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.

View the full press release in PDF format