JZ Capital Partners Ltd - Annual Results for the Year Ended 29 February 2024
(a closed-end investment company incorporated with limited liability under the laws of Guernsey with registered number 48761)
ANNUAL RESULTS FOR THE YEAR ENDED
LEI: 549300TZCK08Q16HHU44
(Classified Regulated Information, under DTR 6 Annex 1 section 1.1)
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 Annual Report and Financial Statements for the year ended
A copy of the Annual Report and Financial Statements will be submitted to the National Storage Mechanism and will shortly be available in unedited full text at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
Financial and Operational Highlights
-- NAV per share of$4.08 (FYE 28/02/23:$4.06 ) -- NAV of$316.1 million (FYE 28/02/23:$314.5 million ) -- Total realisation and distribution proceeds of$78.4million (FYE 28/02/23:$184.1 million ), which includes the successful realisation ofFelix Storch (held throughJZHL Secondary Fund LP ). -- The US micro-cap portfolio has continued to perform well during the six-month period, delivering a net increase of29 cents per share. -- The European portfolio continues to be challenged by the economic headwinds inEurope and war inUkraine . However, the Company continues to work towards realisations in the portfolio. -- The Company has two remaining properties with equity value: Esperante, an office building inWest Palm Beach, Florida , and247 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 inAugust 2020 , the Company has achieved realisations in excess of$460 million and repaid approximately$270 million of debt. -- As at29 February 2024 , the Company is debt free and had approximately$123.4 million of cash and treasuries and a reduced but still substantial investment portfolio of approximately$194 million . -- On18 April 2024 , the Company announced its intention to commence the return of capital to shareholders for an initial amount of approximately$40 million , which is expected to take place by the end ofJuly 2024 (subject to shareholder approval). -- The Company still remains of the view that the most appropriate form and mechanism to effect this initial return of capital will be via a Redemption of its Ordinary Shares. As such, in a separate announcement dated30 May 2024 , the Company is seeking shareholder approval to make amendments to the Articles to permit such a Redemption and to change the rights of the Ordinary Shares to make them redeemable. -- 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 committed$20.5 million to Follow-on Flex Pack (throughJZHL Secondary Fund LP ), which was approved by shareholders on8 May 2024 . -- The Company has reserved the following amounts for certain other existing assets: approximately$12.5 million for Esperante;$15 million for Spruceview; and$20 million for capital calls fromJZI Fund III, L.P. , including an anticipated requirement for further support.
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:
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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.
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