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Share Name Share Symbol Market Type Share ISIN Share Description
Litigation Capital Management Limited LSE:LIT London Ordinary Share AU000000LCA6 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  -5.20p -5.32% 92.60p 268,647 16:35:19
Bid Price Offer Price High Price Low Price Open Price
91.00p 94.80p 95.00p 91.20p 95.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 100.6

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Date Time Title Posts
15/5/201917:54:: LITIGATION CAPITAL MANAGEMENT318
01/3/201911:06LIT1
21/12/201817:4350% growth year after year after year39
19/12/201809:56Litcomp 50% growth, year after year after year5
14/5/200416:11peepol whu kant spel shudnt right hedders....2

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DateSubject
19/5/2019
09:20
Litigation Capital Manag... Daily Update: Litigation Capital Management Limited is listed in the General Financial sector of the London Stock Exchange with ticker LIT. The last closing price for Litigation Capital Manag... was 97.80p.
Litigation Capital Management Limited has a 4 week average price of 87p and a 12 week average price of 65p.
The 1 year high share price is 116p while the 1 year low share price is currently 57p.
There are currently 108,687,929 shares in issue and the average daily traded volume is 407,589 shares. The market capitalisation of Litigation Capital Management Limited is £100,645,022.25.
03/5/2019
13:47
cf456: Short term newsflow would be good and could get the share price moving northwards again. ST's recent commentary hinted at this: "This is the fourth litigation project that it has completed since June 2018, and there are solid prospects for further positive newsflow and realisation of healthy profits on Litigation Capital’s investments in other ongoing claims. Indeed, there are 24 projects in its current portfolio..."
03/5/2019
13:39
cf456: It will no doubt come when they have finished selling, which doesn't look to be the case quite yet. A load of people happy to take up the stock though judging by all the buying. The share price would have been very much higher than it is currently without Miton trimming. They eased up at the 100p level and the price quickly moved all the way up to 115p. When they do finish, the share price could move up very swiftly indeed. A lot of people appear to be buying in with that in mind.
29/4/2019
15:10
cf456: Some perkiness today. If Miton eases up with the selling, then the share price could really motor given the strong continued demand.
11/4/2019
09:59
cf456: Keen demand for the shares again with the supply being gobbled up. £337k or so worth bought in larger chunks around the 1.035 level this morning (4 x 23788, 8 x 26212 and 1 x 21380). Given the appetite for shares, if the supply hadn't been there the share price would have really motored. A good opportunity for a swift rerating when it clears.
03/4/2019
23:11
bigbadaussiebear: Winsome I was a shareholder when there was 55m shares on issue on the ASX - i effectively got diluted 50% but the share price is up 100% since then so im not complaining.. Im not afraid of dilution as this CEO has shown that he can create wealth for shareholders - the seed rounds were done at 20p in 2014 and 2015 and the ASX IPO at 37p When i bought the investment thesis here was much different, it was trading at 1.5 x book value and now its trading at a much fairer value. Sure there are risks like any small company, but if these guys manage to execute and grab a piece of the pie in the litigation funding space, there will much much more wealth creation in the years to come. I dont think BUR raising is what knocked it back.. it was the volatile moves in markets and the simple fact that it is up so much that profit taking and bases on the chart need to form... nothing goes up in a straight line. I reckon in a few months BUR will be making new highs
28/3/2019
09:33
cf456: Good to see that the directors are aligned with shareholders here. 12.62% of the company between them. hTTps://www.lcmfinance.com/shareholders/significant-shareholders Pretty significant skin in the game. They'll certainly be keen to do everything they can to drive the share price higher.
