Juridica Share Discussion Threads

[portside1] 14/11/2014 16:42

Dividend declaration

Juridica, a leading provider of strategic capital for corporate legal claims to both businesses and the legal markets, is pleased to announce that the Board has approved a dividend of 20 pence per share (or approximately US$35,200,000.00 in aggregate), payable on 14 January 2015 to shareholders on the Register at 12 December 2014.

[portside1] 14/11/2014 16:39

buys showing as sells two are mine the last was mine 3079 down as a sell it was a buy at 148.875p

[portside1] 14/11/2014 16:30

buy buy buy

[orchestralis] 10/11/2014 12:16

Oh if we are going to use averages then I'm at 15%, But I may not take the divi, may sell out for the cap gain this year, just prior to XD.

[speedsgh] 10/11/2014 10:53

18.75% yield on my average :o)

[pillion] 10/11/2014 09:26

Yes 13% dividend yield at current share price 148.5p

[orchestralis] 10/11/2014 07:35

13% yield :-)

[orchestralis] 10/11/2014 07:33

20p divi confirmed.

[ptolemy] 06/11/2014 09:52

Thanks for your views. Also interested to know who is the partner. Given that he agreement is signed, I wonder why they haven't disclosed it? Well, time will tell...

[jonwig] 06/11/2014 08:46

re post #573, I think the remit is potentially open-ended:

... so that where a follow-on investment in respect of an existing Juridica investment becomes available, Juridica shall have a right of first refusal in respect of the entire investment ...

-which means, almost exclusively, litigation finance -

... and where new investment opportunities arise that fall within Juridica's investment policy, they will be offered to Juridica and the new client pro rata to each party's deployable capital.

- which could mean any business JAM chooses to invest in, the point being that the partner can decline if the risk profile looks wrong.

If the partner is indeed Invesco AM we might find out this month when they release results (quoted on NYSE):

[speedsgh] 05/11/2014 11:15

Dividend declaration can't be too far away...


"Anticipated year-end dividend declaration of 20 pence per share to be paid following close of financial year end."

[davebowler] 05/11/2014 11:10

Investec;
Juridica (JIL) New Investment Advisory Agreement

¢ Juridica Asset Management has entered into an Investment Advisory agreement with a 3rd party client, which is expected to have a positive impact on JIL. The agreement will provide JAM with significant capital to invest alongside JIL.

¢ JIL will have right of first refusal of the entire investment in follow-on opportunities, and new opportunities will be offered to JIL and the new client pro-rata.

Investec insight

¢ This deal will allow JIL to invest in bigger cases by co-investing with this new pool of capital. This broadens the range of investments that JIL has access to and should help returns going forward.

¢ We note the gradual rise in price over the last couple of weeks, potentially reflecting the dollar strength against sterling. There has been a 6.7% rise in the dollar against sterling since the last reporting period at the end of June, which will have positively impacted JIL’s NAV.

¢ The portfolio remains attractive in our view, with the increasing maturity of the underlying portfolio giving investors the potential to benefit as cases reach their conclusion or sett

[speedsgh] 05/11/2014 10:44

Ptolemy - Obfuscation has always been one of JIL's stronger points :o)

[ptolemy] 05/11/2014 10:06

Could someone decipher this for me, please.

"JAML has entered into an investment advisory agreement with a third party client....and Juridica has agreed to a co-allocation policy in respect of future investment opportunities presented by JAML.

This advisory agreement provides JAML with significant capital to co-invest alongside the Company. "

One interpretation is more cash to invest.

But aren't other interpretation that Juridica:

- want a dilluted share in more speculative cases
- are moving to higher value, higher risk cases
- want to reduce commitment to legal cases in order to focus on other areas

I've assumed their use of 'investment opportunities' means 'legal cases' but another interpretation could be IP investments.

Not very clear, and not immediately obvious why they want to do this. Or am I missing soemthing?

[flying pig] 05/11/2014 07:42

The website states that the minimum size of deal they will look at is $2 million, the typical size is $5 million and the largest deal undertaken is $25 million. In today’s litigious world, I think that the cost of significant litigation is probably at the $20 million plus, so this transaction keeps them in the game. Good news.

I rather wish I’d bought a few more when they were somewhat lower!

