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
JZCP completes the
sale of its interest in Salter Labs
21 June 2021
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, refers to
the announcement on 19 May 2021 of
its annual results for the year ended 28
February 2021 in which the Company announced that
conditional agreement had been reached in relation to the sale of
its interest in one of its portfolio companies.
JZCP is now pleased to announce that the sale which relates to
its portfolio company, Salter Labs has achieved completion with all
conditions to closing being satisfied, resulting in the Company
having received net proceeds of approximately US$41 million. JZCP's interest in Salter Labs is
currently valued by the Company at approximately US$37.64 million. Further proceeds of
approximately US$750,000 have also
been placed in escrow some or all of which, depending on the
outcome of certain closing adjustments, may also be received by the
Company in due course.
The proceeds received by JZCP from the sale are intended to be
used by it to repay an amount of approximately US$33 million to its senior lenders under the
Company's existing senior facility agreement, with the balance of
the proceeds to be applied in accordance with the Company's
investment policy and for its general corporate purposes. Following
the repayment to the senior lenders, the remaining balance
outstanding under the senior facility will be approximately
US$35 million.
For further information:
Ed Berry
FTI Consulting |
+44 (0) 20 3727 1046 |
David Zalaznick
Jordan/Zalaznick Advisers, Inc. |
+1 (212) 485 9410 |
Sam Walden
Northern Trust International Fund Administration Services
(Guernsey) Limited |
+44 (0)1481 745385 |
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.