2 Nov 2009 07:00
Juridica Investments Limited
("JIL" or the "Company")
Portfolio update
2 November 2009
Juridica Investments Limited, a leading provider of capital to the law market, today provides a portfolio update.
At the interim results on 28 September 2009 the board informed shareholders of a change in circumstance in Case 0608-S, saying that interest accrued on this investment had been written off and that no new interest would be accrued pending further developments in the case.
Since the interim results announcement the board has had an opportunity to carry out a full review on its investment in Case 0608-S and as a result exercised its right to withdraw from further funding under its investment agreement, concluding that it is no longer appropriate to carry this investment as an asset in the Company's accounts.
As at 30 June 2009 the carrying value of Case 0608-S was approximately US$2.8 million.
The Company is also reserving and reviewing all of its rights under its investment agreement and applicable law.
In addition, a favourable interim ruling has been delivered on Case 5208-E that significantly reduces Fields Scrantom Sullivan's ("FSS") exposure on a particular risk issue in the case for which funds were reserved. Consequently, FSS has notified the Board of JIL that it will pay JIL $1.50 million of cash it had reserved to cover costs in this case. This amount will reduce FSS's obligations to JIL under the terms of the loan it has agreed with JIL.
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For more information contact:
| Juridica Capital Management (UK) Limited Richard W. Fields | +1 866 443 1080 |
| Cenkos Securities plc (Nominated Adviser and Broker) Nicholas Wells Camilla Hume | +44 20 7397 8900 |
| Bell Pottinger Corporate & Financial David Rydell Olly Scott | +44 20 7861 3232 |
About Juridica Investments Limited
Juridica Investments Limited is a leading provider of capital to the business community and the legal market. It invests directly and indirectly in a diversified portfolio of commercial claims and disputes. JIL's objective is to be the premier source of value-added and direct financing or large business claims, especially in the United States and the United Kingdom.
Our clients are Fortune 1000 companies, FT Global 500 companies, small businesses, inventors, major universities and the leading law firms that represent them. JIL accepts only cases that have already been carefully vetted and accepted by qualified lawyers, does not invest in speculative cases and accepts only a small fraction of the cases reviewed.
The Company focuses exclusively on business-to-business related claim investments. It does not invest in shareholder class actions, personal injury, product liability, or mass tort claims.
JIL was established on 21 December 2007 as a limited liability, closed-ended investment company registered in Guernsey. It has over US$200 million of assets under management and is listed on AIM, a market operated by the London Stock Exchange (AIM: JIL).
The Company has appointed Juridica Capital Management Limited as its exclusive investment manager to locate, select and manage direct and indirect investments in cases, claims and disputes.
For more information visit Juridica Investments Limited at
http://www.juridicainvestments.com/ and Juridica Capital Management Limited at
http://www.juridica.co.uk/