[jonwig] 05/11/2014 07:27

Yes, it is:

"Investment Manager Arrangements" -



A big concern of mine was that they weren't keeping the pot boiling by taking on further new cases. This suggests that they are going to expand in, potentially, a big way.

So who is the "third party client, which is a well established institutional investor"?
Considering JIL's largest shareholder, Invesco perhaps?

[jonwig] 05/11/2014 07:00

djd - I seem to remember a Burford Capital client complaining/bleating about the onerous conditions of a loan given to them.Outcome;as above,no one cares.

Yes, it was Rurelec, who were shafted by the Bolivian (?) Government and created a distraction by blaming Burford for enforcing the terms of an agreed contract.

As you say, business-to-business litigation funding is of little concern to politicians ... so long as firms don't have a vote! And the main objectors to "champerty" are lawyers.

Holts - I do hope you're right, of course, but it was only a $1.25m investment. (JIL's MCap about $270m.)

[holts] 04/11/2014 20:15

Kinetics investment may prove to be very valuable

[asmodeus] 31/10/2014 20:37

Answer? Diversify. - and Litigious.

[djderry] 31/10/2014 20:27

As with all stocks,there are industry and stock specific risks.From time to time I like to study them,'weekend worrying' might be a better term.Feel free to add your tuppence worth: (in no particular order)Industry specific;A government or two decide that litigation funding is unethical or akin to 'ambulance chasing' and either ban or curtail the industry to such an extent that it makes no commercial sense,like pay-day lending.Likelihood:Not very,I would think,they are dealing with companies and no one cares about companies (except shareholders and ,sometimes,their managers.)Their clients start to kick up and cry 'foul'.I seem to remember a Burford Capital client complaining/bleating about the onerous conditions of a loan given to them.Outcome;as above,no one cares.Company specific: Juridica start loosening their underwriting criteria.Likelihood: Not very likely I would think,unless they want to kill the golden calf.Why would they? Unless they are having to compete with other litigation finance providers and they get involved in a race to the bottom.Likelihood: Stranger things have happened.Industry specific: After a six year bull run companies are less likely to 'get down and dirty' and ,if they do get litigeous (spelling?),they keep it on their own balance sheet.Likelihood:I have no idea,just thinking out loud.Company specific: They give away all their money in dividends and have no more to invest in new cases.Likelihood:Now that's the question!

[djderry] 30/10/2014 23:59

Thanks speedsgh,I can rest easy now.

[speedsgh] 30/10/2014 13:22

djderry - see
NOTE: Not sure how accurate/up-to-date info is.

Also in the most recent Director/PDMR Shareholding rns on 7/4/14 Richard Fields (Chairman and Chief Executive of the Company's Investment Manager, Juridica Capital Management Limited) bought 25,000 JIL shares to take his total beneficial interest to 832,090 (0.75% of JIL).

[djderry] 29/10/2014 22:39

In some respects all stocks are correlated,however it was interesting to see that the last bout of market weakness had no effect on Juridica,partly,I imagine,because of the large share of the stock held by institutions.(Of course that can be a double-edged sword also.)The return on investments has been excellent so far,the quality of their due diligence being key.I'm not complaining about the generous pay-out and I look forward to it as much as the next investor.What I'm thinking about (concerned would be too strog a word) is how much of it is 'tomorrow's dinner',i.e.we're getting back the investment gain and the original capital.To put it another way,how much is currently being invested in new cases and how can this investor know that their underwriting criteria is as select as it has been? Only time,perhaps,will tell but,for me,their track record has been impressive.
I would also like to know how much 'skin in the game' is held by senior management.I've been on the website but haven't come accross it.The other issue is the NAV.Investing is as much art as science but with this company (and finance litigation in general),it seems to be more art than science.How cases and potential pay outs are valued prior to the case being settled is esoteric.
Having said all that,Juridica continues to be my largest single stock holding.

[speedsgh] 29/10/2014 14:43

Hopefully not too long to wait until formal 2014 dividend declaration + confirmation of the actual payout amount. In 2013 a supplementary 4p div was declared on 30/10 in addition to the 10p div that had been previously declared at the interim results on 19/8.


Based on the above mentioned cash proceeds, and subject to our expectations for the remainder of 2014, we anticipate the Company declaring a dividend to shareholders of US$37 million (approximately 20 pence per share at today's exchange rate) by the end of 2014.