TIDMJIL
RNS Number : 9420U
Juridica Investments Limited
04 January 2012
Juridica Investments Limited
('Juridica' or the 'Company')
Special dividend and portfolio update
The Board of Juridica, a leading provider of strategic capital
to both businesses and the legal markets for corporate claims, is
pleased to announce a special dividend of 7 pence per share, (or
7.7% based on a mid-market share price of 90.5 pence on 3 January
2012), payable on 10 February 2012 to shareholders on the Register
at 13 January 2012.
Outcomes in 2011
The Company has received gross cash proceeds during 2011
totaling approximately US$17.0 million. These are derived from
seven different matters, including one case that completed (and was
reported) in early 2011 and from recently received partial
settlements with defendants in six different cases. This has
resulted in cash profits of approximately US$12.3 million after
allowing for the cost of investment in the completed case and the
apportioned investment costs for the partially settled claims.
The partial settlements include proceeds from four separate
patent cases and two antitrust cases. All of these cases include
multiple defendants and all remain active. These investments have
thus far been part of the Company's portfolio for between 1.5 years
and 3.4 years. The proceeds from the antitrust cases relate to
settlements with relatively minor defendants in cases that are part
of the portfolio of investments which provide security for the
Company's loan to Fields Sullivan PLLC.
The Company has also had a decision in a commercial arbitration
matter which, when finalised, will return the majority of the
Company's investment in the entire matter. The recent decision
relates to only one part of the investment. Related ancillary
proceedings are still ongoing for other aspects of the investment.
The Company holds a significant equity interest in the entity that
retains the rights to the proceeds from the claims and also retains
rights to the entity's assets.
Progress in other matters
-- A case involving one of the Company's larger investments was
expected to reach an important milestone by year-end. However, this
case is not yet completed and proceedings in the case are
continuing. Further developments are expected in this case in the
first quarter of 2012.
-- Active settlement negotiations are ongoing in three of the
Company's five antitrust cases.
-- Two patent investments recently received favourable rulings
at their Markman hearing. Trials for these cases are expected in
the middle of 2012.
-- As previously disclosed, one patent investment that consists
of two related multi-defendant patent infringement cases had one of
its cases complete its trial in mid-2011. The jury in this case
returned a verdict in favour of the plaintiffs on all liability
issues, but awarded damages at a level that will not provide any
proceeds to the Company. The second case remains active and the
Company's Investment Manager, Juridica Capital Management Limited
('JCML'), expects the outcome of this second case to deliver a
profit on the Company's total investment.
-- In 2011 the trial for a case relating to one of the Company's
investments was completed and the judge's ruling is expected to be
received in early 2012.
New investment
The Company successfully closed a large investment that was
noted as pending in the 2010 year-end accounts.
The Company expects to provide a more detailed report on these
operating results as part of its audited financial results for the
year ended 31 December 2011, which will be released by 30 April
2012.
- Ends -
This document contains forward looking statements, which are
based on JCML'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 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, please 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
Peel Hunt LLP
(Joint Broker)
Guy Wiehahn
Emma Riza +44 (0)20 7418 8900
Pelham Bell Pottinger
David Rydell
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. 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 do not have 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 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 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.
For more information go to
http://www.juridicainvestments.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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