Mandatory Redemption - US$ Equity Shares -Dec 2016

RNS Number : 4663Q

JPEL Private Equity Limited

30 November 2016

 

JPEL Private Equity Limited

PO Box 60

Carinthia House

9-12 The Grange

St Peter Port

Guernsey GY1 4BF

www.jpelonline.com

JPEL ANNOUNCES MANDATORY REDEMPTION

·      REDEMPTION DATE 15 decemBER 2016

·      JPEL WILL RETURN $19.2 MILLION TO SHAREHOLDERS

·      REPRESENTS 4% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 31 OCTOBER 2016

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GUERNSEY, 30 NOVEMBER 2016

The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce an initial capital distribution in respect of the Company's US$ Equity Share class ("Mandatory Redemption").  

JPEL has benefitted from a strong level of realisations from its underlying portfolio during the period 1 April 2016 through 31 October 2016 and the Company has resolved to return a total of $19.2 million to JPEL US$ Equity Shareholders.  The $19.2 million represents 51.4% of distributions.  The Company has also paid down all outstanding debt under its revolving credit facility.  

The $19.2 million capital return (the equivalent of approximately 13.5 million US$ Equity Shares, or 4% of US$ Equity Shareholder NAV) will be by way of a compulsory redemption of US$ Equity Shares at a price equal to the prevailing NAV per US$ Equity Share of $1.42 as at 31 October 2016 (being the most recent NAV per US$ 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 14 December 2016.  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 December 2016. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 22 December.  

The Company currently has 337,945,574 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 GB00B07V0H27 (the "Old ISIN") will expire.  The new ISIN number GG00BYVQ4H96 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 15 December 2016.  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.

DIRECTOR'S INTERESTS

As of 30 November 2016, Christopher Spencer and Tony Dalwood, Directors of the Company, owned 30,067 and 127,747 shares, respectively. As a result of the mandatory redemption described above, Chris Spencer and Tony Dalwood will, immediately following the Redemption Date, hold 28,865 and 122,636 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]

Rosemary DeRise

[phone]

[e-mail] 

Samantha Ladd Sughrue

[phone]  

[e-mail]

 

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