IMF Bentham Sells US Litigation Finance Portfolio
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Sale of the majority of its US investment portfolio to its US Fund enables company to retain substantial upside exposure to the cases while substantially de-risking its balance sheet.
NEW YORK (February 5, 2018) – IMF Bentham (ASX:IMF), the parent company of Bentham IMF (Bentham), announces today that it has just completed another progressive move in its funding and investment management strategy by selling the majority of its US investment portfolio to its US Fund.
This innovative capital markets strategy reduces the risk in its US portfolio and converts intangible assets to cash, enabling the cash to be deployed elsewhere.
“For our investors this means we have substantially de-risked our balance sheet, monetised an asset (releasing approximately US$47.8million in net cash), mitigated costs for future investments, all while retaining substantial up-side exposure to the cases sold through our participation in our US Fund. Simultaneously, IMF and Fortress1 have agreed to upsize the US Fund from US$133million to US$166.3 million.” said, Andrew Saker, IMF’s Managing Director and Chief Executive Officer.
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