JZ Capital Ptnrs Ltd Disposal of Interest in US Micro-cap Portfolio Company
December 19 2022 - 2:00AM
UK Regulatory
TIDMJZCP TIDMJZCN
JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP")
(a closed-ended investment company incorporated with limited liability under
the laws of Guernsey with registered number 48761)
LEI 549300TZCK08Q16HHU44
Disposal of Interest in US Micro-cap Portfolio Company
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
19 December 2022
JZ Capital Partners Limited, the London listed fund that has investments in US
and European microcap companies and US real estate, is pleased to announce that
Deflecto Holdings, LLC ("Deflecto Holdings"), one of the Company's US micro-cap
co-investments, has agreed to sell its interest in one of its portfolio
companies (the "Disposal").
It is expected that, in connection with the Disposal, JZCP will receive (a)
initial proceeds of approximately US$54.6 million payable upon closing, and (b)
up to a further approximately US$1.1 million which will be payable post-closing
pursuant to a standard escrow arrangement that is subject to customary final
closing adjustments. The Company intends to use the proceeds it receives in
connection with the Disposal towards the implementation of the aims of the
Company's investment policy and for general corporate purposes.
The total value attributable to the Disposal, taking into account the proceeds
of the Disposal, amounts to approximately US$55.7 million. Combined with JZCP's
continued interest in Deflecto Holdings' other investments, the Disposal
represents an uplift of approximately 43 per cent. to the net asset value
attributable to JZCP's interest in Deflecto Holdings of US$45.4 million as at
31 August 2022.
It is noted that completion of the Disposal remains subject to certain
conditions, including the federal premerger notification program established by
the Hart-Scott-Rodino Act. Whilst it is expected that completion of the sale
will occur, subject to the satisfaction of the relevant conditions, around 31
January 2023, there can be no assurance that the aforementioned conditions will
be satisfied and, accordingly, that completion of the Disposal (or receipt by
the Company of the Disposal proceeds) will occur. As such, the Company will
make further announcements at the appropriate time regarding the status of
completion of the Disposal and the receipt by the Company of the net proceeds
related thereto.
Market Abuse Regulation
The information contained within this announcement is considered by the Company
to constitute inside information as stipulated under MAR. Upon the publication
of this announcement, this inside information is now considered to be in the
public domain.
The person responsible for arranging the release of this announcement on behalf
of the Company is David Macfarlane, Chairman of JZCP.
______________________________________________________________________________________
For further information:
Kit Dunford / Ed Berry +44 (0)7717 417 038 / +44 (0)7703
FTI Consulting 330 199
David Zalaznick +1 (212) 485 9410
Jordan/Zalaznick Advisers, Inc.
Hannah Hayward +44 (0) 1481 745417
Northern Trust International Fund
Administration Services (Guernsey)
Limited
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, Jordan/Zalaznick Advisers, Inc. 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
(END) Dow Jones Newswires
December 19, 2022 02:00 ET (07:00 GMT)
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