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.