JZ CAPITAL PARTNERS LIMITED
(the "Company" or "JZCP")
(a closed-end collective investment scheme incorporated with
limited liability under the laws of Guernsey with registered number
48761)
LEI: 549300TZCK08Q16HHU44
THIS ANNOUCEMENT
CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE
REGULATION (EU) NO. 596/2014
Monthly Net Asset
Value (“NAV”)
The unaudited Net Asset Value per Ordinary Share of the Company
as at the close of business on November 30,
2019 was as follows:
Company
Name
|
Date |
NAV per Ordinary
Share |
JZ Capital Partners Limited |
November 30, 2019 |
US$ 8.54 |
30 November 2019
JZCP’s NAV at November 30, 2019 is
$8.54 per share ($9.43 at October 31,
2019). The decrease in NAV per share of (89 cents) per share is due to investment losses
of (108 cents), expenses and finance
costs of (4 cents) and net FX losses
of (1 cent) offset by accrued income
of 1 cent, escrow receipts of
2 cents and a write-back of the
Investment Adviser’s incentive fee provision of 21 cents.
Investment losses of (108 cents)
are comprised primarily of the write-off of the principal balance
of the direct loan to Ombuds (18
cents) and a write-down of (90
cents) on the Design District assemblage in Miami, Florida (see below).
Currently, the Borrower, in which JZCP is an investor, is in
negotiations with the Lender on the Design District assemblage to
sign a non-binding term sheet for a Forbearance Agreement, which
will relieve the Company of more than $30
million in expected carrying costs for the Design District
in late 2019 and calendar year 2020. The Borrower is contemplating
signing a non-binding term sheet by December
31, 2019 and a definitive Forbearance Agreement by late
January 2020. As currently
contemplated, the Lender will take approximately 40-60% of the
equity of the Borrower upon execution of the Forbearance Agreement.
Although no term sheet or definitive agreement has been executed,
the Board has decided to take an approximate 50% markdown as of
November 30, 2019 against JZCP’s
equity value in the Design District as of August 31, 2019, in anticipation of entering into
this Forbearance Agreement. A markdown of this nature was
contemplated within the range included in the announcement made by
the Company on October 30, 2019.
Alongside the Lender, the Borrower contemplates attempting to sell
the property with an ultimate anticipated sale date by the end of
Q2 2020.
Enquiries:
Company website:
www.jzcp.com
This announcement is issued on behalf of the Company by
Sam Walden of Northern Trust
International Fund Administration Services (Guernsey) Limited
Email: jzcp@ntrs.com
About JZCP
JZ Capital Partners (“JZCP”) is one of the oldest closed-end
investment companies listed on the London Stock Exchange. It seeks
to provide shareholders with a return by investing selectively in
US and European microcap companies and US real estate. JZCP
receives investment advice from Jordan/Zalaznick Advisers, Inc.
(“JZAI”) which is led by David
Zalaznick and Jay Jordan.
They have worked together for more than 35 years and are supported
by teams of investment professionals in New York, Chicago, London and Madrid. JZAI’s experts work with the existing
management of micro-cap companies to help build better businesses,
create value and deliver strong returns for investors. For more
information please visit www.jzcp.com.