Litigation Capital Management Ltd Share Buyback Programme (7215O)
05 Octubre 2023 - 1:00AM
UK Regulatory
TIDMLIT
RNS Number : 7215O
Litigation Capital Management Ltd
05 October 2023
05 October 2023
Litigation Capital Management Limited
("LCM" or the "Company")
Share Buyback Programme
Litigation Capital Management Limited (AIM:LIT), an alternative
asset manager specialising in dispute financing solutions
internationally, today announces that it intends to commence a
share buyback programme in respect of its ordinary shares up to a
maximum consideration of A$10.0 million from the date of this
announcement (the "Share Buyback Programme").
The purpose of the Share Buyback Programme is to reduce the
share capital of the Company in order to return value to
shareholders.
The Share Buyback Programme was first announced in the full year
audited results for the year ended 30 June 2023 released on 19
September 2023.
LCM has entered into an irrevocable non-discretionary
instruction with Canaccord Genuity Limited ("Canaccord") in
relation to the purchase by Canaccord, acting as principal during
the period commencing on 5th October 2023 and ending upon the
publication of the full year audited results of the Company for the
year ended 30th June 2024, of Ordinary Shares for an aggregate
consideration (excluding expenses) of no greater than A$10.0
million and the simultaneous on-sale of such Ordinary Shares by
Canaccord to LCM, where they will be held in treasury. Canaccord
will make its trading decisions concerning the timing of the
purchases of Ordinary Shares independently of, and uninfluenced by,
the Company.
The Share Buyback Programme will be conducted within certain
pre-set parameters, and in accordance with Chapter 12 of the UK
Listing Rules and the provisions of the Market Abuse Regulation
596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019 ("UK MAR") and the Commission Delegated Regulation
2016/1052/EU as amended by Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019 which both form part of the
law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018. Notwithstanding the average daily volume
restrictions set out in Article 3(3) (b) of the Commission
Delegated Regulation (EU) 2016/1052, the Company may make purchases
in excess of these volume restrictions, subject to prevailing
market conditions and liquidity.
Enquiries
Litigation Capital Management c/o Tavistock
Patrick Moloney, Chief Executive
Officer
Mary Gangemi, Chief Financial
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Broker) Tel: 020 7597 5970
David Anderson
Tavistock (PR and IR) 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 income 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
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