TIDMLIT
RNS Number : 7113I
Litigation Capital Management Ltd
03 April 2020
3 April 2020
Litigation Capital Management Limited
(LCM or the Company)
Management Update and Corporate Reorganisation
Litigation Capital Management Limited (AIM:LIT), a leading
international provider of disputes financing solutions, announces
an update regarding management and corporate reorganisation.
Highlights
-- First step towards management relocation to London with CEO to relocate from Sydney
-- Appointment of new CFO to operate from London office
-- Initiating a plan to optimise the business through
restructure to take of advantage of efficiencies and opportunities
in larger economies.
Executive management migration to London and board
composition
Since expanding into the Northern Hemisphere in 2018, LCM has
seen a significant expansion of its business activities, most
particularly in the strategy of corporate portfolio transactions in
the much larger economies of the United Kingdom, Europe, and North
America.
In recognition of that expansion, LCM is taking steps to move
its executive management function to London. This will involve the
transition of its management function from Sydney, Australia, to
LCM's London office including the relocation of Patrick Moloney, as
CEO.
LCM had originally planned and expected that move to be complete
by the end of Q2 2020. However, with current global travel
restrictions, that timeframe is longer achievable. Notwithstanding,
LCM continues to plan for the transition. This will be facilitated
as soon as global conditions permit. Upon achieving that
transition, the management functions, including finance, will both
be much closer to LCM's growing markets, and have significantly
greater access to many existing equity investors, as well as
sources of new capital
In conjunction with the migration of management to London, LCM
is also looking closely at the composition of its Board, to ensure
it appropriately reflects the growing global opportunities for this
business.
Appointment of new Chief Financial Officer
As LCM takes steps to migrate its management function to London,
Stephen Conrad, CFO, has decided that he will pursue other
opportunities in Australia. As such, Stephen has tendered his
resignation as CFO of LCM effective 31 March 2020. He has also
resigned from LCM's board as and from the date of this
announcement. Stephen has made a significant contribution to the
strengthening of the Company's finance function and played an
important role in the Company's admission to AIM and the
integration of the London Office. The Board wishes him well in the
future.
LCM is pleased to announce the appointment of Mary Gangemi as
the Company's new Chief Financial Officer as of 1 April 2020. Mary
will be based at LCM's London office. Mary will not initially be a
member of the Board, but, is considered a Person Discharging
Managerial Responsibilities (PDMR).
Mary has extensive senior management experience in financial
services, having managed the finance function of corporations in
the United Kingdom, Europe and Asia.
Mary's previous roles have involved both investment banks and
brokerage firms, which include Bridgewell, Creditex and Canaccord.
Before accepting a role at LCM, Mary was the Group Financial
Controller at IFG Group plc, formerly a dual listed corporation in
both the United Kingdom and Ireland.
Mary has significant experience in wealth and asset management
as well as financial services. She has also been involved in
numerous restructures and mergers.
As LCM begins to build its asset management business in parallel
with expanding the services and products it provides to the market
globally, Mary's experience will be invaluable.
Corporate Reorganisation
LCM has begun seeking strategic advice about a corporate
reorganisation, with respect to global revenue laws, and the most
efficient and suitable jurisdictions from which to operate. LCM is
in the early stages of that process, and realistically expects that
it is a project which will evolve over the next 12 months.
Patrick Moloney, CEO of LCM, commented : "With the marked
progress we are making in our geographic expansion strategy outside
Australia, it is logical that our executive management team
relocate to London. Aside from the obvious benefits of being able
to work more closely together in one of the world's pre-eminent
financial centres and the convenience of the time zone, importantly
we will also be at the centre of our key growth area of corporate
portfolio investments. A significant opportunity remains in
Australia and the Southern Hemisphere, where the business continues
from strength to strength with a highly experience team.
"On behalf of the Board, I would like to thank Steve for his
valuable input and guidance during a very busy and productive time
in LCM's growth and expansion and wish him all the best in the next
chapter of his career. At the same time, I'm pleased to welcome
Mary to the Company. Mary's CV speaks for itself - she has an
exceptional track record and I have no doubt she will continue in a
similar vein at LCM.
"With the migration of the executive management team to London,
Mary's appointment and the prospect of a new non-exec, we're in a
very strong position operationally and look to the future with
confidence. "
Jonathan Moulds, Non-Executive Chairman of LCM, added : "Given
the range of diverse opportunities open to LCM in the current
environment, having Directors with global experience, who both
understand our culture and are commercially savvy is key. I look
forward to working with our Board as we progress and complete this
project during the remainder of 2020."
Enquiries
Litigation Capital Management c/o Alma PR
Patrick Moloney, Chief Executive
Officer
Canaccord (Nomad and Joint Tel: 020 7523 8000
Broker)
Bobbie Hilliam
Investec Bank plc (Joint Broker) Tel: 020 7597 5970
David Anderson
Alma PR Tel: 020 3405 0205
Rebecca Sanders-Hewett LCM@almapr.co.uk
Justine James
David Ison
NOTES TO EDITORS
Litigation Capital Management (LCM) is a global provider of
disputes finance. LCM provides capital and risk manager services
into the disputes market including insolvency, commercial disputes,
arbitral disputes, class actions and corporate portfolios.
LCM has an unparalleled track record, driven by effective
project selection, active project management and robust risk
management.
Current headquartered in Sydney, with offices in London,
Singapore, Brisbane and Melbourne, LCM listed on AIM in December
2018, trading under the ticker LIT.
www.lcmfinance.com
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END
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