JZ Capital Ptnrs Ltd Real Estate Valuations

 
TIDMJZCP TIDMJZCC TIDMJZCN 
 
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 
 
                            Real Estate Valuations 
 
 THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET 
                      ABUSE REGULATION (EU) NO. 596/2014. 
 
24 February 2020 
 
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 has now received preliminary appraisals for all its real 
estate portfolio assets for the valuation period as of February 29, 2020. 
 
These appraisals indicate further net write-downs, in reflection of which the 
Board expects to mark down JZCP's net asset value as of January 31, 2020 by 
approximately $50-55 million. This provision, together with other provisions 
already announced, has the consequence that the net asset value of the real 
estate portfolio as of January 31, 2020 amounts to approximately $165 million. 
 
Following the agreement reached with the Investment Adviser in respect of the 
capital incentive fee due to it as previously announced and, as a result of the 
write-downs in respect of the real estate portfolio, the related and accrued 
incentive fee of $11.1 million will be cancelled, which will increase the 
Company's NAV by that amount as of January 31, 2020. 
 
The Board expects to mark-up certain US micro-cap assets that will form part of 
the previously announced US secondary sale by $30-40 million. The US secondary 
sale is progressing quickly and the Board looks forward to issuing further 
reports regarding the US secondary sale in the coming weeks. 
 
As previously announced, the Investment Adviser continues to look to realise 
value from the investment portfolio in order to pay down the Company's debt, in 
the first order, and make capital distributions to shareholders. 
 
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 
 
Important Notice 
 
This announcement includes statements that are, or may be deemed to be, 
"forward-looking statements". These forward-looking statements can be 
identified by the use of forward-looking terminology, including the terms 
"believes", "estimates", "anticipates", "expects", "intends", "may", "will" or 
"should" or, in each case, their negative or other variations or comparable 
terminology. These forward-looking statements relate to matters that are not 
historical facts. By their nature, forward-looking statements involve risks and 
uncertainties because they relate to events and depend on circumstances that 
may or may not occur in the future. Forward-looking statements are not 
guarantees of future performance. The Company's actual investment performance, 
results of operations, financial condition, liquidity, policies and the 
development of its strategies may differ materially from the impression created 
by the forward-looking statements contained in this announcement. In addition, 
even if the investment performance, result of operations, financial condition, 
liquidity and policies of the Company and development of its strategies, are 
consistent with the forward-looking statements contained in this announcement, 
those results or developments may not be indicative of results or developments 
in subsequent periods. These forward-looking statements speak only as at the 
date of this announcement. Subject to their legal and regulatory obligations, 
each of the Company, the Investment Adviser and their respective affiliates 
expressly disclaims any obligations to update, review or revise any 
forward-looking statement contained herein whether to reflect any change in 
expectations with regard thereto or any change in events, conditions or 
circumstances on which any statement is based or as a result of new 
information, future developments or otherwise. 
 
 
 
END
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February 24, 2020 02:00 ET (07:00 GMT)
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