We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Jz Capital Partners Limited | LSE:JZCP | London | Ordinary Share | GG00B403HK58 | ORD NPV |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 215.00 | 190.00 | 240.00 | 215.00 | 205.00 | 215.00 | 0.00 | 08:00:13 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Investors, Nec | 22.2M | 2.65M | 0.0342 | 62.87 | 166.58M |
Hot Features
Premium
TIDMJZCP TIDMJZCN
JZ CAPITAL PARTNERS LIMITED
(a closed-end investment company incorporated with limited liability under the
laws of Guernsey with registered number 48761)
Q3 2017 Interim Management Statement
20 December 2017
LEI: 549300TZCK08Q16HHU44
(Classified Regulated Information, under DTR 6 Annex 1 section 1.1)
JZ Capital Partners Limited (LSE: JZCP.L, the "Company" or "JZCP"), the London
listed fund that selectively invests in US and European micro-cap companies and
US real estate, today releases its Interim Management Statement for the period
1 September 2017 to 30 November 2017.
Results Highlights
* Net Asset Value ("NAV") of $831.3 million (28/02/17: $848.8 million)
* NAV per share of $9.91, an increase of 0.3% for the quarter (28/02/17:
$10.12)
* $9.2 million invested during the period, including:
+ $4.2 million invested in K2 Towers II, a new vehicle which is being
used to fund a new portfolio of cell tower assets with the same
management partners as K2 Towers
+ $4.0 million in follow-on investments in our Williamsburg, Greenpoint,
Design District and Wynwood assemblages
* $37.6 million realised, including:
+ $8.6 million from Nielsen-Kellerman, a designer, manufacturer and
distributer of rugged environmental and sports performance instruments
+ $28.7 million from K2 Towers, a build-up of cell tower assets across
the United States (a further $2.6 million in proceeds is expected in
2018)
* Post-period, JZCP received its first distribution of proceeds from the
November 2017 sale of Factor Energia, totaling $54.7 million (net of carry)
* Post-period, JZCP received approximately $11.0 million from the second
tranche of sale proceeds of Fidor Bank (net of carry)
* At the end of the period, the portfolio consisted of 35 micro-cap
investments across nine industries and five major real estate "assemblages"
(59 total properties) located in New York and South Florida
David Zalaznick, Founder and Investment Advisor of JZCP said: "We are pleased
to report the continued steady performance of our portfolio, driven primarily
by the realisations from two US micro-cap companies, K2 Towers and Nielsen
Kellerman, above their carrying value.
Looking forward, we anticipate further realisations over the next six months
which would provide more liquidity to enable us to invest in our growing
pipeline of investment opportunities, repay debt or buy back our stock."
Net Asset Value
NAV per share for the quarter increased from $9.88 to $9.91, or 0.3%.
NAV Returns
Net Asset Value per Ordinary Share as of 1 September 2017 $9.88
........................
......................................................................................................................
Change in NAV per share due to capital gains and income received / accrued on
investments
US 0.24
Micro-cap................................................................................................
European 0.02
Micro-cap.......................................................................................
....................................................................................................................
Real
Estate................................................................................................... (0.05)
Other
Investments......................................................................................... (0.01)
....................................................................................................................
Other changes in NAV per share
Change in CULS Fair 0.05
Value............................................................................
....................................................................................................................
Finance
Costs............................................................................................... (0.06)
....................................................................................................................
....................................................................................................................
Foreign Exchange (0.06)
Effect................................................................................
Expenses and
Taxation.................................................................................. (0.10)
Net Asset Value per Ordinary Share as of 30 November 2017 $9.91
.......................
......................................................................................................................
The US micro-cap portfolio had a net increase of 24 cents, primarily due to the
realisations of K2 Towers and Nielsen Kellerman above carrying value (11 cents
and 2 cents, respectively), net accrued income of 9 cents and a write-up at our
water vertical (2 cents).
The European micro-cap portfolio had a net increase of 2 cents, primarily due
to accrued income.
The real estate portfolio had a net decrease of 5 cents, primarily due to
pre-development operating expenses and debt service.
Finally, our other investments had a net decrease of 1 cent, primarily due to
the write-off of unused holding companies.
The chart below summarises the cumulative total NAV returns and total
shareholder returns for the most recent three-month, nine-month, twelve-month,
three-year and five-year period.
30/11/17 31/08/17 28/02/17 30/11/16 30/11/14 30/11/12
Share price (in GBP) GBP5.09 GBP5.16 GBP5.38 GBP5.07 GBP4.12 GBP4.34
NAV per share (in USD) $9.91 $9.88 $10.12 $10.13 $10.20 $9.41
NAV to market price 30% 33% 34% 37% 35% 26%
discount
3 month 9 month 12 month 3 year 5 year
return return return return return
Dividends paid (in USD) - - - - $0.64 $1.25
Total Shareholders' return - (1.4)% (5.5)% 0.3% 35.1% 40.9%
(GBP)1
Total NAV return per share - 0.3% (2.1)% (2.2)% 3.5% 19.3%
(USD)1
______________
1. Total returns are cumulative and assume that dividends were reinvested
RECENT ACTIVITIES
Significant Investments and Realisations
US Micro-cap Investments - Co-investments
In October 2017, JZCP rolled approximately $4.2 million of proceeds from the K2
Towers realisation into K2 Towers II, a new vehicle which is being used to fund
a new portfolio of cell tower assets with the same management partners.
Real Estate Investments
In the three-month period ended 30 November 2017, JZCP invested a total of $4.0
million in follow-on investments in our Williamsburg, Greenpoint, Design
District and Wynwood assemblages.
