Litigation Capital Management Ltd Settlement in Australian class action (1971L)
04 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMLIT
RNS Number : 1971L
Litigation Capital Management Ltd
04 September 2023
4 September 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 the outcome of the settlement reached in an
Australian class action funded by it.
As previously announced ( 15 May 2023), the class action was
brought in the Federal Court of Australia against the Commonwealth
of Australia on behalf of persons who are alleged to have suffered
loss and damage as the result of the contamination of their land at
seven sites around Australia in proximity to Department of Defence
military bases.
The Commonwealth has agreed to pay the sum of AUD$132.7M in
order to resolve the class action. A confidential deed of
settlement was executed and has now been approved by the court,
allowing the disbursement of funds, subject to the unlikely event
of appeal.
The claim forms part of LCM's managed Global Alternative Returns
Fund ("Fund I") and was funded directly from LCM's balance sheet
(25%) and Fund I Investors (75%). Details of the returns are
highlighted below:
*AUD$m Investment performance LCM performance metrics
Invested capital 13.5 3.4
----------------------- ------------------------
Investment return 28.6 7.2
----------------------- ------------------------
Total revenue 42.1 10.6
----------------------- ------------------------
ROIC on investment 2.12 2.12
----------------------- ------------------------
Performance fee* - 6.4
----------------------- ------------------------
Gross profit 28.6 13.6
----------------------- ------------------------
ROIC after performance
fees 2.12 4.03
----------------------- ------------------------
*The investment returns are subject to change based on the
prevailing FX rate and timing of distribution
Patrick Moloney, CEO of LCM, said:
"This settlement is a positive start to the fiscal year,
demonstrating the momentum LCM's portfolio has gained over the last
six months. We continue to scale our portfolio of investments
through increased commitments which are a key indicator of future
growth and long term shareholder value."
Enquiries
Litigation Capital Management c/o Tavistock PR
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Tel: 020 7597 5970
Broker)
David Anderson
Tavistock PR Tel: 020 7920 3150
Tim Pearson lcm@tavistock.co.uk
Katie Hopkins
NOTES TO EDITORS
Litigation Capital Management (LCM) is an alternative 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.
www.lcmfinance.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCZZGGLMFLGFZM
(END) Dow Jones Newswires
September 04, 2023 02:00 ET (06:00 GMT)
Litigation Capital Manag... (LSE:LIT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Litigation Capital Manag... (LSE:LIT)
Gráfica de Acción Histórica
De May 2023 a May 2024