Juridica has published results for the year ended 31 December 2014. Over this period the net asset value fell from $2.02 to $1.66. 31 cents of this fall relates to a distribution (20p = 31 cents) made to shareholders so the loss on the net asset value over the year was 5 cents. The 5 cent loss is reflective of the company’s $9.9m operating expenses, a fair chunk of which relates to management fees.
Cases in the portfolio generated cash of $105.7m of which $8m related to cases settled in the previous year. $31.8m was ploughed back into ongoing cases and $34.5m was distributed (the 20p per share referred to above).
The fair value of the company’s portfolio is $150.1m – which is worked out as their forecast cash flows discounted back to present day values. This fair value is highly subjective.
The statement gives some limited information on the cases settled during the year which probably isn’t worth reproducing here. Within the remaining portfolio, they say the majority of their older cases are nearing their final conclusion. They have created a patent in conjunction with the National Football League Players Association that they can then defend with litigation.
JIL : Juridica NAV falls as fees rise