IMF Bentham raises up to an additional A$84.48 million to fuel global growth
SYDNEY, 24 October 2018: IMF Bentham Limited has undertaken a placement of shares to institutional investors of 26.6 million shares to raise A$74.48 million, and initiated a share purchase plan for retail investors, which is set to raise an additional A$10 million.Dispute finance allows parties to pursue claims without the usual associated costs and risks and is becoming mainstream around the world. As a result, IMF Bentham is experiencing strong pipelines across all of the jurisdictions in which it operates. The company is aiming to have close to A$1.5 billion in funds under management by the end of 2019 to invest in disputes world-wide, expand its footprint in continental Europe and expand existing operations in Asia and Canada.
IMF’s Managing Director, Andrew Saker, commented: “The Placement attracted strong interest from existing and new institutional investors, who continue to support our strategy and growth plans. The Placement will ensure IMF has funds to meet its future expected fund commitments while also having the financial flexibility to pursue other growth initiatives, including the expansion of existing and potential new operations.”
The Placement of shares to eligible sophisticated, professional and other institutional investors to raise A$74.48 million was conducted via a bookbuild on 23 October 2018 in Australia and selected international jurisdictions. The Share Purchase Plan for retail investors opened 22 October 2018 for ‘Eligible Holders’. Further details will be available shortly.
In conjunction with the above equity initiatives, IMF is also is also in discussions regarding a proposed issue of IMF Bentham Bonds to eligible institutional investors. This process will be completed over the next few weeks.
Further information can be found on IMF’s ASX announcement platform (Investor Presentation).
IMF Bentham’s Managing Director Andrew Saker said: “The proceeds from the equity and debt raise provide IMF with a wonderfully strong capital base, and mix, to fund our strategy to grow and diversify. The support we have received from our debt and equity holders is a resounding endorsement of that strategy, and testament to the contributions of our team and reflect a growing awareness and acceptance of our industry.”
About IMF Bentham
IMF is one of the leading global litigation funders, headquartered in Australia and with offices in the US, Singapore, Canada, Hong Kong and the UK. IMF has built its reputation as a trusted provider of innovative litigation funding solutions and has established an increasingly diverse portfolio of litigation funding assets.
IMF has a highly experienced litigation funding team overseeing its investments. We have a 90% success rate over 175 completed investments and have recovered over A$1.4 billion for clients since 2001. For further information regarding IMF and its activities, please visit www.imf.com.au