Tender Offer

RNS Number : 7339Z

J.P. Morgan Private Equity Ltd

19 January 2011

 



Announcement of Tender Offer Elections
to Purchase Shares as at 31 December 2010

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GUERNSEY, 19 JANUARY 2011

The Company is pleased to announce that based on the total number of Shares tendered as part  of the Company's Tender Offer to purchase shares by reference to the prevailing Net Asset Value as at 31 December 2010, the  Board anticipates that the Company will:  

·      Accept 11,036,942 of all US$ Equity Shares tendered (amounting to 3.0% of US$ Equity Shares outstanding as at the date of this announcement and 11.5% of the 95,793,197 US$ Equity Shares tendered);

·      Accept all 55,011 2013 ZDP Shares tendered (amounting to 0.1% of 2013 ZDP Shares outstanding  as at the date of this announcement and 100% of all 55,011 2013 ZDP Shares tendered); and  

·      Accept all 829,241 2015 ZDP Shares tendered (amounting to 1.2% of 2015 ZDP Shares outstanding as at the date of this announcement and 100% of all 829,241 2015 ZDP Shares tendered).

The Basic Entitlement of each US$ Equity Shareholder, 2013 ZDP Shareholder and 2015 ZDP Shareholder equates to 3 shares of the relevant class per 100 shares of the relevant class held.  US$ Equity Shares tendered in excess of the 3% Basic Entitlement will be scaled back on a pro rata basis and the resulting number of US$ Equity Shares will be purchased.

US$ Equity Shares not accepted under the Tender Offer will be returned to  the applicable CREST accounts by Capita Registrars in the week commencing 24  January  2011, at which time shareholders will be free to deal in such US$ Equity Shares,  while the Shares accepted under the Tender Offer shall remain in escrow until  the purchase date, which is anticipated to be 22 February 2011, at a price which  will set by reference to the prevailing Net Asset Value of the Company's  portfolio as of 31 December 2010.      

Payments to Shareholders by cheque, in the case of certificated holders, will be despatched by 25 February 2011.  Payments through CREST, in the case of uncertificated holders, will be made on or around 25 February 2011.  Balancing share certificates will be dispatched and CREST accounts settled on or around 25 February 2011.  

Shareholders with any questions in relation to the Tender Offer or about the amount of their US$ Equity Shares not accepted for tender should contact the Capita Registrars helpline number on 0871 664 0321 from within the UK or [phone] if calling from outside the UK between 9.00 a.m. and 5.00 p.m. (London time) Monday to Friday.  Calls to the 0871 664 0321 number cost 10 pence per minute from a BT landline.  Other network providers' costs may vary.  Calls to the helpline from outside the UK will be charged at applicable international rates. Different charges may apply to calls from mobile telephones and calls may be recorded and randomly monitored for security and training purposes. The helpline cannot provide advice on the merits of the Tender Offer nor give any financial, legal or tax advice.    

Definitions and terms defined in the Circular of 12 October 2010 have the same meaning when used herein unless the context otherwise requires.    

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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) 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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