Settlement in Australian class action
Source: RNS
9 March 2023
Litigation Capital Management Limited
("LCM" or the "Company")
Settlement in Australian class action
Litigation Capital Management Limited (AIM:LIT), a leading international alternative asset manager of disputes financing solutions, announces that a settlement has been reached in an Australian class action funded by the Company.
The investment in this class action forms part of LCM's Direct Investment Portfolio and was 100% funded from balance sheet capital.
LCM expects to receive revenue of approximately $AUD 14million. That amount includes capital invested of approximately AUD $8.25 million together with an expected gross profit of approximately $AUD 5.75million. The Company's final revenue and profit figures are subject to change pending final distribution of settlement monies and cash is expected to be received in the next 30 days.
The terms of the settlement are confidential.
Patrick Moloney, CEO of LCM, said:
"We are pleased to see a positive resolution to this investment. It forms part of our mature portfolio of dispute investments, which have experienced some delays as a consequence of Covid. Nonetheless, we are pleased it provided strong returns in the circumstances."
Enquiries
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Litigation Capital Management |
c/o Tavistock PR |
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Patrick Moloney, Chief Executive Officer |
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Canaccord (Nomad and Joint Broker) |
Tel: 020 7523 8000 |
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Bobbie Hilliam |
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Investec Bank plc (Joint Broker) |
Tel: 020 7597 5970 |
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David Anderson |
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Tavistock PR |
Tel: 020 7920 3150 |
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Tim Pearson Katie Hopkins
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lcm@tavistock.co.uk |
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternate asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM's permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its revenue from both its direct investments and also performance fees through asset management.
LCM has an unparalleled track record driven by disciplined project selection and robust risk management.
Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.
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