REG - JPEL Private Equity - Tenth Mandatory Redemption

JPEL Private EquityAnnouncement

04/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220404:nRSD9430Ga&default-theme=true

RNS Number : 9430G  JPEL Private Equity Limited  04 April 2022

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com (http://www.jpelonline.com)

 

 

JPEL ANNOUNCES TENTH MANDATORY REDEMPTION TO US$ SHAREHOLDERS

 

 

 

·      JPEL WILL RETURN $18 MILLION TO SHAREHOLDERS

 

·      REDEMPTION DATE 8 APRIL 2022

 

·      REDEMPTION REPRESENTS 24.3% OF US$ EQUITY SHAREHOLDER NET ASSET
VALUE AT 31 DECEMBER 2021

 

*              *              *

 

GUERNSEY, 4 APRIL 2022

 

 

The Company has resolved to return a total of $18 million to JPEL US$ Equity
Shareholders. Redemption proceeds will be comprised of existing cash on JPEL's
balance sheet.

 

The $18 million capital return (the equivalent of approximately 9.7 million
US$ Equity Shares, or approximately 24.3% of US$ Equity Shareholder NAV) will
be by way of a pro rata compulsory redemption of US$ Equity Shares at a price
equal to the prevailing NAV per US$ Equity Share of $1.85 as at 31 December
2021 (being the most recent NAV per US$ Equity Share available as of the date
of this announcement) for US$ Equity Shareholders on the register of members
as at close of business on 8 April 2022 ("Record Date").  Unless
circumstances require otherwise, this NAV will form the NAV per US$ Equity
Share as of the date of redemption.

 

Payments of redemption proceeds are expected to be effected either through
CREST (in the case of shares held in uncertificated form) or by cheque (in the
case of shares held in certificated form) on or around 21 April 2022. Any
share certificates for the balance of holdings of shares will also be
despatched to shareholders on or 20 April 2022.

 

The Company currently has 40,017,883 US$ Equity Shares in issue.  All of the
US$ Equity Shares redeemed on the redemption date will be cancelled and any
fractions of shares will be rounded down to the nearest whole share.

 

The US$ Equity Shares will be disabled in CREST on the Record Date and the
existing ISIN number GG00BM8B8T38 (the "Old ISIN") will expire.  A new ISIN
number GG00BMFD2F62 (the "New ISIN") in respect of the remaining US$ Equity
Shares which have not been redeemed will be enabled and available for
transactions on 11 April 2022.  For the period up to and including the
Record date, US$ Equity Shares will be traded under the Old ISIN and as such,
a purchaser of such shares may have a market claim for the redemption proceeds
following the activation of the New ISIN. CREST will automatically transfer
any open transactions as at the redemption date to the New ISIN.

 

Inclusive of this Mandatory Redemption, JPEL will have returned $517.2 million
to US$ Equity Shareholders, or approximately 108% and 136% of the Company's 31
October 2016 NAV and market capitalization.  Please note that the prevailing
NAV at the time of the Company's first mandatory redemption was 31 October
2016.

 

 

DIRECTOR'S INTERESTS

 

As of 5 August 2021, Sean Hurst, Christopher Spencer and Tony Dalwood,
Directors of the Company, owned 2,953, 3,563 and 15,133 US$ Equity Shares,
respectively. As a result of the Mandatory Redemption described above, Sean
Hurst, Christopher Spencer and Tony Dalwood are expected, immediately
following the redemption date, to hold approximately 2,234, 2,695 and 11,444
US$ Equity Shares, respectively.

 

 

*             *                   *

 

 

LEI Number:  5493005M6GBE3DNJZ894

 

 

 

 

About JPEL Private Equity Limited

 

JPEL Private Equity Limited is a Guernsey registered and incorporated, London
Stock Exchange-listed, closed-ended investment company (LSE: JPEL) designed
primarily to invest in the global private equity market.  The investment
objective of the Company is to achieve both short and long-term capital
appreciation by investing in a well-diversified portfolio of private equity
fund interests and by capitalising on the inefficiencies of the secondary
private equity market.

 

ENQUIRIES:

 

FCF JPEL Management LLC

JPELClientService@fortress.com (mailto:JPELClientService@fortress.com)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CASVFLBBLZLXBBQ