6 Jan 2005 07:00
JZ Equity Partners PLC06 January 2005 6 January 2005 JZ EQUITY PARTNERS PLC ("JZEP" or the "Company") SALE OF INVESTMENT IN PBT BRANDS, INC The Board of JZEP announces that it has sold on 3 January 2005 its holdings inJunior Subordinated Notes, Preferred Stock and Common Stock of PBT Brands, Inc("Permatex") to Illinois Tool Works, Inc for $15.2 million including accruedincome. The investment in Permatex was valued at 30 September 2004 at nil valueand as a result of this disposal, the net asset value per share of JZEP willincrease by approximately 7.2p per share. This amount excludes possible futurerecoveries from escrow accounts and other contingent payments amounting to atotal of $5.2 million. JZEP will also be taking to the profit and loss account for the second half yearto 31 March 2005, previously written-off revenues totalling $0.9 million. The net asset value per share, including income, at 31 December, 2004 announcedroutinely at the beginning of the month through the Association of InvestmentTrusts of 181.1p per share did not take account of this realisation. Thesubsequent enhancement would have produced a net asset value of 188.3p pershare. Contacts: JZ Equity Partners PLCAndrew Withey 020 7491 3633 Buchanan CommunicationsMark Edwards / Isabel Podda 020 7466 5000 This information is provided by RNS The company news service from the London Stock Exchange