JZ CAPITAL PARTNERS
LIMITED
(a closed-end collective investment scheme incorporated with
limited liability under the laws of Guernsey with registered number
48761)
LEI: 549300TZCK08Q16HHU44
Postponement of
half year results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014.
30 October 2019
JZ Capital Partners Limited ("JZCP" or the "Company"), the
London listed fund that invests in
US and European micro-cap companies and US real estate, announces
that it is postponing the publication of its half year results for
the six-month period ended 31 August
2019, which was scheduled to take place on Thursday,
7 November 2019.
In the course of examining certain real estate investment
proposals, JZCP has consulted third party real estate brokers who
indicated that, in their opinion, the value of certain of the
Company's existing real estate investments could currently be lower
than that indicated in the Company's most recent real estate
valuations, which, based on independent third party appraisals,
valued the Company's real estate portfolio at US$443 million as at 28
February 2019. The Company is therefore requesting that its
third party appraiser accelerate the appraisals that would normally
be undertaken as at the Company's financial year end at the end of
February in order to confirm the current valuation of the Company's
real estate assets. The initial assessment is expected to
take a number of weeks. The Company will make further announcements
as the assessment progresses, including with respect to the date of
publication of its half year results for the six-month period ended
31 August 2019.
At this stage of the examination, the Company is unable to
determine whether or not there has been a material diminution in
the value of the Company's real estate portfolio and there can be
no certainty as to the quantum of any such diminution at this stage
in the process, but, based on the information currently at its
disposal, the Company currently believes the aggregate reduction in
valuation could be in the range of US$50
million to US$150 million.
For Further Information:
Ed Berry / Kit
Dunford
FTI Consulting |
+44 (0) 20 3727 1046 / 1143 |
David Zalaznick
Jordan/Zalaznick Advisers, Inc. |
+1 (212) 485 9410 |
Sam Walden
Northern Trust International Fund Administration Services
(Guernsey) Limited |
+44 (0) 1481
745385 |
About JZCP
JZ Capital Partners (“JZCP”) is one of the oldest closed-end
investment companies listed on the London Stock Exchange. It seeks
to provide shareholders with a return by investing selectively in
US and European microcap companies and US real estate. JZCP
receives investment advice from Jordan/Zalaznick Advisers, Inc.
(“JZAI”) which is led by David
Zalaznick and Jay Jordan.
They have worked together for more than 35 years and are supported
by teams of investment professionals in New York, Chicago, London and Madrid. JZAI’s experts work with the existing
management of micro-cap companies to help build better businesses,
create value and deliver strong returns for investors. For more
information please visit www.jzcp.com.