JZ Capital Ptnrs Ltd Net Asset Value(s)

 
TIDMJZCP TIDMJZCC TIDMJZCN 
 
JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP") 
(a closed-end collective investment scheme incorporated with limited liability 
           under the laws of Guernsey with registered number 48761) 
 
                           LEI: 549300TZCK08Q16HHU44 
 
  THIS ANNOUCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET 
                      ABUSE REGULATION (EU) NO. 596/2014 
 
                        Monthly Net Asset Value ("NAV") 
 
The unaudited Net Asset Value per Ordinary Share of the Company as at the close 
of business on November 30, 2019 was as follows: 
 
Company                  Date                 NAV per Ordinary Share 
Name 
 
 
JZ Capital Partners      November 30, 2019    US$ 8.54 
Limited 
 
 
30 November 2019 
 
JZCP's NAV at November 30, 2019 is $8.54 per share ($9.43 at October 31, 2019). 
The decrease in NAV per share of (89 cents) per share is due to investment 
losses of (108 cents), expenses and finance costs of (4 cents) and net FX 
losses of (1 cent) offset by accrued income of 1 cent, escrow receipts of 2 
cents and a write-back of the Investment Adviser's incentive fee provision of 
21 cents. 
 
Investment losses of (108 cents) are comprised primarily of the write-off of 
the principal balance of the direct loan to Ombuds (18 cents) and a write-down 
of (90 cents) on the Design District assemblage in Miami, Florida (see below). 
 
Currently, the Borrower, in which JZCP is an investor, is in negotiations with 
the Lender on the Design District assemblage to sign a non-binding term sheet 
for a Forbearance Agreement, which will relieve the Company of more than $30 
million in expected carrying costs for the Design District in late 2019 and 
calendar year 2020. The Borrower is contemplating signing a non-binding term 
sheet by December 31, 2019 and a definitive Forbearance Agreement by late 
January 2020. As currently contemplated, the Lender will take approximately 
40-60% of the equity of the Borrower upon execution of the Forbearance 
Agreement. Although no term sheet or definitive agreement has been executed, 
the Board has decided to take an approximate 50% markdown as of November 30, 
2019 against JZCP's equity value in the Design District as of August 31, 2019, 
in anticipation of entering into this Forbearance Agreement. A markdown of this 
nature was contemplated within the range included in the announcement made by 
the Company on October 30, 2019. Alongside the Lender, the Borrower 
contemplates attempting to sell the property with an ultimate anticipated sale 
date by the end of Q2 2020. 
 
Enquiries: 
Company website:         www.jzcp.com 
 
This announcement is issued on behalf of the Company by Sam Walden of Northern 
Trust International Fund Administration Services (Guernsey) Limited Email: 
        jzcp@ntrs.com 
 
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. 
 
 
 
END

(END) Dow Jones Newswires

December 23, 2019 12:45 ET (17:45 GMT)

Jz Capital Partners (LSE:JZCP)
Historical Stock Chart
From May 2024 to Jun 2024