Source - LSE Regulatory
RNS Number : 7116S
JPEL Private Equity Limited
08 November 2023
 

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

 

 

 

COMPLETION OF TWELFTH MANDATORY REDEMPTION

 

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GUERNSEY, 8 NOVEMBER 2023

 

 

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 24 October 2023 has been completed with the redemption of 3,726,644 US$ Equity Shares ("Mandatory Redemption").

 

On 7 November 2022, JPEL redeemed 3,726,644 US$ Equity Shares, on a pro rata basis, at the prevailing NAV per US$ Equity Share of $1.61 as at 30 September 2023.  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 22 November 2023. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 21 November 2023.

 

The US$ Equity Shares will be disabled in CREST on the Record Date and the existing ISIN number GG00BPSMLX26 (the "Old ISIN") will expire.  A new ISIN number GG00BS82YQ75  (the "New ISIN") in respect of the remaining 21,648,389 US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 8 November 2023 (the "Ex-date").  

 

Inclusive of this Mandatory Redemption, JPEL will have returned $531.7 million to US$ Equity Shareholders, or approximately 111% and 138.9% of the Company's 31 October 2016 NAV and market capitalization.  Please note that the prevailing NAV at the time of the Company's first mandatory redemption was 31 October 2016.  

 

 

DIRECTORS' INTERESTS

 

As a result of the Mandatory Redemption described above, Sean Hurst and Tony Dalwood are expected, immediately following the redemption date, to hold approximately 1,597 and 8,187 US$ Equity 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.  

 

ENQUIRIES:

 

FCF JPEL Management LLC

JPELClientService@fortress.com

 

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