Juridica shares plunge after NAV falls

19th Aug 2015 14:58

(ShareCast News) - Shares in Juridica Investments fell after the investment trust posted an 18.67% fall in net asset value per share for the first half of the year.At 1511 BST, shares in the AIM listed company were down by 5.79% to 68.30p.The company, which invested in corporate legal claims, said net asset value per share fell from $1.66, to $1.35.The decrease in NAV came as the trust swung to a loss, posting a loss of $31m, from a profit of $13.3m the year before.Juridica received a total of $29.5m in settlements and distributions during the period, from full settlement in from patent cases and a dividend from the company's holding in JCML 2007, its former manager.The Guernsey based company said its loss was almost completely attributable to a disappointing development in Case 8008-L, which was part of the company's anti-trust and competition portfolio.Juridica's investment manager had written down the risk of losing the case, but the case did not produce settlements, and appeals to higher courts and the US Supreme Court was denied.Juridica said in a statement the first half of 2015 was "disappointing" but it was "optimistic" about the near term."The board of the company and the investment manager believe that the company's current portfolio will continue to provide healthy returns to shareholders and has the potential to outperform its present NAV," Juridica said in a statement.