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Pin to quick picksJz Capital Regulatory News (JZCP)

Share Price Information for Jz Capital (JZCP)

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JZ Capital Partners is an Investment Trust

The strategy is to realise investments, pay down debt and reduce commitments to new investments. In addition, the company will return capital to Shareholders while meeting the capital requirements of the portfolio in order to achieve NAV growth.

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Further Update in relation to Secondary Sale

23 May 2022 07:00

JZ Capital Partners Ltd - Further Update in relation to Secondary Sale

JZ Capital Partners Ltd - Further Update in relation to Secondary Sale

PR Newswire

London, May 22

JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP")

(a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registered number 48761)

LEI 549300TZCK08Q16HHU44

Further Update in relation to Secondary Sale

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

23 May 2022

JZ Capital Partners Limited, the London listed fund that has investments in US and European microcap companies and US real estate, is pleased to provide a further update in relation to its interest in the Secondary Fund, JZHL Secondary Fund LP, being the fund to which the Company earlier sold its interests in certain US microcap portfolio companies.

Since the Company's last update announced on 7 April 2022, a portfolio company of the Secondary Fund has executed an agreement to sell certain of its interests, with the Secondary Fund expecting to receive a distribution from such portfolio company of net proceeds it receives in such sale of approximately US$165-180 million.

Shareholders are reminded that, as detailed in the Company's last update announced on 7 April 2022 and in its circular dated 29 October 2020, the Company has a Special LP Interest in the Secondary Fund, which entitles it to certain rights and obligations from the Secondary Fund, including to distributions by way of an agreed distribution waterfall. Accordingly, such portfolio company sale is expected to result in JZCP receiving a distribution from the Secondary Fund of approximately US$89-94 million, which would correspond to a NAV uplift to JZCP in the range of approximately 56-63 cents per ordinary share. JZCP’s remaining interest in the Secondary Fund, based on pro forma financials as at 28 February 2022, is valued at approximately US$71.2 million.

Shareholders should however also be aware that completion of such portfolio company sale remains subject to certain conditions, including the federal premerger notification program established by the Hart-Scott-Rodino Act. Whilst it is expected that completion of the sale will occur, subject to the satisfaction of the relevant conditions, on or before 30 June 2022, there can be no assurance that the aforementioned conditions will be satisfied and, accordingly, that completion of such portfolio company sale (or receipt by the Company of its distribution) will occur. As such, the Company will make further announcements at the appropriate time regarding the status of completion of such portfolio company sale and the distribution of net proceeds related thereto. Furthermore and as previously announced, the Company will also make further announcements in relation to any further distributions of the Secondary Fund as and when appropriate.

For completeness, the Company's key outstanding debt obligations are approximately US$45.0 million under the Company's Senior Facility provided by WhiteHorse Capital Management, LLC due on 26 January 2027, approximately £57.6 million of zero dividend preference shares ("ZDPs") due on 1 October 2022, and approximately US$31.5 million of Subordinated Notes made available by Jay Jordan and David Zalaznick (and their affiliates) due on 11 September 2022. The Senior Facility does however (and as previously announced) allow and indeed requires, subject to compliance with its financial covenants, the repayment of the Subordinated Notes and the ZDPs on their respective maturities, being 11 September 2022 and 1 October 2022 respectively. Whilst the Company's ability to repay the Subordinated Notes and the ZDPs does continue to be dependent upon the Company achieving sufficient realisations in due time, following the receipt of the expected distribution of the Company’s entitlement to a portion of the Secondary Fund’s proceeds of such portfolio company sale, the Company’s obligation to redeem the ZDPs on their due date is expected to be funded, subject to compliance with the Senior Facility's financial covenants and the extension of the maturity of the Subordinated Notes. Again, the Company will make further announcements in relation to its key outstanding debt obligations, including the status or satisfaction of the same as and when appropriate.

Unless otherwise defined herein, capitalised terms used in this announcement have the meanings given to them in the announcement of the Company dated 7 April 2022.

Market Abuse Regulation

The information contained within this announcement is considered by the Company to constitute inside information as stipulated under MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The person responsible for arranging the release of this announcement on behalf of the Company is David Macfarlane, Chairman of JZCP.

