Juridica reports considerable loss amid run-off strategy

Juridica reported a considerable loss for the 2015 calendar year on Thursday, and it pressed on with its strategy of running off its investments and avoiding any new acquisitions.

The AIM-traded provider of strategic capital for corporate legal claims reported a total comprehensive loss of $49.2m (£34.2m), though a substantial part of that was indicated at the time of its interim results.

Juridica had declared an interim dividend of 5p per share, payable on 30 December 2015, though in accordance with the run-off strategy the board had adopted it said it was carefully considering the timing and amount of future dividends.

At year-end, Juridica’s net asset value per ordinary share was $1.14 or 77p, down from $1.66 or 107p per share in 2014.

“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 return capital to shareholders in the most appropriate manner, following the completion of investments (the ‘run-off strategy’),” Juridica’s board explained in a statement.

The firm as 15 investments current at year-end, with eight of those involving litigation. Five of them were in either pre-litigation or Special Purpose Vehicle in relation to patent monetisation, one had elements of both litigation and SPV patent monetisation, and one pertained to revenue rights associated with a coal mine.

“A considerable portfolio of litigation remains and there are other investments that require active management in varying degrees,” the board stated.