Portfolio Update (0701I)
09 6월 2011 - 3:00PM
UK Regulatory
TIDMJIL
RNS Number : 0701I
Juridica Investments Limited
09 June 2011
Juridica Investments Limited
('Juridica' or the 'Company')
Portfolio update
Juridica, a leading provider of strategic capital to both
businesses and the legal markets for corporate claims, provides the
following portfolio update.
At the time of the Company's full year results statement on 9
May 2011 it outlined its expectations for further activity in the
portfolio over the coming six to 18 months. Juridica subsequently
reported a favourable resolution to Case 6509-A which generated a
US$4.5 million return for the Company, delivering an internal rate
of return of 54% on an initial investment of US$2.4 million.
The Company is pleased to report that two further investments,
Case 1410 and Case 1610, have approached the closing stages of
their judicial processes.
Case 1410, which involves litigation relating to claims for
breach of fiduciary duty, misappropriation of trade secrets,
defamation and interference with a business opportunity, has
completed a bench trial and post-trial briefing is underway.
Juridica's total investment is approximately US$3.9 million, for
which the Company has acquired a substantial position in the entity
entitled to proceeds from the litigation. Gross proceeds from this
litigation will be reduced by attorneys' fees and expenses,
corporate taxes and certain other deductions such that the
Company's share of gross proceeds will likely be between 11% and
24%. Barring settlement, the Court's decision is expected in the
third or fourth quarter of 2011. Plaintiffs in the case are seeking
over US$250 million in compensatory damages excluding additional
claims for punitive damages and interest.
Case 1610, which involves an arbitration relating to claims for
breach of contract, fraud, commercial disparagement and related
tort and statutory claims, has completed its hearing and
post-hearing briefs are being filed. The Company's total investment
is up to US$4 million, for which it is entitled to approximately
33% of the net proceeds after return of Juridica's investment and
payment of certain legal fees and expenses. Barring settlement, the
Arbitrators' decision is expected in the third quarter of 2011. The
Plaintiff in the case is seeking over US$85 million in compensatory
damages, excluding additional claims for punitive damages and
interest.
The above disclosure is being made to ensure shareholders are
aware that material events are possible in the near-term. No
assurance can be given that the above noted investments will
actually come to full completion in the near-term or that the
investments will generate profits when completed.
Richard W. Fields, Chairman and Chief Executive of Juridica
Capital Management, the Investment Manager, said: "We approach our
investments extremely conservatively and are very pleased that
these two cases have successfully reached an advanced stage.
Looking at the progress taking place across the portfolio we
anticipate an exciting second half of the year, in which we believe
certain investments will come to conclusion and have the potential
to generate significant returns."
- Ends -
For more information please contact:
Juridica Capital Management
Limited
Richard Fields, Chief Executive +1 866 443 1080
Cenkos Securities plc
(Nominated Adviser and Broker)
Nicholas Wells
Camilla Hume +44 (0)20 7397 8900
Pelham Bell Pottinger
David Rydell
Olly Scott +44 (0)20 7861 3232
About Juridica
Juridica is a leading provider of capital to the business
community and the legal market. It invests directly and indirectly
in a diversified portfolio of commercial claims and disputes. The
Company's objective is to be the premier source of value-added and
direct financing or large business claims, especially in the United
States and the United Kingdom.
Our clients are Fortune 1000 companies, FT Global 500 companies,
small businesses, inventors, major universities and the leading law
firms that represent them. Juridica accepts only cases that have
already been carefully vetted and accepted by qualified lawyers,
does not invest in speculative cases and accepts only a small
fraction of the cases reviewed.
The Company focuses exclusively on business-to-business related
claim investments. It does not invest in shareholder class actions,
personal injury, product liability, or mass tort claims.
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, select and manage
direct and indirect investments in cases, claims and disputes.
For more information visit Juridica at
http://www.juridicainvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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