______________________________________________________________________________________

For further information:

Kit Dunford / Ed Berry FTI Consulting+44 (0)7717 417 038 / +44 (0)7703 330 199
David Zalaznick Jordan/Zalaznick Advisers, Inc.+1 (212) 485 9410
Sam Walden / Martin Chapman Northern Trust International Fund Administration Services (Guernsey) Limited+44 (0) 1481 745385 / +44 (0)1481 745183

Important Notice

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements relate to matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, policies and the development of its strategies may differ materially from the impression created by the forward-looking statements contained in this announcement. In addition, even if the investment performance, result of operations, financial condition, liquidity and policies of the Company and development of its strategies, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. These forward-looking statements speak only as at the date of this announcement. Subject to their legal and regulatory obligations, each of the Company, Jordan/Zalaznick Advisers, Inc. and their respective affiliates expressly disclaims any obligations to update, review or revise any forward-looking statement contained herein whether to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based or as a result of new information, future developments or otherwise.

Date   Source Headline
5th Mar 202011:00 amPRNNet Asset Value(s)
24th Feb 20207:00 amPRNReal Estate Valuations
10th Feb 20207:00 amPRNReal Estate Valuations
3rd Feb 20208:40 amPRNNet Asset Value(s)
2nd Jan 20204:29 pmPRNDirector Declaration
23rd Dec 20195:45 pmPRNNet Asset Value(s)
16th Dec 20199:16 amPRNNet Asset Value(s)
27th Nov 20198:31 amPRNDirectorate Change
27th Nov 20197:00 amPRNHalf-year Report
26th Nov 201911:24 amPRNConfirmation of Half Year Results Announcement
31st Oct 20199:05 amRNSSecond Price Monitoring Extn
31st Oct 20199:00 amRNSPrice Monitoring Extension
30th Oct 20195:32 pmPRNPostponement of half year results
24th Oct 20192:58 pmPRNResults of EGM
21st Oct 20198:37 amPRNNet Asset Value(s)
21st Oct 20198:35 amPRNNotice of Half Year Results
4th Oct 20197:00 amPRNCirc re Investment Policy and Related Party Transactions
2nd Oct 20197:00 amPRNUpdate on Liquidity Plan for JZCP
23rd Sep 201910:37 amPRNNet Asset Value(s)
11th Sep 20194:51 pmPRNDirector Dealings
2nd Sep 20197:00 amPRNTotal Voting Rights
27th Aug 20197:00 amPRNResults of Tender Offer
21st Aug 20199:04 amPRNNet Asset Value(s)
19th Aug 20198:56 amPRNDirector Declaration
16th Aug 20191:30 pmPRNResults of EGM
26th Jul 20198:39 amPRNTender Offer, Article Amendments & EGM
22nd Jul 20199:02 amPRNNet Asset Value(s)
28th Jun 20197:00 amPRNQ1 2019 Interim Management Statement
27th Jun 20196:12 pmPRNDirectorate Change
27th Jun 20195:53 pmPRNShare Buybacks
27th Jun 20195:46 pmPRNResult of AGM
27th Jun 20194:16 pmPRNResult of EGM
30th May 201911:24 amPRNNotice of AGM
29th May 20197:00 amPRNNotice of EGM
21st May 20199:13 amPRNNet Asset Value(s)
8th May 20198:06 amPRNAnnual Report and Financial Statements to 28.02.19
29th Apr 20197:00 amPRNNotice of Full Year Results
23rd Apr 20199:14 amPRNNet Asset Value(s)
25th Mar 20197:00 amPRNNet Asset Value(s)
21st Feb 20199:29 amPRNNet Asset Value(s)
1st Feb 20198:58 amPRNVoting Rights and Capital
21st Jan 20199:25 amPRNNet Asset Value(s)
15th Jan 20197:00 amPRNJZ Capital Partners Announces Sale of Petrocorner
10th Jan 20197:00 amPRNTransaction in Own Shares
2nd Jan 20199:38 amPRNVoting Rights and Capital
19th Dec 20187:00 amPRNQ3 2018 Interim Management Statement
14th Dec 20185:45 pmPRNTransaction in Own Shares
13th Dec 20187:00 amPRNJoint Venture
21st Nov 201811:53 amPRNNet Asset Value(s)
19th Nov 20182:48 pmPRNDirector/PDMR Shareholding

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