Completion Of Third Mandatory Redemption

RNS Number : 2815Z

JPEL Private Equity Limited

14 December 2017

 

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

COMPLETION OF THIRD MANDATORY REDEMPTION

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GUERNSEY, 14 DECEMBER 2017

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 1 December 2017 has been completed with the redemption of approximately 45.2 million US$ Equity Shares ("Mandatory Redemption").  

On 14 December 2017, JPEL redeemed approximately 45.2 million US$ Equity Shares, on a pro rata basis, at the prevailing NAV per US$ Equity Share of $1.66 as at 31 October 2017.  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 21 December 2017. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 21 December 2017.  

The US$ Equity Shares were disabled in CREST on the record date (13 December 2017) and the existing ISIN number GG00BYWVH414 (the "Old ISIN") has expired.  The new ISIN number GG00BD25J512 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and will be available for transactions on 14 December 2017.  

Inclusive of this Mandatory Redemption, JPEL will have returned $184.2 million to US$ Equity Shareholders, or approximately 38% of the Company's 31 October 2016 NAV, the prevailing NAV at the time of the Company's initial Mandatory Redemption.  

DIRECTORS' INTERESTS

As of 30 November 2017, Sean Hurst, Christopher Spencer and Tony Dalwood, Directors of the Company, owned 6,501, 23,454 and 99,646 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 5,387, 19,435 and 82,568 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

[e-mail]

 

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