Jpel Priv Eqty Regulatory News (JPEL)

27 Apr 2007 16:08

Bear Stearns Private Equity Limited27 April 2007 BEAR STEARNS PRIVATE EQUITY LIMITED HSBC Private Bank Building, Rue du Pre, St Peter Port, Guernsey GY1 1LU 27 April 2007 NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA BEAR STEARNS PRIVATE EQUITY LIMITED - FURTHER ISSUE OF SHARES The Board of Bear Stearns Private Equity Limited (the "Company") is pleased toannounce that 201,867,774 New Equity Shares have today been allotted pursuant tothe Placing announced on 17 April 2007 raising approximately $ 308.86 million ofnew monies (before expenses). "We are pleased with the results of this follow-on offering both in terms of itssize and its broad acceptance," said Company Chairman Trevor Ash. "The issue hasallowed the Company to broaden its investor base further including pensionfunds, private wealth management groups, and discretionary asset managers.Subscriptions came from investors in the UK, Europe, the Middle East, and Asia.The Company now has aggregate assets in excess of $ 495 million." Following the issue of the New Shares, the number of Equity Shares in issue is290,026,246. Application has been made for these New Shares to be admitted tothe Official List and to trading on the London Stock Exchange with effect from8.00 am on 2 May 2007. Greg Getschow, Senior Managing Director of Bear Stearns Asset Management Inc.said "This is the third fund raise which is in line with the company's strategyto reduce or eliminate the standard back-ended returns of private equity (theJ-curve) by a) investing in secondaries and b) only raising new money when wecan invest it ("just-in-time financing."). In this case we have alreadyidentified a strong pipeline of investments and so will be able to put the moneyto work very quickly thus avoiding cash drag." Bear, Stearns International Limited; HSBC Private Bank (UK) Limited; HSBCPrivate Bank (Suisse) SA (acting through its registered office and its branchesin Hong Kong and Singapore); The Hongkong and Shanghai Banking CorporationLimited; JPMorgan Cazenove and Migdal Hitum Ve'Kidum Asakim Ltd acted as placingagents in respect of the New Equity Shares. JPMorgan Cazenove acted as sponsor. Enquiries Bear Stearns Asset Management Greg Getschow / Troy Duncan - 001 212 272 7732 HSBC entities Boudewijn Jansen / Marina Gerova - 020 7860 5277 JPMorgan Cazenove Angus Gordon Lennox - 020 7588 2828 Peregrine Communications Anthony Payne / Max Hilton - 020 7978 6052 THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER TO SELL,PURCHASE, EXCHANGE OR SUBSCRIBE FOR ANY SECURITIES OR SOLICITATION OF SUCH ANOFFER IN THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION. BEAR STEARNSPRIVATE EQUITY LIMITED HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITEDSTATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. THE SECURITIES REFERRED TO INTHIS ANNOUNCEMENT HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITEDSTATES SECURITIES ACT OF 1933, AS AMENDED, AND WILL NOT BE OFFERED OR SOLD OROTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT ORBENEFIT OF, US PERSONS EXCEPT IN ACCORDANCE WITH THE UNITED STATES SECURITIESACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM AND UNDER CIRCUMSTANCES WHICHWILL NOT REQUIRE BEAR STEARNS PRIVATE EQUITY LIMITED TO REGISTER UNDER THEUNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. JPMorgan Cazenove Limited, which is authorised and regulated in the UnitedKingdom by the Financial Services Authority, is acting for Bear Stearns PrivateEquity Limited and for no one else in connection with the matters referred to inthis announcement and will not be responsible to anyone other than Bear StearnsPrivate Equity Limited for providing the protections afforded to clients ofJPMorgan Cazenove Limited or for affording advice in relation to the contents ofthis announcement or on any matters referred to herein. END This information is provided by RNS The company news service from the London Stock Exchange