Burford Capital has paid dividends to shareholders every year since its public listing.
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Each year, once the prior year’s results are known, the Burford board will review the company’s profits, cash generation and cash needs, and will recommend a dividend level to shareholders for consideration at Burford’s AGM. It will be Burford’s goal to pay a dividend that provides an appealing dividend yield yet also encourages reinvestment in the business to produce capital appreciation. While the dividend is expected to be progressive as the company grows, it also should not be expected that it will necessarily be raised every year that there is earnings growth. Once a dividend level (expressed in US dollars, the company’s reporting currency) is set, the Board will recommend a reduction in the dividend level in subsequent years only in unusual circumstances, even if a single year’s earnings decline due to the inherent volatility of Burford’s business. Extraordinary successes may be celebrated through either special dividends or share repurchases, again depending on the company’s other cash needs and potential to invest for further capital appreciation.