Net Asset Value(s)

RNS Number : 0696H

J.P. Morgan Private Equity Ltd

12 February 2010

 



J.P. MORGAN PRIVATE EQUITY LIMITED
ANNOUNCES 31 DECEMBER 2009 NAV

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GUERNSEY, 12 FEBRUARY 2010 

J.P. Morgan Private Equity Limited ("JPEL" or the "Company") today announces its fourth quarter 2009 results.  

As at 31 December 2009, the Company's net asset value ("NAV") per US$ Equity Share is $1.28 and is based primarily on financial reports received from private equity sponsors of JPEL's underlying investments dated 30 September 2009.  NAV per share for the Company's 2013 and 2015 ZDP Shares increased from 56.05p to 57.06p and from 52.01p to 53.10p, respectively, during the fourth quarter, representing gains of 1.8% and 2.1%, respectively, per share.

During the fourth quarter of 2009, the global markets continued to rebound and JPEL's US$ Equity Share price enjoyed a 13% increase.  JPEL's 2013 ZDP and 2015 ZDP shares each closed at 59.5p at 31 December 2009.

Additionally, since 30 June 2009, the Company has raised over $140 million in fresh capital through oversubscribed offerings of US$ Equity Shares and 2015 ZDP Shares, which the Manager will endeavour to invest in order to generate value for shareholders.

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About J.P. Morgan Private Equity Limited

J.P. Morgan Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL, JPEZ, JPZZ) 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.  On 17 August 2009, JPEL issued warrants free of subscription cost to shareholders on record.  The warrants are publicly traded on the London Stock Exchange under the symbol "JPWW."

As at 31 December 2009, the US$ Equity Share Class net asset value does not differ on a basic or fully diluted basis as no warrants have been converted to date.  For shareholders' information, the estimated net asset value per share for US$ Equity Share at 31 December 2009 includes in the calculation the issue of 36.93 million shares on 16 July, 3.55 million shares on 17 July, 12.81 million shares on 31 July, 6.2 million shares on 7 August, 15.7 million shares on 12 August, 3.14 million shares on 28 August and 15.1 million shares on 24 September.  In accordance with the authority granted by shareholders on 16 July 2009, these shares were issued at $1.00 per share, a discount to the prevailing net asset value.  The Company's net asset value per US$ Equity Share reflects the dilutive effect of these additional shares. 

THIS IS AN ESTIMATED VALUATION OF THE NET ASSETS OF THE COMPANY AS AT 31 DECEMBER 2009. THIS VALUATION IS FOR INFORMATION PURPOSES ONLY AND HAS NOT BEEN VERIFIED BY THE COMPANY OR THE MANAGER. THIS VALUATION INCLUDES THE MOST RECENT INFORMATION AVAILABLE FROM THE COMPANY'S UNDERLYING PRIVATE EQUITY FUND MANAGERS FOR THEIR RESPECTIVE PRIVATE EQUITY PORTFOLIOS. IT IS BASED ON UNAUDITED ESTIMATED VALUATIONS SUPPLIED BY THE ADMINISTRATORS, MANAGERS OR INVESTMENT ADVISERS OF THE COMPANY'S UNDERLYING INVESTMENTS. WHILST THE MANAGER BELIEVES THIS INFORMATION TO BE USEFUL INVESTOR INFORMATION, IT IS SUBJECT TO MATERIAL CHANGE AND CONSEQUENTLY NO RELIANCE SHOULD BE PLACED AS TO ITS ACCURACY.

NEITHER THE COMPANY NOR THE MANAGER ACCEPT ANY LIABILITY WHATSOEVER IN REGARD TO THIS INFORMATION. THE ONLY OFFICIAL VALUATION OF THE COMPANY'S PORTFOLIO IS THE VALUATION PRODUCED AS AT THE LAST BUSINESS DAY OF EACH MONTH AND REPORTED VIA RNS WHEN RELEASED.

 

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