The Omni Bridgeway Ltd (ASX: OBL) share price is one to watch in early trade after an update from the Aussie litigation funder.
Why is the Omni Bridgeway share price on watch?
Omni Bridgeway has this morning announced that it will remain listed on the Australia Securities Exchange (ASX). The company reviewed its listing venue after a request from “a number of institutional shareholders” as announced at its annual general meeting (AGM).
The board has now conducted the review including a “detailed analysis” of the “optimum” listing venue for the group. Remaining ASX listed is the best way forward following the board’s review.
The Omni Bridgeway share price is one to watch following the review. Shares in the Aussie litigation funder surged 4.4% higher on Friday despite no new announcements.
Share price gains have been hard to come by for shareholders in 2021. The Omni Bridgeway share price has slid 24.2% lower this year to $3.36 per share with an $880.9 million market capitalisation.
The company’s focus is on executing against its new 5-year business plan announced in November 2020. That includes completing its evolution into a “global alternative investment manager of legal assets”.
The last year has been something of a rollercoaster for the Omni Bridgeway share price. That culminated in the group’s shares hitting a new 52-week low of $3.16 per share on Friday.
Foolish takeaway
This morning’s announcement means Omni Bridgeway shares look set to stay on the ASX boards.
Investors in the Aussie litigation funder will be watching the company’s shares in early trade following the latest update. The Omni Bridgeway share price is currently trading just shy of a 52-week low with a 2.1% per annum dividend yield.
The S&P/ASX 200 Index (ASX: XJO) is tipped to open higher this morning based on the latest SPI futures numbers led by higher oil prices.
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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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