27/3/2019
08:35
bigbadaussiebear: Yes you are right. And considering we haven't seen any more selling from the largest shareholder since earnings, my guess is all the selling is from Australian institutions and retail clients of Morgan's (the broker that raised $10m before the delisting from ASX) The seed rounds were done at aud $0.40 in 2014 and 2015 The ASX ipo was done at aud $0.70c in 2016 The ASX capital raise and AIM IPO was done at aud $0.90c in 2018 We are now at around aud $1.65 in 2019 I expect profit taking The share price will move higher when there are further case settlements
08/3/2019
21:37
bigbadaussiebear: Because for him to get the shares the share price needs to be more than double the current share price.. 175p to be precise Also he has to stay employed in his role for 3 years which means he is incentivised to perform and generate wealth for shareholders.
01/3/2019
11:06
spob: Https://www.investorschronicle.co.uk/comment/2019/02/01/bargain-shares-2019/ 01 Feb 19 Litigation Capital Management (LIT) Aim: Share price: 78p Bid-offer spread:75-78p Market value: £84.9m Website:lcmfinance.com Sydney-headquartered Litigation Capital Management(LIT), a leading provider of litigation financing to enable third parties to pursue and recover funds from legal claims, listed its shares on Aim just before Christmas 2018 when equity markets were falling out of bed. However, the company had strong support from investors, who backed a £20m placing (£18.1m net of expenses) of 38m shares at 52p each. That was a bargain entry point at the market low, but there is still scope for the rerating since then to gather pace. Importantly, all of the proceeds from the equity raise were kept by the company, and there was no selling by existing shareholders. Funds managed by asset managers Miton Group, River & Mercantile and Standard Life Investments acquired 30m of the placing shares to give them a 27.6 per cent stake in the company. Litigation Capital also raised A$10m (£5.6m) from investors in Australia in October prior to cancelling its listing on the Australian Stock Exchange (ASX) when it moved to Aim. The company had previously listed its shares on the ASX in 2016 when it raised A$15m on admission. A growing alternative investment class It’s easy to see why both UK and Australian investors have been willing to back a company that is a mini version of market leader Burford Capital(BUR), shares in which have risen 12-fold since I spotted the company’s potential in the summer of 2015 (‘Legal eagles’, 8 June 2015). In a nutshell, litigation financing involves the funding of third parties’ legal claims in exchange for receiving a share of any amounts recovered from those claims. It’s a growing alternative asset class with returns determined by the skill of selecting and managing profitable litigation projects. Indeed, over the past decade, there has been significant growth of the industry and expansion beyond insolvency claims to commercial claims, class actions and international arbitration in an increasing number of jurisdictions. Company background and trading history Founded in Australia in 1998, and led by chief executive and 6.8 per cent shareholder Patrick Maloney since 2013 – the board of directors hold 9.1 per cent of the issued share capital between them – Litigation Capital has experienced significant growth in recent years. In the seven financial years to 30 June 2018, the company generated a cumulative return on invested capital of 138 per cent, and posted an eye-catching portfolio IRR of 83 per cent. Around 88 per cent of litigation projects the company backed were profitable in the seven-year period, with the average time from investment to settlement of a litigation case only 27 months, a relatively short holding period. Moreover, momentum is building as Litigation Capital delivered its strongest returns ever in the financial year to 30 June 2018, posting a profit before tax of A$12m (£6.7m) on 231 per cent higher revenues of A$31.2m, and reported a return on equity of 41 per cent. The current portfolio consists of 16 unconditionally funded litigation projects and five conditionally funded projects. Litigation Capital is also targeting a further pipeline of 49 projects with estimated capital commitment of A$365m. This pipeline represents a set of qualified opportunities at various stages of due diligence. The move to Aim provides the company with access to additional capital in a larger and more mature market and complements its business expansion in the UK. International expansion In line with the strategy for international expansion, the board of directors recruited a highly experienced UK litigation finance team of six staff, headed by executive vice chairman Nick Rowles-Davies, who joined Litigation Capital in 2018. He has a wealth of experience in this space, having