Juridica Share Discussion Threads

[speedsgh] 20/8/2015 10:49

Orchestralis - see post 730 onwards...

[orchestralis] 20/8/2015 10:47

Are Jil going to pay a dividend this year?

[guernseymoney] 19/8/2015 12:08

No dividend this year will be annoying, but won't trigger me to sell - I will continue to hold also subject to NAV/discount thereupon.

What's to say Burford or another litgation funder might sweep JIL up at a discount?

[djderry] 19/8/2015 11:43

I'm very happy with the level of detail,the explanation re the loss,the methodologies employed in their valuations. and some of the 'colour' of their current portfolio.Also,more information on investments in new and existing cases.obviously the big institutional investors have sought this.no wonder they're all on board!

[speedsgh] 19/8/2015 11:42

Outcome re any dividend payment in Jan 2016 remains unclear. Last year's half year results stated "Anticipated year-end dividend declaration of 20 pence per share to be paid following close of financial year end." Previous year's interims stated "Dividend of 10 pence per share, to be paid on 15 January 2014 to shareholders on the Register at 13 December 2013." [This was then increased to 14p a couple of months later].

There is no mention in the results released today with regards to any anticipated dividend payment in Jan 2016. Read into that as you will: either they are keeping their options open (pending the outcomes/timing of ongoing cases) or they don't intend to make a payout.

Even if there is no payout in Jan 2016, my decision on continued holding will be based on analysis of dividends/NAV performance over past 3-5yrs + more importantly the outlook going forward. Good entry point at current price imo on a 3-5yr view but unlikely to be adding as already have full allocation.

[jonwig] 19/8/2015 09:04

I thought they were bending over backwards to avoid planting too many expectations, for whatever reason.

The penultimate paragraph of the outlook statement, beginning "In addition to ..." should have been corrected by someone at the company or NOMAD as being quite illiterate and garbled. Does nobody care about these things today?

[guernseymoney] 19/8/2015 08:57

Is anyone expecting a dividend this year? If so, what amount?

Interesting results, the Z score article was good, thanks for that.

[nw99] 19/8/2015 08:00

Juridica pretty much as expected, reasonably upbeat going forward

[pj84] 14/8/2015 15:58

The citywire article is about emerging market trusts being potentially cheap based on z scores but the best z score is JIL.

[keyno] 10/8/2015 10:19

jonwig - see link below which might be of interest.

hxxp://www.telegraph.co.uk/finance/newsbysector/banksandfinance/investmenttrusts/11232579/Investment-trust-chairman-quits-after-boardroom-row-over-deleted-information.html

[jonwig] 06/8/2015 15:23

The NAV is probably about 90.9p/sh. That was very much my calculation after the update.

But, the NAV is based on the board's view of likely outcomes of trials. Until recently, the market took the payouts and awarded a premium for their view and the future guidance. Now there's been a serious setback with a case not performing according to these expectations, so the market will question the board's judgement and demand a discount. And, of course, there's no transparency.

At present, 20% discount is what the market says, which looks about right to me.
Suppose the H1 results do no more than re-iterate the view in the portfolio update ... won't the market take this as confirming the status quo? And given that the current case portfolio is pretty long-term, who'll be patient?

At any rate, there's another discontinuation vote end-2016, which might not go so well!
Question ... after a vote to wind up, what will they do about management fees?

[tricia51] 05/8/2015 16:16

and me-also70p

[wolstencroft] 05/8/2015 16:02

Me too Mark. Bought today at 70p.

[marben100] 05/8/2015 15:39

Taking account of the $26.8m writedown announced on 18th June and current exchange rates, I calculate an NAV/share of 90.9p. At that level, 70p is a good enough price for me to add some more to my holding.

Plasy, I don't think yield is a very meaningful measure because dividends are not regular. I prefer to look at this as a (quasi) "realisation situation", whereby investments are liquidated and proceeds returned to shareholders. On that basis, 70p offers 30% upside. Actual results could be better or worse, depending on the outcome of cases, but history suggests that there are decent chances of a good overall outcome.

Cheers,

Mark
Twitter @marben100

[djderry] 05/8/2015 10:30

Just added another nine thousand odd shares,never thought I'd get them at these prices,will add again when I free up some funds.

[keyno] 01/8/2015 14:48

The consensus here seems to be rather more phoenix, then, than duck. Albeit one with slightly singed wings...

Thank you for airing your views.

[speedsgh] 01/8/2015 06:57

I guess the market is anticipating a significantly lower dividend in January. Divs were always going to be lumpy here. Should all even out in long run.

[djderry] 31/7/2015 18:36

well,without being flippant, it depends on how many cases and,more importantly,how much is awarded in each case,that is if they win any particular case.It should be pointed out that,unusually,they also return capital with the 'winnings'.

[plasybryn] 31/7/2015 18:02

What will be the yield at this price?

[whilstev] 31/7/2015 14:45

Price must be well below NAV now , starting to look interesting again will keep my eye on these.

[mad foetus] 31/7/2015 08:26

I quite like the sector but it is bloody difficult getting a grip on what companies are worth. BUR has gone great guns recently, JIL went off like a rocket and has fallen over. the sector is a great diversifier but I can't understand enough about what's going on under the bonnet to get involved yet.

[keyno] 30/7/2015 18:51

Is Juridica going to rise like a phoenix from the ashes or continue to sink like a dead duck? Answers on a contract note please................

[portside1] 24/7/2015 11:28

4.5% spread must be news coming

[portside1] 23/7/2015 11:45

looks like its going under 50p

[portside1] 23/7/2015 11:44

the spread on these shares tell you the market does not want buyers