz - share price ... haven't a clue. Earnings: don't forget that this is only H1 and should include the secondary market transactions, whilst I don't think they've yet revealed anything about the carrying value of the remainder of the Petersen case. So the second half could be tame in comparison, and all the brokers are expecting a drop to more 'normal' levels in 2018, etc. (Or rather just not guessing anything!) I've seen FY estimates of 98c to 119c but Berenberg's might be higher. (Petersen about 50c in realised gains.) There seems to be a lot of money riding on high expectations so the scope for disappointment is pretty wide!
jonwig
20/7/2017
21:46
Jonwig - What are your predictions for earnings next week, along with share price price ? Seen boo and iqe have belter reactions on updates so far, I'm expecting burford to be similar.
qruz
19/7/2017
20:09
Ok , apologies, thanks.
miti 1000
19/7/2017
20:05
miti - wrong thread. This is for fixed interest stuff: http://uk.advfn.com/cmn/fbb/thread.php3?id=25192223
jonwig
19/7/2017
19:17
https://www.investegate.co.uk/lendinvest-secd-inc/rns/five-year-5-25--secured-sterling-retail-bond/201707191440045371L/] Any thoughts on this ? Tia.
miti 1000
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