Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Took me quite a while to get in as well, missed the early bargain price but still happy with 2.8m at 0.37. My trade still not showing, presumably delayed reporting? I think a lot of other DL followers will be jumping in here today...
I was intrigued to see this mentioned yesterday on Twitter (couldn't access LSE for some reason). I did some limited research overnight and decided to buy in this morning. Will follow developments with great interest. Bit of a punt but I have great confidence in the ability of DL & DS to spot solid business opportunities, and this is a golden opportunity to get in early.
Hi @sharemania - see this from the half year report in Aug 2013: "Based on the outlook provided by the Manager, the Board expects significant returns from the Company’s investment portfolio during the remainder of 2013, through 2014 and beyond. This belief is based on the Manager’s review of presently scheduled trial dates, expected final decisions following trial, and possible settlements in multiple cases that are in an advanced stage of development." http://www.juridicainvestments.com/investor-relations/reports-and-accounts/reports-accounts/2013.aspx Unfortunately we don't know much about the business other than the information JIL provides via reports and RNS. In particular we are not able to identify individual cases in the portfolio, so we have no way of drawing our own conclusions regarding probable outcome of said cases. For me this has always been a speculative play since the day I first bought, so until proof to the contrary, I'm happy to sit back and wait for the "significant returns" - rebuying when the SP drops. The next Annual Report should be due early April 2014, at which point we'll have an opportunity to evaluate how the case portfolio has evolved. On another note (and this will probably make everyone kick off again) there has been debate on various boards about whether NAV per share is a useful metric for JIL. Personally I'm not convinced that it is - but for those who are, NAV per share was USD2.17 in Aug 2013 (unaudited) so the current share price is at a 12% discount to NAV or thereabouts. I'd be interested to work all the way back to 2008, tracking NAV and SP to see whether this discount was always there - not that this would change my personal strategy with regard to JIL.
Interesting article about the darker side of litigation funding. http://www.thelawyer.com/analysis/market-analysis/practice-areas/litigation-analysis/litigation-funding-cutting-up-rough/3015822.article Extract regarding JIL: "[...] high-profile funder Juridica is engaged in litigation arbitration with a former claimant in the US after a case it funded went sour. US chemical company S&T had been represented by King & Spalding to bring an arbitration against Romania over the privatisation of a chemical plant. In 2008 Juridica funded the case but soon ran into problems when King & Spalding alleged S&T had failed to produce an important piece of evidence, which would have had implications for the funder. S&T and Juridica are now embroiled in satellite litigation over the funding arrangement. Juridica chairman Richard Fields says: “The claimant in this case misrepresented the facts to the lawyers and to us.” S&T denies the allegations and litigation continues. Litigation continues in the US."
Quoting from nick Louth on iii: http://www.iii.co.uk/articles/146878/stockmarket-dip-hits-ftse-100-not-active-income-portfolio [...] It is always tempting to further expand the portfolio, adding a new type of security, but there are often bargains to be had under our noses. One is Juridica, an AIM-listed investment trust which funds business litigation in the US. Following recent weakness, the shares at 126p now boast a historic dividend yield of 11%, and still stand at a small discount to the 133p net asset value. Juridica's extraordinary yield That yield is an extraordinary figure, and though the irregularity of future dividends is inevitable given its dependence on the results of litigation, there are good reasons to expect further positive news this year. The company in February said it has received $3 million (£1.83 million) on a $1 million investment in a commercial case, and all of its $4 million investment in a second case, in which it also expects to get a third share of an asset that is being sold. It gave positive updates on its five anti-trust cases, mostly price-fixing, due to go to court this year. These cases are collectively worth $139 million, and make up the bulk of the company's investments of $161 million, based on 30 June figures. Though the update did not include any fresh dividend news, the portents for increased income are good. I have decided to buy another 1,000 Juridica shares at 127.5p. [...]
I agree JohnOs, was hoping for more of a bounce based on that $7m in the bag.