TIDMJPEL
RNS Number : 9480J
JPEL Private Equity Limited
03 May 2022
JPEL Private Equity Limited
Ground Floor
Cambridge House
Le Truchot, St Peter Port
Guernsey, GY1 1WD
www.jpelonline.com
portfolio update
GUERNSEY, 3 MAY 2022
JPEL Private Equity Limited's ("JPEL" or the "Company") Board
would like to update shareholders on its approach to the next phase
of the strategic plan for the Company.
The Company recently completed its tenth mandatory redemption of
$18 million or 24.3% of prevailing net asset value ("NAV") on 11
April 2022. Inclusive of this mandatory redemption, JPEL has
returned $517.2 million to US$ Equity Shareholders, or
approximately 108% and 136% of the Company's prevailing NAV and
market capitalization at the time of its first mandatory redemption
as at 31 October 2016 NAV. Since inception, inclusive of the
repayment of the Company's 2013, 2015 and 2017 Zero Dividend
Preference Shares as well as all tender offers and mandatory
redemptions, the Company has returned over $865 million to
shareholders.
Following the latest mandatory redemption, JPEL's private equity
portfolio has an estimated NAV of approximately $56 million,
consisting of 7 direct investments and 41 LP interests.
With the goal of maximizing shareholder value, JPEL's Board has
worked with FCF JPEL Management LLC (the "Manager") as well as its,
corporate broker and counsel to explore numerous options for the
Company, including the following:
-- place the Company into a formal liquidation process;
-- change the listing venue to lower cost option (specifically,
the Specialist Fund Segment of the London Stock Exchange);
-- continue to operate the Company under the existing structure
until ultimate wind down of the private equity portfolio; or
-- sell remaining assets where we believe fair value could be
achieved in the secondary market, noting that based on discussions
that the Manager has had with various agents on a no-names basis,
this is currently only likely at a substantial discount to
prevailing NAV.
JPEL's Board believes that the best option for the Company in
the near term is to continue to run-off JPEL's portfolio
organically, and revisit all options once JPEL's NAV approaches
approximately $30 million.
JPEL's Board intends to focus its activities over next two
calendar quarters on the following:
-- continue to seek potential one-off exits from direct
investment portfolio and position remainder of portfolio for
passive management;
-- work aggressively to address the Company's cost basis and
reduce the Company's Total Expense Ratio from its current
annualized run rate of approximately 3%;
-- discussions with Manager, administrator and the third-party
service providers regarding fee reductions; and
-- revisit liquidation and listing venue options (including
delisting from the London Stock Exchange), both of which require
75% shareholder approval, once portfolio reaches $30 million of
NAV
LEI Number: 5493005M6GBE3DNJZ894
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.
A copy of this announcement will be available on the Company's
website at www.jpelonline.com. Neither the content of the Company's
website, nor the content on any website accessible from hyperlinks
on its website for any other website, is incorporated into, or
forms part of, this announcement nor, unless previously published
by means of a recognised information service, should any such
content be relied upon in reaching a decision as to whether or not
to acquire, continue to hold, or dispose of, securities in the
Company.
This announcement may include "forward-looking statements". All
statements other than statements of historical facts included in
this announcement, including, without limitation, those regarding
the Company's financial position, business strategy, plans and
objectives of management for future operations are forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties and accordingly the Company's actual future financial
results and operational performance may differ materially from the
results and performance expressed in, or implied by, the
statements. These forward-looking statements speak only as at the
date of this announcement. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking
statements contained herein to reflect actual results or any change
in the assumptions, conditions or circumstances on which any such
statements are based unless required to do so by the Financial
Services and Markets Act 2000, the Listing Rules or Prospectus
Regulation Rules made under Part VI of the Financial Services and
Markets Act 2000 of the Financial Conduct Authority, the UK version
of the Market Abuse Regulation (2014/596/EU) or other applicable
laws, regulations or rules.
ENQUIRIES:
FCF JPEL Management LLC
JPELClientService@fortress.com
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END
PFUQKLFLLZLFBBD
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May 03, 2022 02:01 ET (06:01 GMT)
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