9 January 2009
Lehman Brothers Private Equity Partners Limited ("LBPE") today
announced an amendment to the liquidity enhancement agreement dated
21 July 2008 (the "Agreement") pursuant to which LBPE granted ABN
AMRO Bank N.V. London Branch ("ABN") sole discretion, in the name and
for the account of LBPE, to effect (subject to all applicable legal
and regulatory requirements and within certain agreed parameters)
repurchases and sales out of treasury of its class A ordinary shares
(the "Shares") on Euronext Amsterdam.
The maximum aggregate number of Shares which may be repurchased in
accordance with the Agreement (inclusive of any Shares repurchased
prior to the date of this announcement) has been increased from
2,710,500 Shares to 4,065,750 Shares, representing 7.5% of the total
number of Shares in issue as of 21 July 2008.
The Agreement shall remain in force until 15 April 2009 subject to
extension at the election of LBPE. The Agreement may, however, be
terminated at any time by either LBPE or ABN.
From the inception of the Agreement in July 2008 through 31 December
2008, LBPE repurchased an aggregate 1,712,137 Shares, or 3.2% of the
total Shares in issue. Notably, 881,264 Shares, or 1.6% of the total
Shares in issue, were repurchased in the month of December.
LBPE will continue to provide regular updates regarding share
repurchases in each Monthly Report. In addition, in accordance with
regulatory requirements, LBPE will notify the public if and when LBPE
has repurchased 5% or more of the total Shares in issue.
For further information, please contact:
LBPE Investor Relations +1 214 647 9593
Financial Dynamics +44 20 7269 7114
About Lehman Brothers Private Equity Partners
LBPE is a closed-end private equity fund of funds investment company
listed on Euronext Amsterdam on 25 July 2007, raising a total of
$542.1 million. LBPE holds a diversified portfolio of private equity
fund investments and certain direct co-investments, diversified
across private equity asset class, geography, industry, vintage year
and sponsor, selected by the Private Fund Investments Group of
Neuberger Investment Management.
This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
LBPE is established as a closed-end investment company domiciled in
Guernsey. LBPE has received the necessary consent of the Guernsey
Financial Services Commission and the State of Guernsey Policy
Counsel. LBPE is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financial toezicht).
All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making any
investment decision. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results. This
document is not intended to constitute legal, tax or accounting
advice or investment recommendations. Prospective investors are
advised to seek expert legal, financial, tax and other professional
advice before making any investment decision. Statements contained in
this document that are not historical facts are based on current
expectations, estimates, projections, opinions and beliefs of LBPE's
investment manager. Such statements involve known and unknown risks,
uncertainties and other factors, and undue reliance should not be
placed thereon. Additionally, this document contains "forward-looking
statements." Actual events or results or the actual performance of
LBPE may differ materially from those reflected or contemplated in
such targets or forward-looking statements.
ABN is acting for LBPE and no one else in connection with the
repurchase and sale out of treasury of the Shares and will not be
responsible to anyone other than LBPE for providing the protections
afforded to clients of ABN or for providing advice in relation to
such repurchases or sales, or to the matters referred to in this
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.