REG - JPEL Private Equity - Twelfth Mandatory Redemption & Shareholder Update

JPEL Private EquityAnnouncement

24/10/2023 07:00

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RNS Number : 0071R  JPEL Private Equity Limited  24 October 2023

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

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

 

 

TWELFTH MANDATORY REDEMPTION & SHAREHOLDER UPDATE

 

 

 

·      JPEL WILL RETURN $6 MILLION TO SHAREHOLDERS

 

·      REDEMPTION DATE 7 NOVEMBER 2023

 

·      REDEMPTION REPRESENTS 14.7% OF US$ EQUITY SHAREHOLDER NET ASSET
VALUE AT 30 SEPTEMBER 2023

 

·      REDEMPTION REPRESENTS 23.3% OF JPEL's MARKET CAPITALIZATION AT 17
OCTOBER 2023

 

·      Macroenvironment resulting in A POTENTIAL slowing OF realisation
timing

 

 

*              *              *

 

GUERNSEY, 24 OCTOBER 2023

 

 

The Company is pleased to announce its twelfth Mandatory Redemption to US$
Equity Shareholders.  The amount of the redemption will be $6 million or
14.7% of NAV at 30 September 2023 (approximately 23.3% of JPEL's market
capitalization at 17 October 2023).

 

The $6 million capital return (the equivalent of approximately 3.7 million US$
Equity Shares) 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
$1.61 as at 30 September 2023 (being the most recent NAV per US$ 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 7 November 2023 ("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 22 November 2023. Any
share certificates for the balance of holdings of shares will also be
despatched to shareholders on or around 21 November 2023.

 

The Company currently has 25,375,033 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 GG00BPSMLX26 (the "Old ISIN") will expire.  A new ISIN
number GG00BS82YQ75  (the "New ISIN") in respect of the remaining US$ Equity
Shares which have not been redeemed will be enabled and available for
transactions on 8 November 2023 (the "Ex-date").  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 $531.7 million
to US$ Equity Shareholders, or approximately 111% and 138.9% 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.

 

SHAREHOLDER UPDATE

 

As JPEL continues to run-off its portfolio organically, the Board would like
to remind shareholders that it will revisit a variety of options once JPEL's
NAV approaches approximately $30 million.  As global markets continue to be
affected by well documented macroeconomic factors, the JPEL portfolio may be
impacted, similar to other private equity funds, in timing, valuation, or
amounts of realisation activity. As a result, distributions in 2024 are likely
to be unpredictable.

 

DIRECTOR'S INTERESTS

 

As of 24 October 2023, Sean Hurst and Tony Dalwood, Directors of the Company,
owned 1,977 and 10,132 US$ Equity Shares, respectively. As a result of the
Mandatory Redemption described above, Sean Hurst and Tony Dalwood are
expected, immediately following the redemption date, to hold approximately
1,691 and 8,663 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)

 

 

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