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Results for the six months ended 30 June 2018

6 Sep 2018 18:00

RNS Number : 0556A
Juridica Investments Limited
06 September 2018
 

Juridica Investments Limited

 

("Juridica", "JIL" or the "Company")

 

Results for the six months ended 30 June 2018

 

 

Juridica, a provider of strategic capital for corporate legal claims, announces its results for the six months ended 30 June 2018.

 

Summary of results

 

· 30 June 2018 net asset value ("NAV") per ordinary share is US$0.0906, a decrease of US$0.0657 from 31 December 2017 NAV per ordinary share due to a dividend payment of US$5.9 million and total comprehensive expense of US$1.3 million.

· Total comprehensive expense of US$1.3 million, primarily attributable to net unrealised loss and realised gain totalling US$300,000 and operating and other expenses of US$1.0 million.

 

Investment results

 

During the six-month period ended 30 June 2018:

· Total proceeds received of approximately US$385,000 from the restructuring of one investment, the liquidation of another investment, and a tax refund from a third investment.

· A net decrease in the valuation of the Company's investments of US$384,000.

 

Subsequent to 30 June 2018, the Company confirmed forthcoming receipt of US$1.4 million as resolution of Case 5009-S.

 

A total of 6 investments remain (after considering the resolution of Case 5009-S) with two being litigation related and four relating to special purpose vehicles ("SPV").

 

Click on, or paste the following link into your web browser, to view the associated PDF document.

 

http://www.rns-pdf.londonstockexchange.com/rns/0556A_1-2018-9-6.pdf

 

Corporate update

 

The Board of Directors announced on 18 November 2015 that it would not make any new investments (other than further funding of existing investments where such funding was reasonably required in the interests of shareholders) and that it would seek to make distributions to shareholders in the most appropriate manner, following the completion of investments. A dividend of 4p per share was paid in the six months ended 30th June 2018.

 

The Board now believes that the costs to shareholders of continuing the Company in operation and maintaining an AIM listing are now outweighed by the benefits of winding-up, de-listing and liquidation.

 

The Chairman expects to write to shareholders shortly with details of an Extraordinary General Meeting with proposals to wind-up, de-list and appoint liquidators.

 

- Ends -

 

This report contains forward looking statements, which are based on the current expectations and assumptions of the Manager and involve known and unknown risks and uncertainties that could cause actual results or performance to differ materially from those expressed or implied in such statements. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a number of variables that could cause actual results or trends to differ materially. Each forward looking statement speaks only as of the date of this report. Except as required by the AIM Rules or otherwise by law, the Company and the Manager expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in the Company's or Manager's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

 

 

For further information contact:

 

Brickell Key Asset Management Limited

William Yuen

 

+1 (866) 443 1080

 

Cenkos Securities PLC - Nominated Adviser and Joint Broker

Nicholas Wells

Camilla Hume

 

+44 (0) 20 7397 8900

Investec Bank PLC - Joint Broker

Darren Vickers

 

+44 (0) 20 7597 4000

Vistra Guernsey - Company Secretary

Chris Bougourd

+44 01481 754 145

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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