38.5 mill Gross Revenue US June Quarter, page-2

Hi andy48

Quarterly Returns/Gross Settlement

In the last two quarterly disclosures IMF Bentham have disclosed their quarterly gross revenue, which is a good meaningful disclosure. So the $38.5m AUD this quarter (4 completed cases) & the $7.8m AUD last quarter (3 completed cases) which combined is $46.3m. which is to be compared to the Gross settlements for 2016 & 2015 that are in the $90m AUD range for the full years.

I'm estimating that 2017's Gross Settlements in total will be just up on $110m AUD for the year. Sadly the last three quarters, in so far as completions go, have been pedestrian.

Completions are critical, and until Completions show the substantial uptick that the Case Investment implies, the value of IMF will remained subdued. That is my opinion.

Happily there have been no disclosures of major case written downs or lost appeals, so I do expect better annual financials/accounts, and when those are published I'd expect IMF to trade up above $2 per share, a price it is finding so resistant to breach.

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The growth in Australian/Asian & "Old" USA/Canada EPV & USA & Canada Capital Investment

IMF Bentham's Asian & traditional US cases seem to have plateaued; and all the new business is coming from the FIG USA/Canada Vehicle. Quarterly we've seen a near quarterly doubling in the FIG USA Capital Investment (in historic format)

From June 2015 to June 2016 USA/Canada wrote just over $1.0b AUD new case investment. To match that for this six months $402.9m AUD has been written.

So the 2016 tempo has eased in 2017's in the USA/Canada.

I had anticipated that the FIG vehicle would have loosened the brakes a bit.

At this level of case Investment, the FIG vehicle probably did not have to be negotiated, as IMF likely has had sufficient liquidity.

So I expect we are to see more positives to come from the FIG vehicles in the next two quarters.

Their lies our hope.