August 19, 2013
('Juridica,' 'JIL,' or the 'Company')
Juridica, a leading provider of strategic capital for corporate legal claims to both businesses and the legal markets, today announces its financial results for the six months ended
30 June 2013
Financial highlights and portfolio valuation
- Realisation of approximately US$17.5 million in cash proceeds from settlements with multiple defendants previously recognised as unrealised gain. These cash proceeds will be delivered to the Company on 31 December 2013.
- Dividend of 10 pence per share, to be paid on 15 January 2014 to shareholders on the Register at 13 December 2013. This dividend is to be funded from the cash proceeds noted above.
- Total dividends announced or paid to shareholders in the calendar year to date total 23 pence per share.
- Net Asset Value ("NAV") per ordinary share decreased 1.4% from US$2.20 at 31 December 2012 to US$2.17 at 30 June 2013. This decrease was primarily due to a total comprehensive loss of US$3.0 million, comprising the net of: US$4.0 million fund operating expenses, US$1.4 million of net unrealised gain generated from change in valuation of the Company's investments; and US$0.4 million of intangible amortisation expenses.
- Lifetime gross proceeds achieved by the Company total US$117.3 million.
- Gross internal rate of return from completed investments at 82%.
- At 30 June 2013, the Company has invested or committed approximately US$161.4 million in 21 cases across 16 investments.
, Juridica's Chairman, said: "The results announced today demonstrate the Company's continued progress with its portfolio. Taken together with the recently announced returns on investments, we look to the future with optimism and expect the portfolio to continue maturing as we remain focused on dividend income and NAV growth."
- Subsequent gross cash proceeds from settlements following the period totalled US$12.5 million which will be paid to the Company on 31 December 2013.
- During the period, the Company committed to make supplemental investments in two existing cases, totalling up to US$656,000.