Juridica Announces Partial Settlement Of Portfolio Case Generating US$17.5 Million Return
LONDON, 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."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV