Juridica Regulatory News
Juridica Investments Limited 14 November 2008 The board of Juridica Investments Limited (“JIL” or the “Company”) is pleased to announce a trading update and a significant new investment. Highlights: Significant New Investment
Trading Update
Lord Daniel Brennan QC, chairman of JIL, commented “This investment represents a significant opportunity for the Company. Not only does it introduce the Company to a significant portfolio of antitrust litigation, but it also gives the Company exposure to a pipeline of future cases that are expected to present potential investment opportunities. We are pleased with the amount of capital invested and profits realised so far and look forward to this investment broadening the portfolio.” Richard W. Fields, chairman of Juridica Capital Management Limited, commented “We are particularly excited by this investment. Although this type of structure was anticipated at Admission, it represents a significant new product offering for the Company and a significant move into antitrust litigation. We believe these kinds of cases present an attractive risk profile for investment and given the scale and dynamics of antitrust litigation this is a sector with significant demand for finance.” For further information please contact:
Click here to download the full release Holdings in Company 15 October 2008 The Company was informed that, as at 9 October 2008, UBS Investment Bank held on interest in 10,000,000 ordinary shares of no par value in the Company. This holding represents approximately 12.5% of the voting rights of the Company’s issued share capital. For further information please contact:
Holdings in Company 10 October 2008 The Company was informed that, as at 8 October 2008, SISU Capital Limited held an interest in 10,000,000 ordinary shares of no par value in the Company. This holding represents approximately 12.5% of the voting rights of the Company’s issued share capital. SISU Capital Limited holds these as contracts for difference and therefore does not have voting rights. For further information please contact:
Juridica Investments Limited 22 September 2008 Juridica Investments Limited, a provider of capital to the legal markets, is pleased to announce its maiden interim accounts. Highlights over the period are:
Lord Daniel Brennan QC, Chairman of Juridica Investments Limited, commented “I have been encouraged by progress to date, and I confidently expect the Company will occupy a leading role in the emergence of the law financing market. As the legal market becomes more aware of the strength of the Company and as individual law firms become more accustomed to and understand the efficient and ethically compliant financial structures offered by the Company, we can look forward to increased demand for external financing of claims. ” For further information please contact:
Click here to download the Interim Results Document
4 July 2008 This announcement provides an update on the investments in litigation made by JIL for the second quarter of 2008. As at 30 June 2008, JIL had made 5 investments with an aggregate commitment of a maximum of $29.05 million. One of these investments, case 0308-R as detailed in the Company’s announcement of 22 April 2008, has now settled. JIL agreed to provide funding of up to $5 million in this case and has made a profit of $3.5 million on this investment. Further information on the market and the Company’s investments will be published in the Company’s interim report and accounts for the period from Admission to 30 June 2008. Lord Dan Brennan, chairman of JIL, commented “The progress of investment to date is in keeping with our initial expectations and, in particular, it is encouraging to be in receipt of profits from an investment at such an early stage.” For further information please contact:
Juridica Investments Limited (“JIL” or the “Company”) Trading Statement 22 April 2008 This statement provides a trading update for Juridica Investments Limited for the period ended 31 March 2008 and provides an update on the Company’s reporting timetable. The board of JIL is pleased to report encouraging progress. The Company has invested in one instance and agreed to invest in two instances, a maximum total of $23.35 million in three cases. In addition, Juridica Management Limited (“JML” or the “Manager”) has reported that the market for JIL’s involvement in litigation is significant and JML is confident that the capital of the Company will be invested within the time frame anticipated in the Admission Document or slightly ahead of schedule. Investments At 31 March 2008, JIL had made three investments:
Case 0108-S Under the terms of JIL’s agreement with the patent holder, JIL has agreed to fund up to $4.35 million of legal fees and $2 million of costs to prosecute alleged infringement of a set of patents. JIL will be entitled to 20 per cent. of the first $100 million in proceeds from the initial litigation of the case. In addition, JIL will be entitled to between 15 and 20 per cent. of any additional proceeds of the initial litigation depending on the the total value and timing of the settlement or judgment. Furthermore, JIL will also be entitled to between 15 and 20 per cent. of any ongoing licence revenue generated by the patents. It is anticipated that the funds will be disbursed over 1-3 years. Case 0208-G JIL has loaned a US law firm $12 million. Under the terms of the loan, JIL is entitled to a 25 per cent. rate of interest, compounded annually, subject to a minimum profit of $1.75 million. Repayment of the loan is contingent upon collection of a contingency fee in an already settled case. The payment of the fee to the law firm is contingent upon confirmation of a plan of reorganisation in a US bankruptcy case. Case 0308-R A manager of a fund of hedge funds is alleged to have been disenfranchised by his business partner. JIL has agreed to provide up to $5 million in order for the plaintiff to pursue litigation in the UK as well as defend a related claim in an offshore jurisdiction. Under the terms of its agreement, JIL will receive between 20 per cent. and 40 per cent. of the total value of the settlement or judgment, depending on the amount disbursed by JIL and aggregate value of the settlement or judgment. This case is set for trial in the summer of 2008 Litigation market JML has seen encouraging developments in the market for litigation finance. In addition to the established market in Australia and Europe, there is increasing evidence of a market for third party funding developing in the United Kingdom and robust interest in JIL’s offering in the United States. JML is consistently receiving and evaluating a large volume of enquires from the United States, Britain, Canada and Australia from a diverse group of sources. The Manager has encountered a number of traditional sources of capital who are either providing finance for litigation or offsetting litigation risk, in addition to alternative asset managers examining the market. There is also significant activity in the US intellectual property market – participants are acquiring patents in competitive auctions with the express purpose of monetising them via licensing or litigation against parties allegedly infringing the patents. Reporting timetable JIL will report to a 31 December year end. Accordingly, the Company will release unaudited interim accounts for the period ended 30 June 2008 by 30 September 2008 and audited report and accounts for the period from 21 December 2007 to 31 December 2008 by 30 April 2009.Commenting on trading since launch Lord (Dan) Brennan, chairman of JIL, said “I am delighted to report on progress to date. There is evidence of the litigation market developing rapidly and JML is constructing the beginnings of an interesting and well-diversified portfolio of litigation.” For further information, please contact:
Admission to trading on AIM 21 December 2007 Juridica, via its investment manager Juridica Management Limited, intends to build a diversified portfolio of investments in legal claims and to provide shareholders with an attractive level of dividends and capital growth through investing directly and indirectly in litigation and arbitration cases, claims and disputes. Highlights: - Initial market capitalisation of £80 million at the Placing Price. - The Company intends to make direct investments in a variety of different claims, including, but not limited to, the following:
- The principals of the investment manager, Juridica Management Limited, are both licensed lawyers in the District of Columbia (and other US states) with 50 years’ combined legal professional experience. - Juridica Management Limited owns 1.5 million Ordinary Shares and Juridica owns 15 per cent. of Juridica Management Limited. - According to the US Bureau of Economic Analysis (BEA), over $180 billion was spent in 2005 on “legal services” in the United States. - Cenkos Securities is acting as Nominated Adviser and broker to the Company. The ultimate goal of the Company is to be a leading source of value-added and direct financing for large claims in complex litigation and arbitration worldwide where such financing is considered to be lawful and permitted under local law and rules on professional ethics. Commenting on Admission, Lord (Dan) Brennan, non-executive Chairman of Juridica, said, “Following the successful Placing, we are delighted to be admitted to trading on AIM. We believe that Juridica is well positioned to capitalise on the growth in the worldwide litigation market, in which management has considerable expertise and experience in legal services. The Board would like to extend a warm welcome to all the Company’s new shareholders as we seek to build long-term value and a platform for future growth. We look forward to reporting our progress to the market in the coming years.” Commenting on Admission and the Placing, Richard Fields, of the investment manager said, “The global legal market is well-developed. To date there has been limited mechanism for the public to invest in this market and we look forward to structuring legally and ethically sound investments in litigation. We are delighted to bring Juridica to the market and give shareholders the opportunity to participate in revenues from litigation.” Click here to download the full "Admission to trading on AIM"
Disclosure of information required by AIM Rule 26 21 December 2007
Holdings in Company 21 December 2007
Admission to Trading on AIM 21 December 2007 |
