EJF Investments Ltd EJF Investments Ltd - Investment Update (7214L)
September 14 2021 - 5:05AM
UK Regulatory
TIDMEJFI TIDMEJFZ
RNS Number : 7214L
EJF Investments Ltd
14 September 2021
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
Republic of Ireland), AUSTRALIA, CANADA, SOUTH AFRICA, JAPAN OR ANY
OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.
14 September 2021
EJF Investments Ltd
Investment Update
The Board of Directors of EJF Investments Ltd ("EJFI" or the
"Company") has received notification from the Company's manager,
EJF Investments Manager LLC (the "Manager") that the optional
redemption of the outstanding notes and preferred shares
("Preferred Shares") issued by Financials Note Securitization
2019-1 Ltd ("FINS 2019-1"), which is still subject to settlement,
is expected to take place on 16 September 2021.
FINS 2019-1 is a securitisation managed by an affiliate of EJF
Capital LLC ("EJF Capital") and sponsored by EJF Capital, the sole
owner of the voting interests in the Manager, and therefore a
related party of the Company.
FINS 2019-1 was issued in July 2019 with approximately $250
million of aggregate par value in collateral, comprising
subordinated debt issued by community banks and insurance companies
primarily domiciled in the United States. The Company holds an
indirect interest in the Preferred Shares via its subsidiary's
investment in EJF Investments LP.
The Manager believes that current market conditions may create
an attractive environment for the secondary market sale of the
underlying collateral at a premium to par, and to the extent
collateral is not sold, a re-securitisation of such collateral. A
new issue securitisation sponsored by EJF Capital would, among
other things, potentially provide the Company with an additional
risk retention investment opportunity in the future.
The Manager does not believe the redemption of FINS 2019-1 would
have a material impact on the Company's net asset value when
compared to the current valuation of the Preferred Shares. However,
the Company's subsidiary owns a minority interest in EJF CDO
Manager LLC ("EJF CDO Manager"), which holds the CDO management
contract for FINS 2019-1. This contract will be extinguished upon
the redemption, resulting in a decrease in the valuation of EJF CDO
Manager of approximately $1.25 million. EJF CDO Manager may
potentially enter into a new CDO management contract for any
subsequent EJF sponsored new issue securitisation (referred to
above).
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 6776
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.
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END
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