JZ Capital Partners Ltd - Interim results for the period ended 31 August 2024
(a closed-end investment company incorporated with limited liability under the laws of Guernsey with registered number 48761)
INTERIM RESULTS FOR THE PERIOD ENDED
LEI: 549300TZCK08Q16HHU44
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 WHICH FORMS PART OF
JZCP has today released its Interim Report and Financial Statements for the period ended
Financial and Operational Highlights
-- NAV per share of $4.15 (FYE 29/02/24: $4.08 )
-- NAV of $280.6 million (FYE 29/02/24: $316.1 million )
-- Total realisation and distribution proceeds of $44.2 million (FYE
29/02/24: $78.4 million ), following the successful realisations of
Karium and My Lender (held through JZI Fund III, L.P. ) and, post-period,
amongst other smaller realisations, the realisation of Deflecto .
-- The US and European micro-cap portfolios showed small gains for the
six-month period, delivering a net increase of six cents and five cents
per share, respectively. The Company continues to work towards further
realisations in both portfolios.
-- The Company has two remaining properties with equity value: Esperante,
an office building in West Palm Beach, Florida , and 247 Bedford Avenue ,
a retail building with Apple as the primary tenant, in Williamsburg,
Brooklyn.
Investment Policy and Liquidity
-- Since the Company adopted its current investment policy in August 2020 ,
the Company has achieved realisations in excess of $500 million , repaid
approximately $270 million of debt and returned $40 million of capital
to shareholders.
-- As at 31 August 2024 , the Company is debt free and had approximately
$106 million of cash and treasuries and a reduced but still substantial
investment portfolio of more than $175 million .
-- Following the recent realisations, the Board is pleased to announce that
it intends to make a second return of capital to shareholders in an
amount of approximately $30 million , which is expected to be implemented
in the first calendar quarter of 2025.
-- In line with the Company's investment policy, certain assets within the
portfolio will require significant further investment and time to
maximise their value:
-- The Company has reserved $20.5 million for Follow-on Flex Pack (through
JZHL Secondary Fund LP ), of which $12.3 million has been invested.
-- The Company has reserved the following amounts for certain other
existing assets: approximately $12.5 million for Esperante, of which
$7.8 million has been invested; $15 million for Spruceview; and $20
million for capital calls from JZI Fund III, L.P.
-- The reduction in the size of the gross fund has reduced the base fee
payable to the Investment Adviser. The Board is considering proposals
for appropriate adjustments to be made to the arrangements for
compensating and incentivising the Investment Adviser's team. Jay Jordan
and David Zalaznick will not themselves draw any compensation from the
revised Investment Adviser's fee under any such arrangements.
Market Abuse Regulation:
The information contained within this announcement is inside information as stipulated under MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is
For further information:
FTI Consulting
About
JZCP has investments in US and European micro-cap companies, as well as real estate properties in the US.
JZCP's Investment Adviser is
In
JZCP is a Guernsey domiciled closed-ended investment company authorised by the
For more information please visit www.jzcp.com.
