30 Oct 2019 17:32
JZ Capital Partners Ltd - Postponement of half year resultsJZ Capital Partners Ltd - Postponement of half year results
PR Newswire
London, October 30
JZ CAPITAL PARTNERS LIMITED(a closed-end collective investment scheme incorporated with limited liability under the laws of Guernsey with registered number 48761)
LEI: 549300TZCK08Q16HHU44
Postponement of half year results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
30 October 2019
JZ Capital Partners Limited ("JZCP" or the "Company"), the London listed fund that invests in US and European micro-cap companies and US real estate, announces that it is postponing the publication of its half year results for the six-month period ended 31 August 2019, which was scheduled to take place on Thursday, 7 November 2019.
In the course of examining certain real estate investment proposals, JZCP has consulted third party real estate brokers who indicated that, in their opinion, the value of certain of the Company's existing real estate investments could currently be lower than that indicated in the Company's most recent real estate valuations, which, based on independent third party appraisals, valued the Company's real estate portfolio at US$443 million as at 28 February 2019. The Company is therefore requesting that its third party appraiser accelerate the appraisals that would normally be undertaken as at the Company's financial year end at the end of February in order to confirm the current valuation of the Company's real estate assets. The initial assessment is expected to take a number of weeks. The Company will make further announcements as the assessment progresses, including with respect to the date of publication of its half year results for the six-month period ended 31 August 2019.
At this stage of the examination, the Company is unable to determine whether or not there has been a material diminution in the value of the Company's real estate portfolio and there can be no certainty as to the quantum of any such diminution at this stage in the process, but, based on the information currently at its disposal, the Company currently believes the aggregate reduction in valuation could be in the range of US$50 million to US$150 million.
For Further Information:
| Ed Berry / Kit Dunford FTI Consulting | +44 (0) 20 3727 1046 / 1143 |
| David Zalaznick Jordan/Zalaznick Advisers, Inc. | +1 (212) 485 9410 |
| Sam Walden Northern Trust International Fund Administration Services (Guernsey) Limited | +44 (0) 1481 745385 |
About JZCP
JZ Capital Partners (“JZCP”) is one of the oldest closed-end investment companies listed on the London Stock Exchange. It seeks to provide shareholders with a return by investing selectively in US and European microcap companies and US real estate. JZCP receives investment advice from Jordan/Zalaznick Advisers, Inc. (“JZAI”) which is led by David Zalaznick and Jay Jordan. They have worked together for more than 35 years and are supported by teams of investment professionals in New York, Chicago, London and Madrid. JZAI’s experts work with the existing management of micro-cap companies to help build better businesses, create value and deliver strong returns for investors. For more information please visit www.jzcp.com.