|By PR Newswire||
|August 19, 2013 02:00 AM EDT||
LONDON, August 19, 2013 /PRNewswire/ --
Juridica Investments Limited
('Juridica,' 'JIL,' or the 'Company')
Juridica, a leading provider of strategic capital for corporate legal claims to both businesses and the legal markets, today announces its financial results for the six months ended 30 June 2013.
Financial highlights and portfolio valuation
- Realisation of approximately US$17.5 million in cash proceeds from settlements with multiple defendants previously recognised as unrealised gain. These cash proceeds will be delivered to the Company on 31 December 2013.
- Dividend of 10 pence per share, to be paid on 15 January 2014 to shareholders on the Register at 13 December 2013. This dividend is to be funded from the cash proceeds noted above.
- Total dividends announced or paid to shareholders in the calendar year to date total 23 pence per share.
- Net Asset Value ("NAV") per ordinary share decreased 1.4% from US$2.20 at 31 December 2012 to US$2.17 at 30 June 2013. This decrease was primarily due to a total comprehensive loss of US$3.0 million, comprising the net of: US$4.0 million fund operating expenses, US$1.4 million of net unrealised gain generated from change in valuation of the Company's investments; and US$0.4 million of intangible amortisation expenses.
- Lifetime gross proceeds achieved by the Company total US$117.3 million.
- Gross internal rate of return from completed investments at 82%.
- At 30 June 2013, the Company has invested or committed approximately US$161.4 million in 21 cases across 16 investments.
Lord Dan Brennan, Juridica's Chairman, said: "The results announced today demonstrate the Company's continued progress with its portfolio. Taken together with the recently announced returns on investments, we look to the future with optimism and expect the portfolio to continue maturing as we remain focused on dividend income and NAV growth."
- Subsequent gross cash proceeds from settlements following the period totalled US$12.5 million which will be paid to the Company on 31 December 2013.
- During the period, the Company committed to make supplemental investments in two existing cases, totalling up to US$656,000.
Based on the outlook provided by the Manager, the Board expects significant returns from the Company's investment portfolio during the remainder of 2013, through 2014 and beyond. This is based on the Manager's review of presently scheduled trial dates, expected final decisions following trial, and possible settlements in multiple cases that are in an advanced stage of development.
This document contains forward looking statements, which are based on Juridica Capital Management Limited's (JCML) 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 this announcement. Except as required by the AIM Rules, the London Stock Exchange 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 or JCML's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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 one of the premier sources 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. The Company only accepts cases that have already been carefully vetted and undertaken by leading lawyers.
Juridica works to make the legal system work better for business claims. It does not invest in speculative claims or claims that do not demonstrate 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 maximising 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. It was the pioneer in alternative litigation financing and the first closed-end fund of its kind ever listed on AIM, a market operated by the London Stock Exchange (AIM: JIL.L).
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.
For further information contact:
Juridica Capital Management Limited
Richard W. Fields
+1 (866) 443 1080
Cenkos Securities PLC
(Nominated Adviser and Broker)
+44 (0) 20 7397 8900
Investec Bank PLC
+44 (0)20 7597 4000
Peel Hunt LLP
+44 (0)20 7418 8900
Pelham Bell Pottinger
+44 (0) 20 7861 3232
SOURCE Juridica Investments Limited