JPEL Private Equity Limited Sixth Mandatory Redemption (3438P)
October 09 2019 - 9:28AM
UK Regulatory
TIDMJPEL
RNS Number : 3438P
JPEL Private Equity Limited
09 October 2019
JPEL Private Equity Limited
Ground Floor
Cambridge House
Le Truchot, St Peter Port
Guernsey, GY1 1WD
www.jpelonline.com
JPEL ANNOUNCES SIXTH MANDATORY REDEMPTION
-- REDEMPTION DATE 22 October 2019
-- JPEL WILL RETURN $65 MILLION TO SHAREHOLDERS
-- REPRESENTS 20.1% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 30 JUNE 2019
* * *
GUERNSEY, 9 OCTOBER 2019
The Board of Directors of JPEL Private Equity Limited ("JPEL" or
the "Company") is pleased to announce JPEL's sixth 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 and the Company has resolved to return a total
of $65 million to JPEL US$ Equity Shareholders.
The $65 million capital return (the equivalent of approximately
38.2 million US$ Equity Shares, or 20.1% of US$ Equity Shareholder
NAV) will be by way of a pro rata compulsory redemption of US$
Equity Shares at a price equal to the prevailing NAV per US$ Equity
Share of $1.70 as at 30 June 2019 (being the most recent NAV per
US$ 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 21 October 2019 ("Record Date"). 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 31 October 2019. Any share certificates for the
balance of holdings of shares will also be despatched to
shareholders on or around 30 October 2019.
The Company currently has 189,682,752 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 GG00BFMX1M05 (the "Old ISIN")
will expire. A new ISIN number GG00BKTRF395 (the "New ISIN") in
respect of the remaining US$ Equity Shares which have not been
redeemed will be enabled and available for transactions on 22
October 2019. 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.
Inclusive of this Mandatory Redemption, JPEL will have returned
$299.2 million to US$ Equity Shareholders, or approximately 62% of
the Company's 31 October 2016 NAV, the prevailing NAV at the time
of the Company's first mandatory redemption.
DIRECTOR'S INTERESTS
As of 9 October 2019, Sean Hurst, Christopher Spencer and Tony
Dalwood, Directors of the Company, owned 13,988, 16,876 and 71,696
US$ Equity Shares, respectively. As a result of the Mandatory
Redemption described above, Sean Hurst, Christopher Spencer and
Tony Dalwood are expected, immediately following the redemption
date, to hold approximately 11,169, 13,475 and 57,244 US$ Equity
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
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END
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