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Burford Capital Appoints KPMG LLP as Independent Auditor

By Harry Moran |

Burford Capital Limited (“Burford”), the leading global finance and asset management firm focused on law, is pleased to announce that, on July 1, 2024, the audit committee (the “Audit Committee”) of Burford’s board of directors (the “Board”) has approved, and the Board has ratified, the appointment of KPMG LLP (“KPMG”) as Burford’s independent registered public accounting firm. KPMG will review Burford’s consolidated financial statements for the three and nine months ending September 30, 2024 and will audit Burford’s consolidated financial statements for the fiscal year ending December 31, 2024.

KPMG replaces Ernst & Young LLP (“E&Y”), which has served as Burford’s independent auditor since 2010. While Burford is not subject to traditional UK mandatory auditor rotation every ten years, Burford is nevertheless conscious of shareholder feedback about best practices in the UK market and, while it would have been disruptive to have rotated auditors during the transition to US GAAP and the addition of our New York Stock Exchange listing, with those items behind us now is an appropriate moment to abide by those best practices and move to another Big Four accounting firm.

KPMG’s appointment is subject to the ratification of Burford’s shareholders at an extraordinary general meeting (the “2024 EGM”) to be held in due course.

Dismissal of Previous Independent Registered Public Accounting Firm

On July 1, 2024, the Audit Committee has also approved, and the Board has ratified, the dismissal of E&Y as Burford’s independent registered public accounting firm, effective immediately following the issuance of Burford’s consolidated financial statements for the three and six months ended June 30, 2024.

The reports of E&Y on Burford’s consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of Burford’s consolidated financial statements for each of the fiscal years ended December 31, 2023 and 2022 and during the period from the end of the most recently completed fiscal year ended December 31, 2023 through July 1, 2024 (the “Interim Period”), there were no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K) with E&Y on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which “disagreements”, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the subject matter of the “disagreements” in connection with their report for such years. There were no “reportable events” (as described in Item 304(a)(1)(v) of Regulation S-K) during the two fiscal years ended December 31, 2023 and 2022 or the Interim Period, except for certain identified material weaknesses in Burford’s internal controls relating to:

  • a lack of available evidence to demonstrate the precision of management’s review of certain assumptions used in the measurement of the fair value of capital provision assets as disclosed in Burford’s annual report on Form 20-F for the year ended December 31, 2023 filed with the US Securities and Exchange Commission (the “SEC”) on March 28, 2024, which Burford is in the process of remediating as of the date of this announcement; and
  • the determination of Burford’s approach to measure the fair value of capital provision assets in accordance with Accounting Standards Codification Topic 820—Fair Value Measurement, as disclosed in Burford’s annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC on May 16, 2023, which was remediated at December 31, 2023.

The Audit Committee discussed the “reportable events” with E&Y, and Burford has authorized E&Y to respond fully to the inquiries of KPMG, as successor auditor, concerning the subject matter of such “reportable events”.

Pursuant to Item 304(a)(3) of Regulation S-K, Burford provided E&Y with a copy of the disclosures in this announcement prior to furnishing this announcement under the cover of Form 6-K to the SEC, and E&Y has furnished a letter addressed to the SEC stating that E&Y agrees with the statements set forth in this paragraph and the two immediately preceding paragraphs above. A copy of E&Y’s letter, dated July 9, 2024, has been furnished as Exhibit 99.1 to the Form 6-K.

Appointment of New Independent Registered Public Accounting Firm

On and effective as of July 1, 2024, KPMG was appointed as Burford’s independent registered public accounting firm for the three and nine months ending September 30, 2024 and for the fiscal year ending December 31, 2024. The Audit Committee approved, and the Board ratified, the appointment of KPMG, subject to the shareholder approval at the 2024 EGM. 

During Burford’s two most recent fiscal years ended December 31, 2023 and 2022 and the Interim Period, neither Burford nor anyone acting on its behalf has consulted KPMG regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on Burford’s consolidated financial statements, and neither a written report nor oral advice was provided to Burford that KPMG concluded was an important factor considered by Burford in reaching a decision as to any accounting, auditing or financial reporting issue or (ii) any matter that was either the subject of a “disagreement” (as defined in Item 304(a)(1)(iv) of Regulation S-K) or a “reportable event” (as described in Item 304(a)(1)(v) of Regulation S-K).

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.For more information, please visit www.burfordcapital.com.

