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
  0.00 0.00% 82.60 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
81.80 82.60 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 90
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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Date Time Title Posts
13/9/201915:10:: LITIGATION CAPITAL MANAGEMENT670
08/8/201902:53LIT2
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
15/9/2019
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 82.60p.
Litigation Capital Management Limited has a 4 week average price of 70p and a 12 week average price of 58p.
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 979,505 shares. The market capitalisation of Litigation Capital Management Limited is £89,776,229.35.
07/8/2019
11:26
henley2: On the basis that LIT only recognises income from cases where a settlement or legal decision have been made and doesn’t account using fair value, surely the share price has over-reacted. However, BUR was the supposed blue chip of the sector so what multiple/rating is the correct one?
07/8/2019
11:00
hibberts: Just received an email from LIT. Hello xxx � Thank you for your email, we work with LCM and note that the share price movement is likely driven by the news regarding Muddy Waters' short position in Burford Capital. We'd just flag that, unlike Burford Capital (and Manolete), LCM does not adopt fair value in its reporting and never has done. The company has consistently prepared its accounts and performance metrics on a conservative cash accounting basis. LCM is committed to providing investors with the disclosure and transparency needed to assess the performance of the business. Best Lorna
07/8/2019
09:03
mrnumpty: red5 . Thank you for the kind reply . I have just sent an email to LCM suggesting that they might issue an RNS pointing out the link with Burford and the ( alleged ) shorting attack on Burford . I , and perhaps many , holders of LCM , have been or still are holders of Burford . However , I imagine that there are many private shareholders in LCM who are quite unaware of the similarities between the two companies ( one evident difference being size ) , so they will still be completely in the dark concerning an explanation for the share price misery of the last couple of days . These shareholders , unaware that the fall in LCM was apparently merely caused by association with our much bigger competitor , and unaware of the brilliant RNS by Burford this morning in which these top lawyers promise to do everything in their power to hunt down and prosecute the shorters , might ( erroneously , in my humble opinion ) see this morning's rise in LCM as an occasion to sell .
07/8/2019
07:55
mrnumpty: Good News ( in my humble opinion ) ! The recent slump in the share price has occurred in parallel with the drop in the share price of our much larger comparitor company and competitor , Burford Capital . Burford have issued a very strong RNS this morning which states that the Company is doing very well , that nothing at all has happened contrary to its very positive RNS of a couple of weeks ago , and that Burford believes that its share price drop was due to market manipulation by shorters . Burford state that they intend to investigate and prosecute such creatures . The RNS is available on the Burford Capital Plc website : go to " Investor Relations " ; then " News and events " ; then " Regulatory News " ( obviously it's the RNS for 7/8/2019 ). My impression is that this RNS has met with complete approval by posters on the ADVFN Burford Capital share chat site . As some of the Burford posters point out , one wouldn't want to be on the receiving end of investigation and probable legal action by the top lawyers of Burford . Personally , with this great explanation and threat from Burford , together with the very positive comment about Litigation Capital Management in the June edition of Small Company Share Watch , I shall continue to hold LCM . Also , Investors' Chronicle have been keen on LCM , although I prefer SCSW . However , it's been an awful few days . If I weren't sufficiently exposed to LCM , I would now use this price drop to accumulate . However , DO NOT TAKE THAT COMMENT AS ADVICE - YOU MUST DO YOUR OWN RESEARCH .
16/7/2019
18:13
djderry: Again I unfilter a poster.Johnwig,again,you are missing the point.When you ask why the share price of a particular company went down ( or up),apart 'from some perception of wrongdoing' you are committing rookie errors.Share prices go up and down for a myriad of 'reasons' or for no reason whatsoever.Investors understand this.When commentators try to explain,each day,they can come up with whatever 'reason' will do.They do this to satisfy a need,to fill air-time and for many other 'reasons'. Investors do their research and then decide whether to invest or not.The actions of others are of no interest to them.Imagine letting traders/fly by the seat of their pantsers/pump and dumpers influence one's actions! No,the superior investor ( and by that I mean one whose portfolio enjoys most of the upside in a bull market whilst declining less in a bear market)ignores the market 'noise' ,adding to his/her stocks which ,as you mention,may have declined but, mostly,remaining inactive.
12/7/2019
11:47
andygibb101: From IC today: Litigation Capital announces settlement Litigation Capital Management (LIT:102p), a Sydneybased provider of litigation financing to enable thirdparties to pursue and recover funds from legal claims, has reached a conditional settlement in respect of one of its litigation projects: an open class action in the Federal Court of Australia, which it funded on behalf of a group that suffered a financial loss following an investment in an allegedly fraudulent scheme. The case will generate a bumper gross profit of A$2.7m- A$3m (£1.5m-£1.7m) for the company. This is the fifth case settlement in the financial year to end-June 2019, adding weight to broking house Arden Partners’ forecast that Litigation Capital will report pre-tax profits of A$9.5m on revenue of A$48.4m for the 12-month trading period. Litigation Capital has a portfolio of 29 litigation projects under management, of which 23 are unconditionally funded (nine of these are class actions) and six are conditionally signed. In addition, the company has a pipeline of 59 projects with a potential investment in excess of A$380m (£211m) across a mix of litigation financing, including commercial, international arbitration, insolvency, class actions and corporate portfolios. I also understand from analyst Michael White at Arden Partners that the undisclosed litigation funding cooperation agreement Litigation Capital entered into earlier this year is believed to be with leading London-based international law firm Clyde & Co. The firm operates across six continents through a network of 50 offices, has over 400 partners, and is one of the most active in the litigation space globally, representing clients across the aviation, energy and natural resources, infrastructure, trade and commodities, and insurance sectors. The point is that not only are Litigation Capital’s shares lowly rated on a price-to-book value of 2.6 times (peer group average of 4.2 times), but litigation projects are held at cash on the balance sheet so NAV fails to capture the true underlying value of its cases given that the company has made a cumulative average return on invested capital (ROIC) of 117 per cent on all cases since 2012. Arden is pencilling in a pre-tax profit of A$14.9m on revenues of A$77.3m in the 2019-20 financial year, implying earnings per share (EPS) will surge from 6.3¢ to 10¢ (5.5p) to support a dividend per share of 3.1¢ (1.7p). Litigation Capital’s shares have risen by a third since I included them, at 77.5p, in my 2019 Bargain Shares portfolio. However, I can see still almost 40 per cent further potential share price upside to fair value of 140p, which is why I continue to rate the shares a buy.
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.
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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