JPEL Private Equity Limited
Le Truchot, St Peter Port
Guernsey, GY1 1WD
COMPLETION OF FOURTH MANDATORY REDEMPTION
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GUERNSEY, 10 APRIL 2018
The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's US$ Equity Share class announced on 22 March 2018 has been completed with the redemption of 14,705,709 US$ Equity Shares ("Mandatory Redemption").
On 10 April 2018, JPEL redeemed 14,705,709 US$ Equity Shares, on a pro rata basis, at the prevailing NAV per US$ Equity Share of $1.70 as at 31 January 2018. Such shares were cancelled automatically following their redemption.
Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.
Payments of redemption proceeds are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 18 April 2018. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 18 April 2018.
The US$ Equity Shares were disabled in CREST on the record date (9 April 2018) and the existing ISIN number GG00BD25J512 (the "Old ISIN") has expired. The new ISIN number GG00BF1F1F02 (the "New ISIN") in respect of the remaining 203,727,430 US$ Equity Shares which have not been redeemed will be enabled and will be available for transactions on 10 April 2018.
Inclusive of this Mandatory Redemption, JPEL will have returned $209.2 million to US$ Equity Shareholders, or approximately 44% of the Company's 31 October 2016 NAV, the prevailing NAV at the time of the Company's initial Mandatory Redemption.
As of 31 January 2018, Sean Hurst, Christopher Spencer and Tony Dalwood, Directors of the Company, owned 5,387, 19,434 and 82,566 shares, respectively. As a result of the mandatory redemption described above, Sean Hurst, Chris Spencer and Tony Dalwood will, immediately following the redemption date, hold approximately 5,025, 18,126 and 77,008 shares, respectively.
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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.
FCF JPEL Management LLC
This information is provided by RNS