created and defined the concept of portfolio litigation finance. Mr Rowles-Davies was a director of Burford Capital until 2016, where he had led the group’s non-US operations as managing director. Other members of the UK team are Matthew Denney and Tobey Butcher, both of whom were partners at Enyo Law, one of the UK’s largest and most respected litigation-only firms. Not that Litigation Capital’s board lacks experience, as chief executive Mr Maloney has acted in more than 200 commercial litigation cases so knows the market inside out, while finance director Stephen Conrad has 25 years' investment banking experience. Indeed, the strategic addition of the UK team has provided Litigation Capital with a major opportunity to enter the European market. The company is also adding a corporate portfolio approach to the single-case funding that has been the origin of the business in Australia. Peer group comparisons Importantly, the listing of the shares on London’s junior market enables investors to value the business relative to peers. There’s value on offer. The company had net assets of A$25.4m (£14.2m), including cash of $13.8m and litigation cases with a book value of A$11m at the end of June 2018, since when it has raised £25.7m of net cash through the aforementioned placings to give a pro-forma NAV of £38m. This means Litigation Capital is being valued on a price-to-book value of 2.2 times, a hefty discount to Burford, which is valued on a price-to-book value of 3.8 times Numis Securities end-2018 NAV estimate of 572¢, albeit Numis Securities expects Burford’s NAV to rise to 670¢ by the end of 2019, and to 828¢ by the end of 2020, highlighting a strong earnings profile and realisation of profits from investments. Clearly, Litigation Capital has a long way to go to emulate Burford’s success and the higher rating investors ascribe to its shares. However, it is clearly moving in the right direction as an IRR of 83 per cent and an 88 per cent success rate on its completed litigation cases highlights. These bumper returns reflect a conservative accounting approach in valuing legal claims, which results in the release of hefty profits when cases are settled. Bearing this in mind, eight of Litigation Capital’s litigation projects are forecast to complete by the end of the 2019 financial year, two of which have already completed, a further six projects are forecast to complete by June 2020, and seven in the 2021 financial year, thus offering prospects for both newsflow and realisation of healthy profits on Litigation Capital’s investments in these ongoing claims. With a smart team of legal eagles behind it, not to mention some heavyweight UK institutional investors, Litigation Capital shares look a decent long-term buy.
02/2/2019
08:58
spob: here you go Big... LIT is one of 10 constituents of the annual Investors Chronicle Bargain Shares Portfolio. Published every February. INL JOG RFX FUM AUGM TMT MERC DRV LIT BMY Https://www.investorschronicle.co.uk/comment/2019/02/01/bargain-shares-2019/ Litigation Capital Management (LIT) Aim: Share price: 78p Bid-offer spread:75-78p Market value: £84.9m Website:lcmfinance.com Sydney-headquartered Litigation Capital Management(LIT), a leading provider of litigation financing to enable third parties to pursue and recover funds from legal claims, listed its shares on Aim just before Christmas 2018 when equity markets were falling out of bed. However, the company had strong support from investors, who backed a £20m placing (£18.1m net of expenses) of 38m shares at 52p each. That was a bargain entry point at the market low, but there is still scope for the rerating since then to gather pace. Importantly, all of the proceeds from the equity raise were kept by the company, and there was no selling by existing shareholders. Funds managed by asset managers Miton Group, River & Mercantile and Standard Life Investments acquired 30m of the placing shares to give them a 27.6 per cent stake in the company. Litigation Capital also raised A$10m (£5.6m) from investors in Australia in October prior to cancelling its listing on the Australian Stock Exchange (ASX) when it moved to Aim. The company had previously listed its shares on the ASX in 2016 when it raised A$15m on admission. A growing alternative investment class It’s easy to see why both UK and Australian investors have been willing to back a company that is a mini version of market leader Burford Capital(BUR), shares in which have risen 12-fold since I spotted the company’s potential in the summer of 2015 (‘Legal eagles’, 8 June 2015). In a nutshell, litigation financing involves the funding of third parties’ legal claims in exchange for receiving a share of any amounts recovered from those claims. It’s a growing alternative asset class with returns determined by the skill of selecting and managing