|By PR Newswire||
|September 17, 2012 12:44 PM EDT||
NEW YORK, Sept. 17, 2012 /PRNewswire/ -- Juridica lnvestments Limited, (AIM: JIL) a leading provider of capital to the law market, today announces its financial results for the six months ended 30 June 2012.
Financial highlights and portfolio valuation
- Dividend of £13.6 million (US$21.9million), or 13 pence per share, to be paid on 4 January 2013 for shareholders on the register at 21 December 2012
- The above dividend is in addition to the special dividend of £7.3 million (US$11.4 million), or 7 pence per share, that was paid on 10 February 2012. With the payment of this dividend, the Company will have paid total dividends of 20 pence per share during the 12 month period ended January 31,2013
- Net Asset Value ("NAV") per share decreased 5.9% to US$2.0524 per share at 30 June 2012 from US$2.1820 per share at 31 December 2011. This decrease was primarily due to US$11.4 million in dividends paid to shareholders in February 2012
- Lifetime gross proceeds from investments at 31 December 2012 will total £53 million (US$85 million) which includes the recently announced settlements of US$35.2 million from the Company's antitrust and competition portfolio
- Gross internal rate of return from the seven investments which have reached completion is approximately 85%
- Total comprehensive loss for the period of USS1.6 million
- At 30 June 2012, the Company has invested or committed approximately US$157.1 million in 23 cases across 18 investments
Lord Dan Brennan, Juridica's Chairman, said: "The results announced today confirm our strategy of only investing in sound cases that can generate significant returns for our investors over the longterm. We are now at a point where our portfolio continues to mature and is now delivering significant dividends to shareholders."
- During the six month period ended 30 June 2012, Juridica made three supplemental investments of US$2.25 million in existing cases that were beyond initial funding commitments to increase the likelihood of greater potential return to the Company
- For the six month period ended 30 June 2012, gross cash receipts totalled approximately US$0.8 million from a partial settlement of a case relating to one of its patent investments. This particular investment also had a final settlement in September 2012 which will bring total proceeds from this investment to approximately US$5.3 million from a total investment amount of US$0.8 million
- Recently announced settlements of US$35.2 million, from the Company's antitrust and competition portfolio, will be received on 31 December 2012. These returns are in line with expectations, as previously reflected in the unrealised profits of the Company
The full half year report can be downloaded at: www.juridicainvestments.com
About Juridica Investments Limited
Juridica Investments is a leading provider of strategic capital to the business community and the legal markets for corporate claims. It invests directly and indirectly in a diversified portfolio of corporate claims in litigation and arbitration. Juridica is the premier source of value‐added and direct financing for large business claims in the United States and one of the leading sources in the United Kingdom.
Our clients are Fortune 1000 companies, FT Global 500 companies, inventors, major universities, and the leading law firms that represent them. Juridica accepts only cases that have already been carefully vetted and undertaken by leading lawyers.
Juridica works to make the legal system work better for business claims. Juridica does not invest in speculative claims or claims that have not demonstrated economic value and clear merits. Juridica invests only in business claims, and does not invest in class actions, personal injury, product liability, or mass tort claims.
Our goal is to provide business clients with financial choices that reduce risk and assist in maximizing claim value.
Juridica was established on 21 December 2007 as a limited liability, closed‐ended investment company registered in Guernsey. It has over US$200 million of assets under management and is listed on AIM, a market operated by the London Stock Exchange (AIM: JIL).
The Company has appointed Juridica Capital Management Limited as its exclusive investment manager to locate, evaluate and manage direct and indirect investments in cases, claims and disputes.
This announcement contains forward looking statements, which are based on the Board's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a number of variables which could cause actual results or trends to differ materially. Each forward looking statement speaks only as of the date of the particular statement. Except as required by the AIM Rules or otherwise by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
SOURCE Juridica Investments Ltd.