Litigation Capital Management Limited (LCM), announced its admission of the company’s fully paid ordinary shares to trade on AIM, a market operated by London Stock Exchange.
LCM successfully raised approximately £20 million pursuant to the share placement, resulting in a market capitalisation on admission of approximately £56.5 million. Dealings on AIM will commence under the ticker “LIT”. In connection with the AIM admission, the company expects to de-list from the ASX on 21 December 2018.
To maximise opportunities within the global litigation finance industry, LCM has taken a considered approach to international expansion during 2018. The company launched its EMEA operations by opening an office in London, led by Executive Director Nick Rowles-Davies, as well as an office in Singapore in November 2018, which will cover the Singapore and Hong Kong markets. The opening of both offices has provided LCM with a strong and immediate presence across several markets with high growth potential.
The move to AIM provides access to additional capital in a larger and more mature market to complement LCM’s business expansion in the UK, while at the same time aligning LCM, as a growing company with a growth platform.
Patrick Moloney, CEO of LCM, said:
“Today is a significant milestone for LCM with the completion of our successful listing on the AIM market. We will now look to enter the next phase of our development and being a London listed company positions us to fund an attractive, qualified pipeline of future projects and grow the business through the access to capital and a broadening of our shareholder base.
We are delighted to welcome Nick Rowles-Davies to the team at LCM. Nick will head up our newly-launched London office, where we see significant opportunities across the EMEA region. Nick is a true industry pioneer and someone I have a long-standing working relationship with. We are looking forward to having Nick as part of the team as LCM moves to the next stage of its development.”
Nick Rowles-Davies, Executive Vice-Chairman of LCM, said:
“The opportunity to join LCM is one that I could not miss. We have a unique proposition which combines one of the oldest litigation funding businesses in the world, with an unparalleled track record in the Southern hemisphere, together with our innovative approach to sourcing funding opportunities in the Northern hemisphere. This combination will create a global litigation finance business.
The transition within litigation financing to funding of corporate clients and those corporate clients seeing disputes as assets which can be financed, is fuelling growth for LCM. This focus on establishing a new corporate finance proposition for clients is an approach that will create new market share for LCM.”
LCM completed it’s first day of trading on the AIM platform with shares up 13.9% at 59.25p.
Litigation Capital Management (“LCM”) is a leading international provider of litigation financing solutions. This includes single-case and portfolio; across class actions, commercial claims, claims arising out of insolvency and international arbitration. LCM has an unparalleled track record, driven by effective project selection, active project management and robust risk management. Headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.