Tender Offer

RNS Number : 8545R

J.P. Morgan Private Equity Ltd

10 November 2011

 



J.P. MORGAN PRIVATE EQUITY LIMITED
ANNOUNCES INTENT TO OPERATE TENDER FACILITY FOR THE PERIOD
ENDING 31 DECEMBER 2011  

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GUERNSEY, 10 NOVEMBER 2011

J.P. Morgan Private Equity Limited ("JPEL" or the "Company") is pleased to announce its intent to make a tender offer to purchase up to 3% of US$ Equity Shares, 2013 ZDP Shares and 2015 ZDP Shares, respectively, currently in issue (excluding shares held in treasury) (the "Shares").  

JPEL's Board of Directors intends to make a formal announcement regarding the operation of the Company's tender facility in due course.  Shares will be tendered based on the prevailing net asset value (NAV) as at 31 December 2011.  

"Returning capital to shareholders at prevailing NAV is a significant priority and is a direct result of the Company's strong balance sheet and distribution activity." said Trevor Ash, JPEL's Chairman.  "When distribution activity is sufficient, we look to reward shareholders with the ability to periodically tender shares at NAV.  JPEL is the only listed private equity fund to offer such a tender facility.  Since its IPO in 2005, JPEL has returned over $127 million to shareholders through redemptions, tenders and market buy backs."    

The terms and conditions of the tender offer and instructions on how shareholders may participate in the tender offer will be set forth in a Circular to be published once the Company makes a formal announcement.   The Company will hold Shares tendered in treasury, subject to compliance with all regulatory limits.   At this time, no tender will be made for 2017 ZDP Shares as there is currently no shareholder authority for the Company to tender 2017 ZDP Shares.  JPEL intends to seek the authority to tender up to 15 per cent. of all classes of shares currently in issue at the Company's next annual general meeting to be held in 2012.

JPEL remains focused on maintaining a strong balance sheet.  As such, the operation of the tender facility will be subject to various factors including positive distribution activity from the Company's underlying private equity investments and the overall health of the global economy.  Therefore, JPEL's Board of Directors and the Manager will continue to monitor cash flows from JPEL's underlying investments in order to determine timing and appropriate levels for future tender offers.  JPEL's Board of Directors continues to believe that its highest obligation during periods of economic uncertainty is to keep the Company healthy and strong for the future.  

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ENQUIRIES  

J.P. Morgan Private Equity Limited 

Troy Duncan: Tel (Direct): [phone] ([e-mail])

Gregory Getschow: Tel (Direct): [phone] ([e-mail])

Rosemary DeRise: Tel (Direct): [phone] ([e-mail])

Samantha Ladd: Tel (Direct): [phone] ([e-mail])

About J.P. Morgan Private Equity Limited

J.P. Morgan Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL, JPEZ, JPZZ, JPSZ) 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.  On 17 August 2009, JPEL issued warrants free of subscription cost to shareholders on record.  The warrants are publicly traded on the London Stock Exchange under the symbol "JPWW."

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