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Harry Moran

Harry Moran

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Announcements Commercial Fundraising

Manolete Partners Announces New Revolving Credit Facility with HSBC Bank

By Harry Moran and 4 others |

Manolete Partners Plc (AIM:MANO), the leading UK-listed insolvency litigation financing company, is pleased to announce it has signed a new Revolving Credit Facility ("RCF") with its existing provider, HSBC UK Bank Plc ( "HSBC"). 

The new RCF provides Manolete with the same level of facility as the previous arrangement, at £17.5m. However, the margin charged to Manolete by HSBC on the new RCF is at a reduced rate of 4.0% (previously 4.7%) over the Sterling Overnight Index Average (SONIA) and has a reduced non-utilisation fee, from 1.88% to 1.40%. 

The new RCF is a 3.25-year facility with an initial maturity of 27 June 2028. Manolete has the option to further extend the facility on its current terms by an additional year. 

The covenants remain unchanged except for the Asset Cover covenant which has been relaxed for the next six months. 

Steven Cooklin, CEO commented: "We are delighted to have secured a new long-term commitment to the business from HSBC, which is testament to the strong partnership we have established since 2018. The improved terms of the facility demonstrate confidence in the Manolete business." 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR"). 

Announcements Commercial Deals

Angeion Group Expands Mass Tort Litigation Management Capabilities Through Merger with Case Works

By Harry Moran and 4 others |

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Announcements Commercial Deals

Moneypenny Unites Under One Brand as It Celebrates 25 Years of Excellence

By Harry Moran and 4 others |

Moneypenny, the world’s customer conversation expert, proudly marks 25 years of delivering exceptional service and innovation. As part of this milestone, Moneypenny is unifying all of its brands across the US, including VoiceNation, Alphapage, Sunshine Communication Services, and Choice Voice, under one internationally recognized name. 

This transition reinforces Moneypenny’s dedication to a clear and dynamic future for its clients and people while reflecting the values and passion that have driven its success. Started in 2000 after a pivotal missed phone call resulted in a missed business opportunity, Moneypenny has since delivered world-class customer conversations to thousands of global businesses. Over the past 10 years, Moneypenny has expanded its presence across the US, growing under the Moneypenny, VoiceNation, Alphapage, Sunshine Communication Services, andChoice Voicebrands. Now, all will operate under the beloved Moneypenny brand in its Atlanta and Miami offices, as well as virtually in hubs across the country. This unification enhances the ability to offer seamless customer communication solutions and strengthens Moneypenny’s position as the world’s customer conversation experts. 

“As we celebrate 25 years of service, we are excited to express more clearly and concisely our passion to those we serve. By bringing the best of all of our businesses together under one brand, we make it easier for businesses to see the full range of solutions we offer, while also enhancing opportunities for our people. This transition underscores Moneypenny’s commitment to excellence, innovation, and a unified global strategy.” said Richard Culberson, CEO of Moneypenny North America. 

"As a company proudly headquartered in Wrexham UK, a city with a rich history and a growing international profile, Moneypenny is proud to represent that same spirit of fellowship, excellence, and focus on what matters most, people,” said Jesper With-Fogstrup, Group CEO of Moneypenny. “Just as Wrexham soccer has captured hearts across the US, Wrexham’s own Moneypenny has captured hearts by connecting businesses, technology, and people on both sides of the pond. We couldn’t be more excited to have all our teams driven by this shared spirit."

To mark its silver anniversary, Moneypenny will celebrate with a throwback “year 2000” prom for its US teams – a tribute not only to Moneypenny’s remarkable quarter-century history, but also to a time before smartphones, live chat, and a global pandemic put companies on call 24-7. By embracing a unified brand, celebrating its legacy, and continuing to invest in its people and AI-driven solutions, Moneypenny is setting the stage for an even stronger future.

About Moneypenny

As the world’s customer conversation experts, Moneypenny’s unique blend of brilliant people and AI technology integrates seamlessly to deliver customer conversations that unlock valuable opportunities for businesses, 24/7. Available across all voice and text channels, Moneypenny responds to and fulfils requirements for thousands of UK and US clients who value their reputation and recognize that the key to sustainable growth is working with a partner who allows them to scale in an agile way. This year, Moneypenny proudly celebrates 25 years of service, having been named one of the “100 Best Companies to Work For” seven times and earning recognition as a Great Place To Work (GPTW). Moneypenny was also named as ‘Best Global Support’ in The Forbes Advisor - The Best Answering Services of 2024.