Juridica Investments Ltd (Juridica or the Company) is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. It is a Guernsey-domiciled closed-ended investment company which was admitted to AIM on 21 December 2007 having raised £80 million at £1.00 per share. It raised a further £35 million on 30 April 2009 at £1.14 per share and has total assets under management of just over US$200 million.
As of 31 March 2010, Juridica has US$122.8 million invested or committed in engaged cases.
Portfolio diversification as at 31 March 2010
| Type of claim or litigation | Cases | Total Commitment | Investments |
|---|
| Antitrust (monopolisation) |
2 |
|
|
|---|
| Antitrust (price-fixing) |
3 |
$77.5m |
1 |
|---|
| Statutory claims |
1 |
|
|
|---|
| Patents |
11 |
$36.1m |
9 |
|---|
| Property damage and insurance subrogation |
1 |
$0.5m |
1 |
|---|
| Shareholder disputes |
1 |
$2.9m |
1 |
|---|
| Contract claims |
2 |
$3.0m |
2 |
|---|
| Arbitration |
1 |
$2.8m |
1 |
|---|
| |
|
|
|
|---|
| Total |
22 |
$122.8m |
15 |
|---|
The portfolio has the following features:
- Certain investments include ancillary rights to finance future cases
- Number of subject matters: 8
- Number of jurisdictions: 11
- Number of plaintiff law firms: 13
- Average exposure per case: $5.58 million
Key Schedule Dates in Invested Cases
| Period | Investment | Event |
|---|
| No scheduled dates |
7608-A |
Recently filed |
|---|
| No scheduled dates |
0409-C |
Recently filed |
|---|
| No scheduled dates |
7508-O |
One case in portfolio recently filed |
|---|
| No scheduled dates |
2709-E |
Recently filed |
|---|
| No scheduled dates |
1608-T |
Administrative tribunal is determining rights to settlement proceeds |
|---|
| No scheduled dates |
5208-E |
Discovery recently commenced |
|---|
| No scheduled dates |
1208-A |
Damages trial not yet scheduled |
|---|
| Q2 2010 |
1008-A |
Case management order under consideration by the court |
|---|
| Q2 2010 |
5009-S |
Expert discovery expected to begin |
|---|
| Q2 2010 |
0708-B(CA) |
Case management conference scheduled |
|---|
| Q2 2010 |
0708-B(1) |
Case management conference scheduled |
|---|
| Q2 2010 |
8008-L |
Complaint on behalf of remaining clients expected to be filed |
|---|
| Q2 2010 |
0408-W |
Trial scheduled |
|---|
| Q2 2010 |
5608-N |
Recent summary judgment ruling and appeal anticipated |
|---|
| Q2 2010 |
0808-C(NY) |
Waiting for ruling on remaining summary judgment motions and scheduling of trial date |
|---|
| Q2 2010 |
0209-S |
Waiting on appeal from favourable ruling on jurisdictional issues |
|---|
| Q3 2011 |
0808-C(TX) |
Trial scheduled |
|---|
| Q4 2011 |
5308-U |
Dispositive motions fully briefed |
|---|
| Q4 2011 |
0108-S |
Trial scheduled |
|---|
| Q1 2012 |
5308-U |
Trial scheduled |
|---|
Cases 0708-B, 8008-L, 5308-U, 7608-A and 5208-E are multi-defendant cases, which are expected to have a laddered settlement profile.
As of 31 March 2010, the average age of the cases in the portfolio was 2.45 years (measured from the date of first filing of any litigation) and the average age of the Company's investment is 1.18 years (measured from the date of investment). The chart below provides this information for each individual case.
| Matter Number | Age of Case (years) | Age of Investment (years) |
|---|
| 0108-S |
1.97 |
2.01 |
|---|
| 0408-W |
1.81 |
1.94 |
|---|
| 0708-B (2 matters) |
1.41 |
1.72 |
|---|
| 0808-C (2 matters) |
9.72 |
1.59 |
|---|
| 1608-T |
9.66 |
1.65 |
|---|
| 7608-A |
0.63 |
1.07 |
|---|
| 7508-O |
0.48 |
0.76 |
|---|
| 0209-S |
1.27 |
0.62 |
|---|
| 0409-C |
0.46 |
0.50 |
|---|
| 2709-E |
0.35 |
0.62 |
|---|
| 5009-S |
5.77 |
0.26 |
|---|
| 6509-A |
0.62 |
0.27 |
|---|
| 6409-V |
0.04 |
0.18 |
|---|
| 1008-A |
5.75 |
1.38 |
|---|
| 5608-N |
5.39 |
1.38 |
|---|
| 1208-A |
3.49 |
1.38 |
|---|
| 5208-E |
2.10 |
1.38 |
|---|
| 5308-U |
1.46 |
1.38 |
|---|
| 8008-L |
0.45 |
1.38 |
|---|
| Average |
2.45 |
1.18 |
|---|
Juridica Capital Management Limited (Juridica Capital Management) is the Company's nominated Investment Manager and Adviser.
Net Profits from investments are paid as dividends biannually.
Juridica Capital Management is paid a management fee equivalent to 2.5% of the Company's Adjusted Net Asset Value. Performance fees are progressively structured with fees payable on growth of the Adjusted Net Asset Value at the following stages:
- 20% of growth from 8% to 20%; plus
- 35% of growth from 20% to 40%; plus
- 50% of growth from 40%.
Payment of performance fees to Juridica Capital Management are split in two halves where 50% is paid in cash and 50% is placed in trust and subject to claw back in the event that the Company underperforms in future years.
Performance fees are also subject to a 'high water mark' whereby no payments will be made if the Adjusted Net Asset Value of the Company does not exceed the Adjusted Net Asset Value at the end of the previous year in which the performance fee was paid.
Juridica Capital Management's contract is renewable every six years, with the next renewal date due on 21 December 2013.