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July 4, 2013 /PRNewswire/ --
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."