4th Jul 2013 07:00
Juridica Investments Limited
('Juridica' or the 'Company')
Partial settlement of portfolio case generates US$17.5 million return
Juridica, a leading provider of strategic capital for corporate legal claims to both businesses and the legal markets, is pleased to announce that partial settlements from an investment within its maturing portfolio have generated gross cash proceeds of US$17.5 million. These settlements were completed in June and the Company will receive the cash proceeds at year end.
The proceeds represent a realised gain on the Company's investment and not a return of capital. The return generated is in line with the Company's expectations, as previously reflected in the unrealised profits of the Company.
Accordingly, the Board is pleased to announce the payment of a dividend of 10 pence per share (or approximately US$16 million in aggregate), payable on 15 January 2014 to shareholders on the Register at 13 December 2013. This is similar to dividend arrangements announced last year for payment after year end.
This latest successful investment return for Juridica continues the Company's strong record of investment selection and brings the lifetime gross proceeds achieved by the Company to US$105 million. After payment of the dividend declared today, Juridica will have returned US$64 million (or approximately £42 million) to shareholders in the form of US$54 million in dividends and US$10 million as a result of the September 2010 share buy-back scheme. Juridica has so far raised £115 million (US$210 million) of capital in two tranches.
Lord Brennan, Juridica's Chairman, said: "We are pleased that the portfolio continues to mature and deliver cash proceeds. The Board anticipates making dividend payments to shareholders over the next 12 months if the portfolio develops as expected; and will continue to pursue the Company's objectives of dividend income and NAV growth."
- Ends -
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.
For further information contact:
Juridica Capital 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) Tim Mitchell
| +44 (0)20 7597 4000 |
Peel Hunt LLP (Joint Broker) Guy Wiehahn
| +44 (0)20 7418 8900
|
Pelham 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.
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.
http://www.juridicainvestments.com
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