EJF Investments Ltd Recent Investment Announcement (3255T)
14 November 2019 - 3:06AM
UK Regulatory
TIDMEJFI TIDMEJFZ
RNS Number : 3255T
EJF Investments Ltd
13 November 2019
FOR IMMEDIATE RELEASE
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE
UNITED KINGDOM AND THE REPUBLIC OF IRELAND), AUSTRALIA, CANADA,
SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO
SO.
13 November 2019
EJF Investments Ltd
Recent Investment Announcement
The Board of EJF Investments Ltd ("EJFI" or the "Company") is
pleased to announce that the preferred shares held by the Company
in Trust Preferred Insurance Note Securitization 2016-1 Ltd
("TPINS") were redeemed in full on 12 November 2019.
TPINS was a securitisation of approximately USD 350 million
trust preferred securities, senior notes and surplus notes issued
by U.S. insurance companies primarily within the small-cap
insurance sector. In line with the investment thesis of EJF
Investments Manager LLC, TPINS was called after experiencing a high
level of collateral prepayments with approximately 40% of the
underlying collateral having been redeemed since the original
closing date of TPINS in March 2016.
TPINS was restructured in December of 2017 and, in connection
with the restructuring, the Company made a risk retention
investment (the "Investment") in TPINS of approximately GBP11.5
million(1) or 9.5% of NAV as at 30 September 2019. The Investment
was redeemed at a value greater than par and generated an internal
rate of return of approximately 11.8% for the Company; when taking
into account the revenue stream from the collateral management fee,
the internal rate of return was approximately 12.6%.
As a result of the redemption, the collateral management
agreement between TPINS and EJF CDO Manager LLC was terminated.
The Company has a developed investment pipeline and anticipates
that the proceeds will be deployed in the near term.
(1) Value of TPINS attributable to the Company converted using a
GBP/USD FX Rate of 1.2287 as at 30 September 2019.
ENQUIRIES
For the Investment Manager
EJF Investments Manager LLC
Peter Stage / Hammad Khan / Matt Gill
pstage@ejfcap.com / hkhan@ejfcap.com / mgill@ejfcap.com
+44 203 752 6775 / +44 203 752 6771 / +44 203 752 6774
For the Company Secretary and Administrator
BNP Paribas Securities Services S.C.A Jersey Branch
jersey.bp2s.ejf.cosec@bnpparibas.com
+44 1534 709 181 / +44 1481 750 822
For the Broker
Numis Securities Limited
David Luck
d.luck@numis.com
+44 20 7260 1301
About EJF Investments Ltd
EJFI is a registered closed-ended limited liability company
incorporated in Jersey under the Companies (Jersey) Law 1991, as
amended, on 20 October 2016 with registered number 122353. The
Company is regulated by the Jersey Financial Services Commission
(the "JFSC"). The JFSC is protected by both the Collective
Investment Funds (Jersey) Law 1988 and the Financial Services
(Jersey) Law 1998, as amended, against liability arising from the
discharge of its functions under such laws.
The JFSC has not reviewed or approved this announcement.
LEI: 549300XZYEQCLA1ZAT25
Investor information & warnings
The latest available information on the Company can be accessed
via its website at www.ejfi.com.
This communication has been issued by, and is the sole
responsibility of, the Company and is for information purposes
only. It is not, and is not intended to be an invitation,
inducement, offer or solicitation to deal in the shares of the
Company. The price and value of shares in the Company and the
income from them may go down as well as up and investors may not
get back the full amount invested on disposal of shares in the
Company. An investment in the Company should be considered only as
part of a balanced portfolio of which it should not form a
disproportionate part. Prospective investors are advised to seek
expert legal, financial, tax and other professional advice before
making any investment decision.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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