Litigation Capital Management Limited
LIT · AIM · Financial Services · mcap £0.4m · 0.5p 3 open situations →
- EV
- £60.3m
- EV / EBIT
- –
- Net debt
- £59.8m
- FCF yield
- -8467.6%
- Revenue
- –
- Share price 1y
- −95%
- Insiders 12m
- no deals
- Next report
- around 30 Mar
Timeline · every situation
dots = announcementsOpen · 3
Balance-sheet stress / refinancing
Going concern and run-off debt
Funded party terminates collective action funding
Follows from Strategic review – Concluded, no transaction; run-off begins, closed 30 Sep 2026
FY26 results on 30 September 2026 showed net liabilities of A$53.6m and net debt of A$123.4m. A long-term Northleaf amendment was signed that day, subject to conditions precedent. LCM lost an insolvency claim (A$2.9m) on 8 Oct 2026. On 23 Oct 2026 a funded party terminated a collective action funding agreement (A$2.7m LCM capital), which LCM disputes.
- Fund 1 clawback
- A$20.4m provision for performance fee clawback 23 Oct 2026 ↗
- At risk if appeals fail
- A$33m of investment value in cases under appeal would be written off 30 Sep 2026 ↗
- Next covenant test
- First test under the amended facility on 31 December 2027 23 Oct 2026 ↗
- Case lost
- Australian insolvency claim unsuccessful, judgment announced 8 Oct 2026; A$2.9m balance-sheet capital 23 Oct 2026 ↗
- Amount at stake
- A$2.7m own capital in the collective action, held at A$2.4m at 30 June 2026; co-funded by Fund 2 23 Oct 2026 ↗
- Mitigant
- ATE insurance in place to mitigate adverse costs risk 8 Oct 2026 ↗
Next: Options being discussed with capital providers; dispute of termination validity
- 23 Oct 2026 Funded party terminates collective action funding
- 8 Oct 2026 Material uncertainty; another case lost
- 30 Sep 2026 Material uncertainty; amendment signed, conditions pending
Legal & regulatory
Poland arbitration award enforcement
Set-aside rejected in Singapore; appeal expected
- 12 Jan 2026 Set-aside rejected in Singapore; appeal expected
Legal & regulatory
QLD Electricity Claim adverse costs
Costs quantified; appeal filed; costs appeal considered
- 24 Dec 2025 Costs quantified; appeal filed; costs appeal considered
Closed · 2
Company filings. Not investment advice.