London Stock Exchange welcomes Litigation Capital Management to AIM
Litigation Capital Management Limited (“LCM” or “The Company”), (ASX:LCA / LSE:LIT), celebrated its admission to AIM as it opened trading on the London Stock Exchange this morning, Wednesday 19th December 2018. Led by CEO Patrick Moloney, LCM is one of the oldest providers of litigation financing, having been founded over 20 years ago in Australia.
Since inception, LCM has been involved in over 55 Litigation Projects, covering approximately 199 individual cases. Of these projects, 95% have achieved settlement with an average time to resolve of 27 months. Operating across Australasia, EMEA and Asia, LCM provides financing to support multiple sectors of litigation projects across multiple geographies. This includes single-case; portfolio, including class action, commercial, international arbitration and insolvency; and corporate portfolio, which allows the funder to take on multiple cases on behalf of a sophisticated corporate and minimise risk.
The Company’s move to AIM will provide access to additional capital in a larger and more mature market to fund its strong pipeline of future litigation projects, while at the same time aligning LCM as a growing company onto a growth platform.
In November 2018, the Company launched its EMEA operations by opening an office in London, led by Executive Vice-Chairman Nick Rowles-Davies, as well as an office in Singapore, 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 Company listed on the Australian Securities Exchange in 2016 and has moved its public listing to AIM. On Admission, the Company will have 70,226,389 ordinary shares in issue. The Company successfully raised gross proceeds of £20 million, before expenses, giving LCM a market capitalisation of £56.5 million on listing.
Patrick Moloney, CEO of LCM, said:
"Today is a significant milestone for LCM following the completion of our successful listing on the AIM market. We will now look to enter the next phase of the Company’s development and being a London listed company will allow us to fund a strong, qualified pipeline of future projects and grow the business through accessing new equity capital, as well as broadening our shareholder base."
LCM’s nominated adviser and broker is Canaccord Genuity Limited, its legal advisers in the UK are Memery Crystal LLP and its legal advisers in Australia at Baker McKenzie, BDO are the Company’s auditors and reporting accountant, the legal advisors to the nominated adviser and broker is Macfarlanes LLP, Link Market Services are the Company’s Guernsey and Australian registrars and depositary, and Hawthorn Advisors are LCM’s financial PR advisors.