24th Jun 2014 14:00
Juridica Investments Limited
('Juridica' or the 'Company')
Portfolio update
Juridica, a leading provider of strategic capital for corporate legal claims to both businesses and the legal markets, provides the following update on material events relevant to its Antitrust Portfolio.
Cases 1208-A and 5208-E have recently settled in their entirety. Additionally, Case 8008-L has recently produced additional proceeds on a smaller settlement with one defendant. The Company is entitled to proceeds as per the terms of the Company's loan facility for these cases. Subject to final calculations, the Company's Investment Manager expects that total gross proceeds will be in excess of US$70 million prior to accounting for any potential tax liabilities. Approximately US$67 million of proceeds are attributable to Cases 1208-A and 5208-E.
Case 5608-N was previously dismissed following an 11-1 hung jury, the majority supporting the claimant. Subsequently, the claimant lost its appeal. A writ of Certiorari was then filed with the U.S. Supreme Court. The Court has declined to review the negative decisions of the trial court and lower appellate court. As reported at year-end 2013, the case was significantly reduced to a valuation of less than US$2 million in the corresponding NAV calculation.
Case 8008-L remains on appeal and no additional material developments have occurred since the Company's last report on this case.
A further announcement on these results will follow in due course.
Lord Brennan, Juridica's Chairman, said: "We are pleased to be able to confirm such strong wins in our Antitrust Portfolio. The continued progress and maturity of the Portfolio underlines our conviction that we will be able to announce further progress over the coming year."
- Ends -
This document contains forward looking statements, which are based on Juridica Asset Management Limited's (JAML) 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 JAML's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
For further information contact:
Juridica Asset Management Limited Richard W. Fields
| +1 (866) 443 1080
|
Cenkos Securities PLC (Nominated Adviser and Broker) Nicholas Wells Camilla Hume
| +44 (0) 20 7397 8900 |
Investec Bank PLC (Joint Broker) Jeremy Ellis
| +44 (0)20 7597 4000 |
Peel Hunt LLP (Joint Broker) Guy Wiehahn
| +44 (0)20 7418 8900
|
Bell Pottinger Olly Scott | +44 (0) 20 7861 3232 |
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.
The Company's clients are Fortune 1000 companies, FT Global 500 companies, inventors, major universities, and the leading law firms that represent them. Juridica 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.
The Company's 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 Asset Management Limited as its exclusive investment manager to locate, evaluate and manage direct and indirect investments in cases, claims and disputes.
http://www.juridicainvestments.com
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