Realisations
Nielsen-Kellerman ("NK")
JZCP received proceeds of $8.6 million from the sale of NK, a designer,
manufacturer and distributer of rugged, waterproof environmental and sports
performance instruments for active lifestyles and technical applications. NK's
sale represents a 3.3x realised gross multiple on invested capital and a 19.2%
realised gross IRR. JZCP first invested in NK in March 2010.
K2 Towers ("K2")
JZCP expects to receive total proceeds of $31.3 million from the sale of K2 to
one of the largest publicly traded cell tower companies, representing an
overall gross multiple of invested capital of 1.5x and a gross internal rate of
return of 17.6% in just over two years.
Approximately $4.2 million of these proceeds were re-invested into a new
vehicle which is being used to fund a new portfolio of cell tower assets with
the same management partners. This transaction provides liquidity to JZCP at an
attractive valuation while continuing to build a great cell tower portfolio
with further upside.
Factor Energia ("Factor")
Finally, JZCP realised, at approximately net asset value, its majority equity
interest in Factor held through EuroMicrocap Fund-C, L.P. Post-sale, Factor
will be majority owned by an affiliate of a major North American public pension
fund. As part of this transaction, JZI Fund III, L.P., in which JZCP is an
approximately 18.8% limited partner, has agreed to invest EUR20 million alongside
the majority owner and Factor management, representing approximately 25% of the
business' fully diluted equity ownership.
JZCP invested a total of approximately EUR7.6 million ($9.6 million) in Factor
and is expected to receive total gross proceeds (before carry) of approximately
EUR69.7 million ($82.3 million) from the sale (including deferred payments and
interim distributions received over the course of the investment), representing
an approximate gross multiple of invested capital of 9.2x and an approximate
gross IRR of 42.3% in euro-denominated terms.
Post-period, JZCP received its first distribution of proceeds from the November
2017 sale of Factor Energia, totaling $54.7 million (net of carry)
PORTFOLIO SUMMARY
At 30 November 2017, the Company's portfolio consisted of 35 micro-cap
investments across nine major industries and five major real estate
"assemblages" (59 total properties) located in New York and South Florida.
($'000)
At 30/11/17 At 28/02/17 % Gross Assets
30/11/17
US Micro-cap Portfolio...................... 426,718 424,502 37.3%
European Micro-cap Portfolio............. 167,868 154,277 14.7%
Real Estate Portfolio......................... 476,772 468,599 41.7%
Other Portfolio..................................
16,402 21,802 1.4%
Total Private Investments................
1,087,760 1,069,180 95.1%
Cash...............................................
55,187 29,064 4.8%
Total Investments (and Cash)...........
1,142,947 1,098,244 99.9%
Other Current Assets........................
521 511 0.1%
Total Investments (and Cash)..............
1,143,468 1,098,755 100.0%
At 30 November 2017, 4.8% of gross assets were invested in liquid assets
(cash). The remaining portion of the portfolio was invested in private
investments in US or European micro-cap companies or real estate. These
investments are valued at fair value by JZCP's directors each quarter.
We value our privately held businesses carefully. Our average multiple used for
our US micro-cap businesses is 8.2x trailing EBITDA. In addition, we do not
have substantial debt in these businesses. The multiple of debt senior to
JZCP's position is approximately 3.6x EBITDA.
Top Ten Investments
Our ten largest investments as of 30 November 2017 are summarised below:
($000's) Asset Valuation % Gross
Category 30/11/17 Assets
30/11/17
Design District Assemblage........................... Real Estate 98,899 8.6%
Industrial Services Solutions Vertical.............. US 79,938 7.0%
Greenpoint................................................... Real Estate 76,356 6.7%
Williamsburg Retail Assemblage.................... Real Estate 72,253 6.3%
Healthcare Rev. Cycle Management Vertical... US 72,188 6.3%
Fulton Assemblage....................................... Real Estate 67,475 5.9%
EuroMicrocap Fund-C, L.P............................ European 63,170 5.5%
TierPoint...................................................... US 46,813 4.1%
RedBridge.................................................... Real Estate 36,774 3.2%
Jordan Health Products................................. US 32,712 2.9%
Top Ten Investments.................................... 646,578 56.5%
Remaining Assets........................................ 496,890 43.5%
Gross Assets 1,143,468 100.0%
....................................................
Balance Sheet
Below is a summary of JZCP's balance sheet as of the relevant dates:
($000's) 30/11/17 28/02/17
Cash and cash 55,187 29,064
equivalents...........................
Investments & other 1,088,281 1,069,691
assets...........................
(-) Other net (251,260) (195,976)
liabilities...................................
(-) ZDPs due
2022........................................ (60,949) (53,935)
Net Asset Value
........................................... 831,259 848,844
At 30 November 2017, "other net liabilities" includes $58.9 million from the
issuance of Convertible Unsecured Loan Stock ("CULS") in July 2014, which
carries an interest rate of 6%, and $149.4 million from a six-year term loan
with Guggenheim Partners, which carries an interest rate of LIBOR plus 5.75%.
For Further Information:
Ed Berry / Kit Dunford +44 (0) 20
3727 1046 / 1143
FTI Consulting
David Zalaznick +1 212 485
9410
Jordan/Zalaznick Advisers, Inc.
Paul Ford +44 (0)
1481 745001
JZ Capital Partners, Ltd.
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.
END
(END) Dow Jones Newswires
December 20, 2017 02:00 ET (07:00 GMT)
1 Year Jz Capital Partners Chart |
1 Month Jz Capital Partners Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
