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JPEL Private Equity Limited completed its eleventh mandatory redemption of 4,913,205 US$ Equity Shares on 22 December 2022. These shares were redeemed on 21 December 2022 at the prevailing NAV of $1.73 per share as of 30 September 2022 and subsequently cancelled. A new ISIN GG00BPSMLX26 was enabled on 22 December 2022 for the remaining 25,375,033 US$ Equity Shares.
| Date | 22 Dec 2022 |
| Time | 07:00:05 |
| Category | Capital structure |
| ID | 5414K |
JPEL Private Equity Limited
Ground Floor
Cambridge House
Le Truchot, St Peter Port
Guernsey, GY1 1WD
www.jpelonline.com
COMPLETION OF ELEVENTH MANDATORY REDEMPTION
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GUERNSEY, 22 DECEMBER 2022
The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce that the partial mandatory redemption of the Company's US$ Equity Share class announced on 4 April 2022 has been completed with the redemption of 4,913,205 US$ Equity Shares ("Mandatory Redemption").
On 21 December 2022, JPEL redeemed 4,913,205 US$ Equity Shares, on a pro rata basis, at the prevailing NAV per US$ Equity Share of $1.73 as at 30 September 2022. Such shares were cancelled automatically following their redemption.
Fractions of shares produced by the applicable redemption ratios have not been redeemed and so the number of shares redeemed in respect of each shareholder has been rounded down to the nearest whole number of shares.
Payments of redemption proceeds are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 3 January 2023. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or 3 January 2023.
The US$ Equity Shares will be disabled in CREST on the Record Date and the existing ISIN number GG00BMFD2F62 (the "Old ISIN") will expire. A new ISIN number GG00BPSMLX26 (the "New ISIN") in respect of the remaining 25,375,033 US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 22 December 2022 (the "Ex-date").
Inclusive of this Mandatory Redemption, JPEL will have returned $525.7 million to US$ Equity Shareholders, or approximately 109.7% and 138.3% of the Company's 31 October 2016 NAV and market capitalization. Please note that the prevailing NAV at the time of the Company's first mandatory redemption was 31 October 2016.
DIRECTORS' INTERESTS
As a result of the Mandatory Redemption described above, Sean Hurst and Tony Dalwood are expected, immediately following the redemption date, to hold approximately 1,977 and 10,132 US$ Equity 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.
ENQUIRIES:
FCF JPEL Management LLC