Burford Capital Limited (NYSE:BUR) Q1 2023 Earnings Call Transcript

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Christopher Bogart: Well, we’re seeing more — so we’re seeing more activity because we’re starting from a smaller base. So, it’s not — I’m not trying to suggest, Jon and I are not trying to suggest that there’s some falloff in the U.S. that is being compensated for by some increase in Europe. We’re seeing somewhat more activity in Europe and the Middle East because we devoted some more resources to those, but that also is a — as you all know, it’s a multiyear process. It’s not — you don’t — we opened an office in Dubai, not very long ago. I’m pleased with the volume of business that we have seen that we’re starting to look at out of the Middle East, but that doesn’t turn into cash for some years.

Matthew Howlett : Got it. Thanks, for taking my question.

Christopher Bogart: And we’ve got a couple of questions on the webcast. To begin with, from Alistair Lindsay, you reported continued strong flow of milestone events through nine June or any of the milestone events so far in Q2 noteworthy in terms of significant wins or unexpected losses. Nothing comes to mind, I would call it business as usual. At the same time, though, back to my sort of long-ish if about milestones, we — especially now that we’re doing quarterly reporting, we’re not proposing effectively to pre-report on the current quarter when we report on the prior quarter. And so, I think we’re going to have to wait until our soon to be forthcoming second quarter quarterly report since this one was obviously somewhat delayed by the delay in our full-year results to talk about Q2.

Operator: And then another question from Miguel Gonzalo. Are you involved in the litigation claims relating to the Credit Suisse subordinated debt write-off? And do you have any legal view about that? So, I don’t know if Jon has a general comment that he’d like to make. We, of course, don’t comment on specific cases whether we’re involved in them or not, unless they have become public through some other course.

Jon Molot : Yes. I don’t think — I don’t think it’s something that we should comment on. We prefer not to comment on specific litigation.

Christopher Bogart: It’s obviously a tangled situation. Yes. It’s obviously a tangled situation and shows as well the benefit of a close and careful reading of the documents. And another question, at what point would your stock be considered for index inclusion? So, we are already included in the relevant U.K. indices. And in terms of the U.S. indices, the criteria are basically a combination of where your shares are trading and what index you’d fall in. So, we would hope as we continue to build our U.S. liquidity and U.S. trading volume that along with that would come U.S. index inclusion, but it’s a process. It’s not something that happens overnight. So, the first — the next step along the way is really that test that I mentioned before at June 30.

And so, with that, I think that we are going to keep to our plan of this not taking too much of your time every quarter. We hope that you found getting quarterly data from us useful and helpful. And as I said, we’ll be back in the not-too-distant future to share Q2 with you. So, thank you again, everyone, for your support. We’re thrilled with how Q1 went and the ability to print these truly extraordinary numbers. And we’ll talk to you soon.

Jon Molot : Thank you.

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