profitable litigation projects. Indeed, over the past decade, there has been significant growth of the industry and expansion beyond insolvency claims to commercial claims, class actions and international arbitration in an increasing number of jurisdictions. Company background and trading history Founded in Australia in 1998, and led by chief executive and 6.8 per cent shareholder Patrick Maloney since 2013 – the board of directors hold 9.1 per cent of the issued share capital between them – Litigation Capital has experienced significant growth in recent years. In the seven financial years to 30 June 2018, the company generated a cumulative return on invested capital of 138 per cent, and posted an eye-catching portfolio IRR of 83 per cent. Around 88 per cent of litigation projects the company backed were profitable in the seven-year period, with the average time from investment to settlement of a litigation case only 27 months, a relatively short holding period. Moreover, momentum is building as Litigation Capital delivered its strongest returns ever in the financial year to 30 June 2018, posting a profit before tax of A$12m (£6.7m) on 231 per cent higher revenues of A$31.2m, and reported a return on equity of 41 per cent. The current portfolio consists of 16 unconditionally funded litigation projects and five conditionally funded projects. Litigation Capital is also targeting a further pipeline of 49 projects with estimated capital commitment of A$365m. This pipeline represents a set of qualified opportunities at various stages of due diligence. The move to Aim provides the company with access to additional capital in a larger and more mature market and complements its business expansion in the UK. International expansion In line with the strategy for international expansion, the board of directors recruited a highly experienced UK litigation finance team of six staff, headed by executive vice chairman Nick Rowles-Davies, who joined Litigation Capital in 2018. He has a wealth of experience in this space, having created and defined the concept of portfolio litigation finance. Mr Rowles-Davies was a director of Burford Capital until 2016, where he had led the group’s non-US operations as managing director. Other members of the UK team are Matthew Denney and Tobey Butcher, both of whom were partners at Enyo Law, one of the UK’s largest and most respected litigation-only firms. Not that Litigation Capital’s board lacks experience, as chief executive Mr Maloney has acted in more than 200 commercial litigation cases so knows the market inside out, while finance director Stephen Conrad has 25 years' investment banking experience. Indeed, the strategic addition of the UK team has provided Litigation Capital with a major opportunity to enter the European market. The company is also adding a corporate portfolio approach to the single-case funding that has been the origin of the business in Australia. Peer group comparisons Importantly, the listing of the shares on London’s junior market enables investors to value the business relative to peers. There’s value on offer. The company had net assets of A$25.4m (£14.2m), including cash of $13.8m and litigation cases with a book value of A$11m at the end of June 2018, since when it has raised £25.7m of net cash through the aforementioned placings to give a pro-forma NAV of £38m. This means Litigation Capital is being valued on a price-to-book value of 2.2 times, a hefty discount to Burford, which is valued on a price-to-book value of 3.8 times Numis Securities end-2018 NAV estimate of 572¢, albeit Numis Securities expects Burford’s NAV to rise to 670¢ by the end of 2019, and to 828¢ by the end of 2020, highlighting a strong earnings profile and realisation of profits from investments. Clearly, Litigation Capital has a long way to go to emulate Burford’s success and the higher rating investors ascribe to its shares. However, it is clearly moving in the right direction as an IRR of 83 per cent and an 88 per cent success rate on its completed litigation cases highlights. These bumper returns reflect a conservative accounting approach in valuing legal claims, which results in the release of hefty profits when cases are settled. Bearing this in mind, eight of Litigation Capital’s litigation projects are forecast to complete by the end of the 2019 financial year, two of which have already completed, a further six projects are forecast to complete by June 2020, and seven in the 2021 financial year, thus offering prospects for both newsflow and realisation of healthy profits on Litigation Capital’s investments in these ongoing claims. With a smart team of legal eagles behind it, not to mention some heavyweight UK institutional investors, Litigation Capital shares look a decent long-term buy.
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