IMF Bentham Limited Announces The Dismissal Of An Arbitration It Funded In US

  • Mar 25, 2019 AEDT
  • Team Kalkine
IMF Bentham Limited Announces The Dismissal Of An Arbitration It Funded In US

Leading global litigation funder, IMF Bentham Limited (ASX: IMF) has announced the dismissal of an arbitration funded in the United States through Fund 1. Fund 1’s investment portfolio includes 36 remaining investments, which as at 31 December 2018, had an EPVi of around $2.95 billion.

As per the company’s announcement, there is no cash impact resulting from the dismissal of the arbitration. IMF is going to write down its Fund 1 and consolidated intangible asset balance by $9.39 Million, creating a corresponding loss on the investment, in Fund 1 and on a fully consolidated basis, in the current financial year.

In February 2018, IMF sold USF Case 31 as part of the disposal of IMF’s pre-existing US investment portfolio and recovered $8.47 million from the sale. The dismissal of the arbitration proceedings is reinforcing IMF’s previously stated view that the US Portfolio Sale was in the best interests of IMF.

For the half-year ended 31 December 2018, the group reported total income of $8.143 million as compared $12.750 million in the previous corresponding period (pcp).  The majority of the net gain/(loss) on disposal of intangible assets was generated from 6 of the 10 cases which concluded during the half-year.  Gross proceeds from litigation contracts was $15.310 million in the half year period, a 69% decrease on pcp. The consolidated net loss from continuing operations after tax for the half-year was $10.395 million as compared to the loss of $4.385 million in pcp.

As at 31 December 2018, the group had $233.325 million in Cash. During the half year period, the Company raised share capital of $76.105 million as a result of issuing 26,600,000 shares to sophisticated and institutional investors at $2.80 per share on 31 October 2018 and 580,110 shares under its Share Purchase Plan at $2.80 per share on 16 November 2018. During the half year period, IMF funded 14 new investments, comprising 10 investments outside the USA and 4 in the USA. In late 2018, IMF successfully closed its fourth Fund, which is US-centric with capital commitments of US$500 million, with a potential to increase to US$1.0 billion.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $2.450, down by 8.647% during the day’s trade with a market capitalisation of ~$544.26 million as on 25 March 2019 (AEST 3:39 PM). The counter opened the day at $2.620 and touched a day’s low of $2.375 with a daily volume of ~ 545,471. The stock has provided a year till date return of -13.92% & also posted returns of -15.02%, -9.52% & -14.74% over the past six months, three & one-months period respectively. It had a 52-week high price of $3.380 and touched 52 weeks low of $2.230, with an average volume of ~336,322.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

 

All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.

 

There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

CLICK HERE FOR YOUR FREE REPORT!
   
x
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK