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JPEL Private Equity Limited
Le Truchot, St Peter Port
Guernsey, GY1 1WD
JPEL ANNOUNCES SECOND MANDATORY REDEMPTION
· REDEMPTION DATE 28 APRIL 2017
· JPEL WILL RETURN $90 MILLION TO SHAREHOLDERS
· REPRESENTS 18.7% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 31 MarCH 2017
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GUERNSEY, 12 APRIL 2017
The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce JPEL's second capital distribution in respect of the Company's US$ Equity Share class ("Mandatory Redemption").
JPEL has benefitted from a strong level of realisations from its underlying portfolio during the period 1 November 2016 through 12 April 2017 and the Company has resolved to return a total of $90 million to JPEL US$ Equity Shareholders. The $90 million represents 87.0% of net distributions received. The Company has also paid down all outstanding debt under its revolving credit facility.
The $90 million capital return (the equivalent of approximately 60.8 million US$ Equity Shares, or 18.7% of US$ Equity Shareholder NAV) will be by way of a compulsory redemption of US$ Equity Shares at a price equal to the prevailing NAV per US$ Equity Share of $1.48 as at 31 March 2017 (being the most recent NAV per US$ Equity Share available as of the date of this announcement) for US$ Equity Shareholders on the register of members as at close of business on 28 April 2017. Unless circumstances require otherwise, this NAV will form the NAV per US$ Equity Share as of the date of redemption.
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 9 May 2017. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 9 May 2017.
The Company currently has 324,424,508 US$ Equity Shares in issue. All of the US$ Equity Shares redeemed on the redemption date will be cancelled and any fractions of shares will be rounded down to the nearest whole share.
The US$ Equity Shares will be disabled in CREST on the record date and the existing ISIN number GG00BYVQ4H96 (the "Old ISIN") will expire. A new ISIN number GG00BYWVH414 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 2 May 2017. For the period up to and including the record date, US$ Equity Shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the redemption date to the New ISIN.
Inclusive of this Mandatory Redemption, JPEL will have returned $109.2 million to US$ Equity Shareholders, or approximately 21% of the Company's 30 November 2016 NAV, the prevailing NAV at the time of the Company's initial Mandatory Redemption.
As of 31 March 2017, Christopher Spencer and Tony Dalwood, Directors of the Company, owned 28,865 and 122,036 shares, respectively. As a result of the mandatory redemption described above, Chris Spencer and Tony Dalwood will, immediately following the redemption date, hold approximately 22,854 and 99,162 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
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