Financial highlights
Net cash proceeds received during fiscal year 2014 rises 99% to US$73.9 million (2013: US$37.2 million)
Total 2014 dividend of 20p per share (US$34.5 million) paid from net cash proceeds generated from 2014 investment activity (paid to shareholders on 14 January 2015)
Dividends paid since inception total 58.6p per share (US$98.8 million)
Net Asset Value at 31 December 2014 of US$184.2 million, which primarily consists of the discounted terminal value of the Company's investment portfolio (having a current fair value of US$150.1 million)
IRR on completed investments at 66.67%
Fully diluted loss per share of 4.49c (2013: earning per share of 4.85c)
Operating highlights
Gross cash proceeds of US$105.7 million generated primarily from five settlements within the antitrust and competition portfolios
Loss per share for period reflects increased operating expenses primarily due to earned performance fee payable to JCML 2007 Limited (in which Juridica has a 36.17% holding), reduction in discounted terminal value of investments, and increased due diligence costs
Enhanced investment management arrangements, including expansion of investment management team and adoption of a co-allocation policy, creates greater capabilities and opportunities for the Company's remaining capital base
Outlook
The Company has a high quality portfolio of cases that continue to progress as expected. Several of these investments are anticipated to see significant activity within the next 12 to 24 months. One antitrust case, in particular, has significant upside potential and is expected to resolve within the next twelve months.
In addition, Juridica expects to make several investments in medium to large sized patent portfolios and various commercial cases during 2015.
Commenting on the results, Lord Brennan QC, Chairman of Juridica, said:
"Our investments have continued to mature throughout 2014. Our successes this year enabled the payment of substantial dividends.. We continue to see significant opportunities to deploy capital. We look to the future with optimism and expect the portfolio to deliver attractive returns."
