Juridica Share Discussion Threads

[djderry] 31/3/2014 20:08

Management obviously bullish,I just hope they're keeping an eye (through their management of course) on their various legal teams.I've been around the block and I think that's the first time I saw an announcement about 'considering making ordinary share purchases'!!! (My exclamation marks.Imagine if ordinary punters announced every time they 'considered' making a purchase!

[alter ego] 31/3/2014 18:52

jonwig, It is an odd thing to say but it suggests to me that they think the share price undervalues the company and wanted to find a way of saying so indirectly.

[jonwig] 31/3/2014 18:44

The sharebuyback announced today is potentially significant.

On 12 Dec they sold 6.1m from treasury at 139p, now they propose to buy back up to 1m - presumably at around today's price?

Also: "Certain members of the management team at Juridica Asset Management Limited, the Company's Investment Manager, are considering making ordinary share purchases."

Now that's a strange statement! Why would they pre-announce such a move?

The whole thing will no doubt support the share price.

[jonwig] 31/3/2014 16:31

smarm - (post #429) let's hope it does, that would be over 18p.

But they really should be under-promising and then over-deliver!

[jaws6] 31/3/2014 15:14

smarm
Have you got this ? I got them.

[jaws6] 31/3/2014 15:13

good going was 158 on 9/12/13
jon-you may be right on divi near 12 p says yield of 9.85 on proquote at 1.32

[casino444] 31/3/2014 15:13

Wow , going the right way now

[smarm] 31/3/2014 15:13

jon - The case could potentially result in cash returns through settlement to the Company in excess of 15% of the current NAV

S

[scottishfield] 31/3/2014 15:07

my goodness, really going up now.

[drdre] 31/3/2014 14:46

Thanks jonwig - makes sense :)

[jonwig] 31/3/2014 14:30

DrDre - the case has been mentioned here a few times.
The "excess of $1bn" is not all due to JIL (alas) - they've said at various times, around 20% of that.
Then the damages might be reduced on appeal, and the investment managers/legal teams need their cut.
Whilst "potentially in excess of the current NAV", I'm staying with my 12p dividend for now.

[drdre] 31/3/2014 13:29

Buybacks - hmmm - I know they mean future dividends will be greater permanently by the % of buyback but the cash could also be used to increase the dividend. Very positive nevertheless and look forward to end of Q2 for decision on case 1208-A. Bit confused mind:

"Also as previously announced, Case 1208-A, which is part of the Company's significant investment in its antitrust and competition portfolio, is scheduled for trial at the end of Q2 2014. Liability has been won through all appeals and only damages are being decided by a jury at this stage. The case could potentially result in cash returns through settlement to the Company in excess of 15% of the current NAV. Claimed damages are in excess of US$1.0 billion. The Company's Investment Manager expects any settlement to be less than claimed damages. "

So is the case worth to JIT excess of current NAV even though the claimed damages are in excess of $1bn? Not a legal eagle so any opinions welcomed :)

[scottishfield] 31/3/2014 13:23

Looking v positive at this stage. RNS abt share buybacks also.

[jaws6] 31/3/2014 13:19

RNS out on case

[rampmeister] 27/3/2014 14:50

They have got plenty to sell - will try and find where I read this and report back.

RM

[jonwig] 27/3/2014 14:27

rampmeister - wouldn't they have to sell a fair amount to get the drop?

And disclosure is every 1%, I think.

[scottishfield] 27/3/2014 13:51

tks rampmeister

[rampmeister] 27/3/2014 13:51

Understand Invesco have been selling down their holding following Woodford's departure. Could be part of the reason for 20% + drop.

RM

[tom111] 27/3/2014 10:54

Bought in a couple of days ago hopefully at the bottom of the cycle

[scottishfield] 24/3/2014 15:10

yes, no worries, tks for reply.

[jonwig] 24/3/2014 14:33

@ scottishfield - yup, but I use the term "yield" more for ongoing returns rather than hope and expectation returns, if you get my drift!

[drdre] 24/3/2014 12:51

Been adding this in dribs and drabs within my SIPP for the dividend. The prospects also look promising as per the Finals. DYOR, obviously.

[scottishfield] 24/3/2014 11:51

jonwig, so around 9/10% yield all told?

[m1das_touch] 22/3/2014 15:57

jonwig, I think the key statement re case 1208-A is that 'The Company's Investment Manager expects any settlement to be less than claimed damages.'

Even so I suspect that they're being quite conservative in their estimate of cash returns of 15% of current NAV. Better to be cautious in forecasts, and then to surprise on the upside with a better than expected dividend.

Long-term hold for me - continue to love this diversifier as a core holding in my SIPP.

[jonwig] 22/3/2014 09:34

They mentioned case 1208-A in 2010 and said 18-20% of net proceeds would pass to JIL.
20% of $1bn is $200m.
Yesterday they suggested cash returns of 15% of current NAV, which would be $33m.

That's some discrepancy, but at least 15% cash return is 18p/sh. But that's at the gross level, I assume. Net, about 12p/sh.

Case 5009-S might gross up to $120m, say $80m net, or 45p/sh. Now that would be a result! (But not this year, I think.)

Case 8008-L might result in a partial clawback on appeal.

If there's no timetable slippage on these mentioned cases, I'd expect at least 12p for the year's dividend, with potential for more.