Xcite sells data 20/05/2013
North Sea-focused Xcite Energy (LON:XER) will sell off data worth US$15 million (£9.9 million) regarding its Bentley 9/03b-6, 6Z well.
Burford’s £200m AIM pitch
Burford Capital, which provides finance to companies that wish to contest commercial causes in the courts, is planning a £200 million float on AIM.
Led by former Barclays and current Marsh & McLennan chairman Sir Peter Middleton, the Guernsey-registered company aims to invest the proceeds of the float well within 18 months in commercial disputes in the US and on international arbitration matters. Operating as an investment company, the Plc funds will be managed by founders Christopher P Bogart and Selvyn Seidel.
The company, whose corporate spiel claims ‘we do not just write cheques… we serve as business partners, consultants and case managers’, believes opportunities for dispute financing tend to be more ‘robust’ following economic downturns and notes that international arbitration cases are currently at an all-time high. Bogart, former executive vice president of media conglomerate Time Warner, says 'third-party commercial dispute finance is a high growth market’ and claims that, as an asset class, it is ‘capable of generating highly attractive returns irrespective of the performance of equity markets’.
Burford has engaged Fox-Pitt Kelton (soon to become part of Aussie bank Macquarie) as nominated adviser and broker, with Execution Limited appointed ‘co-lead manager’. Its shares are expected to be admitted on 16 October.
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