Intended Purchases of Ordinary Shares
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Burford Capital Limited (the "Company"), the leading global finance and asset management firm focused on law, today announces a share repurchase program for the Company's ordinary shares, no par value per share ("Ordinary Shares"), with authorization to repurchase up to a maximum aggregate amount of £5.0 million (the "Program") in connection with future obligations under the Company's deferred compensation plan (the "Deferred Compensation Plan"). It has been the Company's practice to purchase Ordinary Shares in the open market from time to time in connection with the Company's obligations under its employees' share schemes.
About the Program
| · | The Program will be financed through existing cash resources. |
| · | The Company has appointed Numis Securities Limited ("Numis") to independently manage the Program to repurchase Ordinary Shares on its behalf and within certain defined parameters. |
| · | Any purchase of Ordinary Shares will be carried out on AIM, a market operated by the London Stock Exchange. |
| · | The aggregate number of Ordinary Shares acquired by the Company pursuant to the Program shall not exceed the maximum number of Ordinary Shares which the Company is authorized to acquire pursuant to the authority to acquire up to a maximum of 21,895,271 Ordinary Shares as obtained at the Company's annual general meeting held on July 5, 2023 (the "General Authority"). |
| · | In accordance with the General Authority, the maximum price paid per Ordinary Share acquired by the Company pursuant to the Program is to be no more than the higher of: |
| o | 105% of the average of the middle market quotations for the five business days immediately preceding the day on which Ordinary Shares are contracted to be acquired; and |
| o | the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the acquisition is carried out. |
| · | The Program will commence on the date of this announcement and will continue until the earlier of (i) the expiration of the General Authority and (ii) until the maximum pecuniary amount has been purchased under the Program. |
| · | Ordinary Shares acquired pursuant to the Program will be initially held by the Company in treasury and, at the Company's sole discretion, may subsequently be used in connection with the employees' share schemes, directors' award plans or other purposes, as the case may be. Ordinary shares held in treasury are not entitled to dividends and have no voting rights at the Company's annual general meetings. |
| · | Acquisitions of Ordinary Shares pursuant to the Program will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. |
| · | The Program will operate in accordance with and under the terms of the General Authority and the parameters of the Market Abuse Regulation 596/2014 and Commission Delegated Regulation (EU) 2016/1052 (in each case, as they form part of UK law pursuant to the European Union (Withdrawal) Act 2018). |
| · | As of March 18, 2024, the Company's total issued share capital consisted of 219,316,028 Ordinary Shares, with one voting right per share. The Company holds 350,947 Ordinary Shares in treasury. Therefore, the total number of voting rights in the Company as of March 18, 2024 was 218,965,081. |
| · | Daily announcements will be made as soon as practicable after each purchase of Ordinary Shares pursuant to the Program and upon completion of the Program. |
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