Completion Of Fifth Mandatory Redemption

RNS Number : 4355M

JPEL Private Equity Limited

08 January 2019

 

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

COMPLETION OF Fifth MANDATORY REDEMPTION

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GUERNSEY, 08 JANUARY 2019

The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's US$ Equity Share class announced on 10 December 2018 has been completed with the redemption of 14,044,678 US$ Equity Shares ("Mandatory Redemption").

On 08 January 2019, JPEL redeemed 14,044,678 US$ Equity Shares, on a pro rata basis, at the prevailing NAV per US$ Equity Share of $1.78 as at 31 October 2018.  Such shares were cancelled automatically following their redemption.

Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.

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 January 2019. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 21 January 2019.

The US$ Equity Shares were disabled in CREST on the record date (7 January 2019) and the existing ISIN number GG00BF1F1F02 (the "Old ISIN") has expired.  The new ISIN number GG00BFMX1M05 (the "New ISIN") in respect of the remaining 189,682,752 US$ Equity Shares which have not been redeemed will be enabled and will be available for transactions on 08 January 2019.

Inclusive of this Mandatory Redemption, JPEL has returned $234.2 million to US$ Equity Shareholders, or approximately 49% of the Company's 31 October 2016 NAV, the prevailing NAV at the time of the Company's initial Mandatory Redemption.

DIRECTORS' INTERESTS

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 13,988, 16,876 and 71,696 US$ Equity Shares, respectively.

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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

[e-mail]

 

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