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
FTI Consulting |
+44 (0)7717 417 038 / +44 (0)7703
330 199 |
David Zalaznick
Jordan/Zalaznick Advisers, Inc. |
+1 (212) 485 9410 |
Hannah Hayward
Northern Trust International Fund Administration Services
(Guernsey) Limited |
+44 (0) 1481
745417 |
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.