Litigation Capital Manag... Share Discussion Threads

[connor23] 19/5/2021 08:40

Thanks for the link Parob. Interesting case to follow!

[someuwin] 19/5/2021 08:31

So, from the above article, the claim is ultimately being brought by UK Government. And KPMG and are also under investigation by the financial conduct authority. Suggests to me that there must be a strong case against them. And as we know LIT only take on cases where they think there's a very strong chance of success.

A great, high profile case which will surely raise LIT's profile and help win increasingly larger business.

[bigalan3] 19/5/2021 08:24

Hopefully the first of many such claims.

[parob] 19/5/2021 07:54

hTTps://www.newcivilengineer.com/latest/carillion-auditor-kpmg-faces-250m-negligence-lawsuit-15-05-2020/Carillion auditor KPMG faces £250M negligence lawsuit15 MAY, 2020 BY ROB HORGANThe claim is being brought about by liquidators working for the UK Government and it is the first time that such a claim has been made in this country.

[someuwin] 19/5/2021 07:38

"largest corporate collapse in the building and construction industry in UK history."

Very prestigious case for LIT to take on!

[robsy2] 19/5/2021 07:31

Good stuff.good to see auditors being held to account for their work. Investors rely on audit reports. Reminds me of ai. Where the audit reports were shameful. Cost me a lot of money.

[sambessey] 19/5/2021 07:29

Expecting some interesting share price action today.

[someuwin] 19/5/2021 07:23

19 May 2021

Litigation Capital Management Limited

("LCM" or the "Company")

New Litigation Finance Agreement with Carillion for claim against former auditors

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces that it has entered into a new litigation finance agreement with certain Carillion entities (in liquidation).

The agreement to provide a litigation finance facility is to fund a claim in the Commercial Court of the High Court of Justice of England & Wales against the Carillion group's former auditors, KPMG. The claim arises from KPMG's conduct of its audits of the Group's financial statements. The losses which form the subject matter of the claim are expected to exceed GBP250 million.

Carillion was the largest corporate collapse in the building and construction industry in UK history.

LCM continues to demonstrate its ability to access high quality investment opportunities, enabling long term value creation for shareholders and investors. The litigation finance facility with Carillion further strengthens the Company's existing, high quality, portfolio of investments.

Patrick Moloney, CEO of LCM, commented: "As a pioneer of the litigation finance industry, LCM has long and deep experience in funding insolvency related disputes. As such, LCM is extremely well placed to tailor a finance package to pursue these claims."

Nick Rowles-Davies, Executive Vice Chairman of LCM, commented: "This investment demonstrates LCM's prominence and pedigree in the disputes finance industry and in particular, LCM's position as funder of choice in the UK insolvency market and w e are delighted to be supporting thousands of creditors who have suffered as a consequence of the biggest insolvency in recent UK history. "

[parob] 19/5/2021 07:23

19 May 2021Litigation Capital Management Limited("LCM" or the "Company")New Litigation Finance Agreement with Carillion for claim against former auditorsLitigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces that it has entered into a new litigation finance agreement with certain Carillion entities (in liquidation).The agreement to provide a litigation finance facility is to fund a claim in the Commercial Court of the High Court of Justice of England & Wales against the Carillion group's former auditors, KPMG. The claim arises from KPMG's conduct of its audits of the Group's financial statements. The losses which form the subject matter of the claim are expected to exceed GBP250 million.Carillion was the largest corporate collapse in the building and construction industry in UK history.

[bigbadaussiebear] 17/5/2021 12:59

Hopefully builds a base around these levels then makes new all time highs when they release news on the new funds...

[sambessey] 17/5/2021 09:35

More than doubled my holding over the last couple of days... GLA

[someuwin] 17/5/2021 08:57

Back over 100p soon.

[bigalan3] 14/5/2021 14:15

I cannot resist bought yet more. Now second largest investment - think I am right.

[someuwin] 14/5/2021 10:28

Adding here. 15% drop from 110p is overdone imo.

[hpcg] 13/5/2021 13:03

I've added quite a lot here. Admittedly I did trade out of a spreadbet at 108, so psychologically easy, but the turnover in 3 figures was on decent enough volume so I can see a return to that level as quite straightforward. Discount rate changes are really not so relevant to the likes of LIT given the IRR.

[connor23] 12/5/2021 12:31

Thanks Maddox. Unfortunately only in the Finance dept but have worked for a number of Firms. Litigation and Dispute Resolution were laid low by the pandemic (Banks/businesses had bigger concerns!) but as we come out of that period expectation is this will grow strongly from here. I happened to note from LinkedIn today the head of one of my old Firms talking about busyness levels rising. Talk of the upcoming (potential) Mischon IPO as trying to cash in on this as well, as they are positoned to benefit. I was looking to take a position in FRP as well as the Restructuring and Insolvency teams expect things to pick up Q3/Q4.

[greenknight1] 12/5/2021 11:11

Insolvency is a small part of LITs portfolio (slightly larger in Aus I believe). They tend to focus on dispute resolution.

[hpcg] 12/5/2021 10:49

Maddox r.e. 320, such is the ridiculousness of both the fund industry and in particular equity income as a concept.

[maddox] 12/5/2021 09:26

Hi Connor,

Welcome aboard, great to have a practitioner on the BB. The litigation market already appears to be booming looking at RBGP and KEYS - are you close to the insolvency market? What is your take on the current state of the market and timing of the potential upswing?

Regards Maddox

[connor23] 12/5/2021 09:15

Better late than never but just picked up a tranche. I work in legal so make sense for me to ride the cyclical upswing in Litigation!

[someuwin] 12/5/2021 09:07

No surprise to get a small pullback as we bounce off of previous highs.

Textbook stuff. And we know where this is headed once it breaks through!

[trotterstrading] 12/5/2021 08:17

Grabbed a few more - clearly buyers in play

[maddox] 11/5/2021 23:52

I believe that Miton were holding the shares in an Income Fund - so had little choice but to part company with LIT. Miton are specialists in the small cap arena and help get a large number of them launched on the market - so more a help than a hindrance to personal investors. Their interests and ours are far more aligned than most FIs. But yes, they will recycle their funds and sell-out, but hey don't we all?