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Leading global litigation & dispute financier, IMF Bentham Limited (ASX:IMF) has announced that investors in each of Fund 2 and Fund 3 (RoW Funds) have agreed to commit an additional A$30 million by way of additional capital.
As per the companyâs announcement, the Funds managed by Partners Capital Investment Group, LLP (Partners Capital) will invest up to around A$18 million. Partners Capital currently manages more than US$24 bn on behalf of endowments, foundations, investment professionals and family offices. Following the release of this news, the share price of the company increased by 3.041% as on 31 January 2019.Â
IMF and funds managed by Singapore-based private investment firm, Amitell Capital Pte Ltd, will each invest up around A$6 million. The company is planning to fund its increased capital commitment from its internal cash resources. The additional commitments will provide sufficient capital to finance RoW investments before the launch of an upcoming Fund 5, which will be IMFâs second RoW Fund.
It was originally anticipated that Funds 2 and 3 would have a 3-year investment commitment period. According to the current projections, even with the upsizing, this is likely to be fully committed within FY 2019. Therefore, the company has accelerated the development and launch of Fund 5. It is expected that the return structure and fees for Fund 5 will largely mirror Fund 4.
As at 31 December 2018, the company had net cash used in operating activities of $12,467k, net cash used in investing activities of $6,623k and net cash from financing activities of $112,387k. At the end of the December quarter, the company had Cash and Cash equivalent of $233,323k.
The company has also provided information regarding IMF Bentham Limited Bonds (IMFHA). The company has informed that there has been no failure, material to the holders of IMFHAâs, to comply with the terms of the IMFHAâs or the provisions of the IMF Bonds Trust Deed (Trust Deed) or Chapter 2L of the Corporations Act during the December Quarter.
On 3 December 2018, Bondholders approved amendments to the provisions of the Trust Deed and terms of the IMF Bentham Limited Bonds and those amended terms included a one-off right of redemption for investors and the payment of a make whole payment to all Bondholders.
During the December Quarter, a total of 154,048 IMF Bentham Limited Bonds were redeemed for a face value of around $15.404 Mn. During the December quarter, a one-off make whole payment of $2.37 per IMFHA was paid to Bondholders. As per the announcement, $26 million of additional IMFHA were concurrently issued.
Meanwhile, in the last one month, the share price of the company decreased by 5.73% as on 30 January 2019. IMFâs shares traded at $3.050 with a market capitalization of circa $605.64 million as on 31 January 2019. It has 52 weeks high of $3.330 and 52 weeks low of $2.230.
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