Jpel Priv Eqty Regulatory News (JPEL)

3 Apr 2008 10:38

Bear Stearns Private Equity Limited03 April 2008 Bear Stearns Private Equity Limited3 April 2008 Bear Stearns Private Equity LimitedSt Martin's House, Le Bordage, St Peter Port, Guernsey, GY1 4AU Regulatory News ServiceLondon Stock ExchangeLondonEC2N 1HP Bear Stearns Private Equity Limited (the "Company") The Board of directors announces that the Company's formal fundraising announcedon 11 March 2008 will be postponed pending the completion of JPMorgan Chase &Co.'s (NYSE: JPM) acquisition of The Bear Stearns Companies Inc. (NYSE: BSC). This postponement will enable the Company to pursue certain current Boardconsiderations, including a number of potential options relating to futurefundraisings, including the possible introduction of further share classes tothose already in issue. Moreover, the Company and the Board will seek approvalfrom shareholders to change the Company's name prior to recommencing the formaloffering. In the interim, in order to satisfy immediate share demand, the Board hasauthorized the re-issuance of shares currently held in treasury by the Company. Accordingly, the Board intends to issue approximately US$30 million of treasuryshares at a premium to the 29 February 2008 net asset value within the next fewdays. Furthermore, the Board has once again approved the offering of the Company's bi-annual tender facility to shareholders on record as of close of business (Londontime) on 30 April 2008. A notice regarding the tender facility will be postedto shareholders shortly. About Bear Stearns Private Equity Limited Bear Stearns Private Equity Limited is a Guernsey registered and incorporated,London Stock Exchange-listed, closed-ended investment company (LSE:BPLE)designed primarily to invest in the global private equity market. Theinvestment objective of the Company is to achieve both short and long-termcapital appreciation by investing in a well diversified portfolio of privateequity fund interests and by capitalising on the inefficiencies of the secondaryprivate equity market. As at 31 December 2007, the Company's investmentportfolio consisted of 81 separate fund investments with exposure to over 1,000companies in 30 different countries across Europe. Asia and North America. Further information about the acquisition of The Bear Stearns Companies Inc. byJPMorgan Chase & Co. can be found at www.jpmorganchase.com ENQUIRIES: HSBC Management (Guernsey) Ltd+ 44 (0) 1481 759 000 Anthony Payne, Peregrine CommunicationsTel: +44 (0)20 3178 6869Mobile: +44 (0)7930 643 983max.hilton@peregrinecommunications.co.uk Paul Mungo, Peregrine CommunicationsTel: +44 (0)20 3178 6872Mobile: +44 (0)7941 225 651paul.mungo@peregrinecommunications.co.uk End. This information is provided by RNS The company news service from the London Stock Exchange