The IMF Bentham Ltd (ASX: IMF) share price was amongst the ASX 300 winners yesterday after an investment update from the group.
The litigation funder’s shares hit a new 52-week high of $4.24 per share during yesterday’s trade following the report.
What did IMF Bentham report yesterday?
The IMF Bentham share price closed 0.96% higher at $4.21 per share yesterday as its market cap passed $1 billion.
IMF Bentham provided an investment update to its shareholders on a number of current cases.
The Federal Court approved a settlement in its UGL securities class action. IMF will recognise gross income of $8.9 million from the investment in FY20.
IMF expects to recognise a $5.6 million loss in FY20 from a client’s funded claim. The group also confirmed that it is considering a potential appeal in the case.
AET has made an initial payment to IMF’s funded client of $22.5 million while elements of the 26 September judgement are subject to appeal.
IMF confirmed the receipt of $126.5 million in aggregate gross income before losses from its investments this year in a solid year.
IMF Bentham shares climbed to a new 52-week high yesterday following the positive investment update.
The litigation funder has also completed its merger with Omni Bridgeway as of November 2019. The combined group will have operations across Asia, Australia, Canada, Europe, the Middle East, the UK and the US.
How has IMF Bentham share price performed this year?
The IMF Bentham share price has had a strong year in 2019 and looks set to finish the year as an outperformer.
The group’s shares have climbed 38.49% higher since the start of January compared to 22.95% for the S&P/ASX 200 Index (INDEXASX: XJO).
That performance also excludes the group’s 1.17% dividend yield, which adds to shareholders’ total return.
The IMF Bentham share price closed just shy of its 52-week high and is up 275.89% since the start of 2016.
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