Juridica, the leading provider of strategic capital for corporate legal claims, announces its financial results for the six months ended 30 June 2015.
Financial highlights from the statement of the JIL Chairman, Lord Brennan QC:
- Settlements and distributions with total gross value of US$29.5 million were received during the period. These cash proceeds were generated by full settlement in two patent investments (one of which was comprised of three separate but related investments) providing a total of US$22.8 million on a combined investment of US$16.3 million, a partial settlement of US$1.3 million from a patent investment in a pool of five cases made earlier in 2015, and the payment of a dividend (consisting of cash and Company stock) in the amount of US$5.4 million from the Company's holding in JCML 2007 Limited ("JCML"), its former manager.
- From inception to date, the Company's investments have generated US$286.6 million in gross proceeds (excluding proceeds received from our investment in JCML). Approximately US$64.1 million of these cumulative gross proceeds have been directed towards meeting contingent investment funding obligations and payment of taxes. As a result, our investments' life-to-date net cash proceeds have totalled US$222.5 million.
- Excluding the impact of our investment in JCML, our life-to-date gross cash proceeds of US$286.6 million represents a 71% return on the total associated case investment of US$167.7 million and net cash proceeds of US$222.5 million represents a 33% return.
- Payment of a dividend of US$34.5 million (20 pence per share) in January bringing lifetime dividends paid to shareholders to US$98.8 million (59 pence per share).
- Total lifetime dividends paid to shareholders equates to approximately 47% of total gross capital raised since inception.
- The fair value of the Company's investments as at 30 June 2015 was US$101.0 million, which represents the present value of the expected terminal value in the Company's investments. Cash on hand and receivables totalled US$46.3 million and the Company holds an intangible asset related to one of its investments with an amortised value of US$2.3 million.
- The net asset value ("NAV") per ordinary share decreased from US$1.66 (107 pence per share) as at 31 December 2014 to US$1.35 (86 pence per share) at 30 June 2015. This decrease in NAV per ordinary share was primarily attributable to the total comprehensive loss of US$34.2 million generated during the six-month period ending 30 June 2015.
