NEW YORK, April 20, 2012 /PRNewswire/ -- Juridica (AIM: JIL), a leading provider of capital to the law market, has posted full-year results, including a 20.9% increase in NAV per share to US$2.25 (2010: US$1.86) and a 578% rise in profits to US$12.9 million (2010: US$1.9 million).
Juridica invests directly and indirectly in a diversified portfolio of commercial claims and disputes.
During the year, gross cash proceeds increased by 159% to US$17.1 million (2010: US$6.6 million) as one case settled in full and five cases returned partial settlements and expense recovery.
From inception through to December 31, 2011, the Company's portfolio generated gross cash proceeds of US$48.4 million and, from the associated gross profits, distributed cash dividends of $16.6 million to shareholders.
Commenting on the results, Lord Daniel Brennan QC, Chairman of Juridica, said: "These are positive results and we look forward to a coming year of significant performance for our fund."
Richard Fields, Chairman and Chief Executive of Juridica Capital Management Limited, added: "Juridica has delivered a strong financial performance for 2011. And, as the average age of cases in the maturing portfolio is now 4.5 years, the likelihood of further recoveries in the near term has increased.
"We have distributed profits to shareholders in line with the Company's dividend policy and these results underpin our belief in the quality of the Company's investment portfolio, which we expect will continue to deliver excellent returns to shareholders," said Fields.
- Total comprehensive income up 520% to US$37.8 million (2010: US$9.0 million loss)
- Gross cash proceeds up 159% to US$17.1 million (2010: US$6.6 million)
- Total cash profit up 578% to US$12.9 million (2010: US$1.9 million)
- Net Asset Value per share up 20.9% to US$2.25 / 1.42 pounds Sterling* (2010: US$1.86 / 1.17 pounds*)
- Fully diluted earnings per share of 31.08c / 19.63p* (2010: loss of 7.0c / 4.42p*)
*Exchange rate is 1.00 pound = US$1.5835 as of April 17, 2012.
- Dividend of 7p per share paid to shareholders on February 10, 2012
- US$4.3 million committed to one commercial case in 2011 that has already completed trial. The judge's ruling is expected at any time. The case involves numerous claims including breach of fiduciary duty, misappropriation of trade secrets and interference with business opportunity.
- US$6.5 million invested in a large, multi-party commercial pre-litigation settlement opportunity with the potential to deliver substantial returns to the fund before the end of 2013
- Three patent cases received favorable rulings at their Markman hearings (where, pre-trial, the construction of patents is defined and determined).
- Three antitrust cases may complete or reach an advanced stage before the end of 2012. These cases have significant damages claimed by their plaintiffs, which, if awarded by a jury, will be automatically trebled by the court. The Manager expects that if any of these cases are settled prior to completion, or a favorable jury verdict is rendered and judgment is entered by the trial court, such a result may have a significant positive impact on the Company's net asset value
- Five cases related to the Company's patent portfolio have their trials scheduled within the next 12 months. Two of these cases have already generated several settlements from the defendant group with more expected
- Six trials (including the five patent cases) and one Markman hearing are expected over the coming 14 months
For further information, please contact
Richard W. Fields
Juridica Capital Management Limited
Levick Strategic Communications
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.
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