JPEL Private Equity Limited Mandatory Redemption - US$ Equity Shares -Dec 2016 (4663Q)
30 November 2016 - 8:29PM
UK Regulatory
TIDMJPEL
RNS Number : 4663Q
JPEL Private Equity Limited
30 November 2016
JPEL Private Equity Limited
PO Box 60
Carinthia House
9-12 The Grange
St Peter Port
Guernsey GY1 4BF
www.jpelonline.com
JPEL ANNOUNCES MANDATORY REDEMPTION
-- REDEMPTION DATE 15 decemBER 2016
-- JPEL WILL RETURN $19.2 MILLION TO SHAREHOLDERS
-- REPRESENTS 4% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 31 OCTOBER 2016
* * *
GUERNSEY, 30 NOVEMBER 2016
The Board of Directors of JPEL Private Equity Limited ("JPEL" or
the "Company") is pleased to announce an initial capital
distribution in respect of the Company's US$ Equity Share class
("Mandatory Redemption").
JPEL has benefitted from a strong level of realisations from its
underlying portfolio during the period 1 April 2016 through 31
October 2016 and the Company has resolved to return a total of
$19.2 million to JPEL US$ Equity Shareholders. The $19.2 million
represents 51.4% of distributions. The Company has also paid down
all outstanding debt under its revolving credit facility.
The $19.2 million capital return (the equivalent of
approximately 13.5 million US$ Equity Shares, or 4% of US$ Equity
Shareholder NAV) will be by way of a compulsory redemption of US$
Equity Shares at a price equal to the prevailing NAV per US$ Equity
Share of $1.42 as at 31 October 2016 (being the most recent NAV per
US$ Equity Share available as of the date of this announcement) for
US$ Equity Shareholders on the register of members as at close of
business on 14 December 2016. Unless circumstances require
otherwise, this NAV will form the NAV per US$ Equity Share as of
the date of redemption.
Payments of redemption proceeds are expected to be effected
either through CREST (in the case of shares held in uncertificated
form) or by cheque (in the case of shares held in certificated
form) on or around 22 December 2016. Any share certificates for the
balance of holdings of shares will also be despatched to
shareholders on or around 22 December.
The Company currently has 337,945,574 US$ Equity Shares in
issue. All of the US$ Equity Shares redeemed on the redemption date
will be cancelled and any fractions of shares will be rounded down
to the nearest whole share.
The US$ Equity Shares will be disabled in CREST on the record
date and the existing ISIN number GB00B07V0H27 (the "Old ISIN")
will expire. The new ISIN number GG00BYVQ4H96 (the "New ISIN") in
respect of the remaining US$ Equity Shares which have not been
redeemed will be enabled and available for transactions on 15
December 2016. For the period up to and including the record date,
US$ Equity Shares will be traded under the Old ISIN and as such, a
purchaser of such shares may have a market claim for the redemption
proceeds following the activation of the New ISIN. CREST will
automatically transfer any open transactions as at the redemption
date to the New ISIN.
DIRECTOR'S INTERESTS
As of 30 November 2016, Christopher Spencer and Tony Dalwood,
Directors of the Company, owned 30,067 and 127,747 shares,
respectively. As a result of the mandatory redemption described
above, Chris Spencer and Tony Dalwood will, immediately following
the Redemption Date, hold 28,865 and 122,636 shares,
respectively.
* * *
About JPEL Private Equity Limited
JPEL Private Equity Limited is a Guernsey registered and
incorporated, London Stock Exchange-listed, closed-ended investment
company (LSE: JPEL) designed primarily to invest in the global
private equity market. The investment objective of the Company is
to achieve both short and long-term capital appreciation by
investing in a well-diversified portfolio of private equity fund
interests and by capitalising on the inefficiencies of the
secondary private equity market.
ENQUIRIES:
FCF JPEL Management LLC
JPELClientService@fortress.com
Rosemary DeRise
+1 212 497 2908
RDeRise@fortress.com
Samantha Ladd Sughrue
+1 212 497 2983
SSughrue@fortress.com
This information is provided by RNS
The company news service from the London Stock Exchange
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