(Alliance News) - JZ Capital Partners Ltd said Monday it expects to mark down net asset value as at the end of January following an appraisals of its real estate portfolio.
JZ invests in US and European micro-cap companies and US real estate.
The appraisals indicate further net write-downs, leading to an expected expected mark down of net asset value as at January 31 by USD50 million to USD55 million. Alongside other provisions, the company expects NAV for its real estate portfolio to be USD165 million.
As a result of these write-downs, JZ and its investment adviser have agreed to cancel the related and accrued incentive fee of USD11.1 million, which will help increase net asset value.
In addition, JZ expects to mark-up certain US micro-cap assets which will form part of its secondary sale by USD30 million to USD40 million.
In late November, the fund said it had put several of its US micro-cap assets on sale in order to reduce debt.
Shares in JZ were down 5.9% at 240.00 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Jz Capital (JZCP)