Completion of Mandatory Redemption_ April 2017

RNS Number : 7896D

JPEL Private Equity Limited

02 May 2017

 

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

COMPLETION OF MANDATORY REDEMPTION

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GUERNSEY, 2 MAY 2017

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 12 April 2017 has been completed with the redemption of 60,810,726 US$ Equity Shares ("Mandatory Redemption").  

On 2 May 2017, JPEL redeemed on a pro rata basis 60,810,726 US$ Equity Shares at the prevailing NAV per US$ Equity Share of $1.48 as at 31 March 2017.  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 9 May 2017. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 9 May 2017.  

Following the Mandatory Redemption, the Company has 263,613,782 US$ Equity Shares in issue.

The US$ Equity Shares were disabled in CREST on the record date (28 April 2017) and the existing ISIN number GG00BYVQ4H96 (the "Old ISIN") has expired.  The new ISIN number GG00BYWVH414 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and will be available for transactions on 2 May 2017.  

Inclusive of this Mandatory Redemption, JPEL will have returned $109.2 million to US$ Equity Shareholders, or approximately 21% of the Company's 30 November 2016 NAV, the prevailing NAV at the time of the Company's initial Mandatory Redemption.  

DIRECTORS' INTERESTS

As of 31 March 2017, Christopher Spencer, Tony Dalwood and Sean Hurst, Directors of the Company, owned 28,865, 122,036 and 8,000 shares, respectively. As a result of the mandatory redemption described above, Chris Spencer, Tony Dalwood and Sean Hurst will, immediately following the redemption date, hold approximately 22,854, 99,162 and 6,501 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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