Jpel Private Equity Share Discussion Threads

[skyship] 24/10/2023 06:51

Excellent - a 14.7% redemption at effectively 133p.

[skyship] 20/10/2023 10:09

They eventually replied saying NAV Update coming shortly - arrived a week later.

Today we've had the QTLY NAV Update to 30th Sept'23. Quite prompt this time around.

Accompanying factsheet shows positive move in cash from minor redemptions. CASH up from $5.9m as at June to $8.8m as at September.

May well be enough to trigger another small payout. Perhaps a 10%-15% at $1.61 NAV.

[skyship] 05/1/2023 16:10

Redemption cash hit my AJBell SIPP a/c today

[skyship] 17/12/2022 14:04

Well, with all that Twitter guff being from May, I suspect JPEL would have amended the valuation well before now if there were any involvement or concern.

[stemis] 17/12/2022 11:37

Surely the issue is their ability to liquidate the remaining investments at the value they've ascribed to them. In this respect...

Looking at the end of September quarterly report, almost half the remaining value is in an investment described as 'Tax Advisory Services Company'. According to the Annual Report for 2021, this was a buyout in December 2013 of a "Provider of complex tax consulting services to domestic companies to help them identify, calculate and claim various state, local and federal tax credits on their business tax returns" sponsored by ABRY Partners.

Googling these details brings up - hxxps://mergr.com/abry-partners-invests-in-alliantgroup - which seems to point to the investment being in AlliantGroup, which is described thus "Alliant provides complex tax consulting services to U.S. companies to help them identify, calculate and claim various state, local and federal tax credits on their business tax returns".

Googling AlliantGroup brings up
hxxps://www.bleedingheartland.com/2022/10/28/consulting-firm-with-grassley-ties-facing-irs-criminal-investigation/ - and links therein


Any views as to if this is the company?

[skyship] 16/12/2022 21:16

Bscuit - indeed, however I suspect most holders already consider this one a wind down rather than a trade.

sb - the redemption will be at c $1.76 v. mkt price of c$1.16 (94p). The 1.41p is a sterling level.

[bscuit] 16/12/2022 18:50

Possibly because the redemption is now locked in and post-completion the MCap will not be much above the £30Mill in the update and holders don't want to be locked into a company with no quote which must be a risk?

[spittingbarrel] 16/12/2022 18:39

Two decent sales went through today at 1.16 and 1.15, when 16/100 are being redeemed at about 1.41. Strange.

[spittingbarrel] 14/12/2022 07:47

I could never understand why these trade trade at such a massive discount to NAV when they are being wound up. Oh well, good news though.

[skyship] 14/12/2022 07:38

Excellent news - another redemption this month - c16% at full NAV.

[skyship] 26/10/2022 13:52

"...with effect from the commencement of the financial year starting 1 July 2022, the Company will change its reporting frequency from monthly reporting to quarterly reporting and will only publish a net asset value and report to shareholders on a quarterly basis."

So, the Q3'22 NAV should be reported soon; though soon in JPEL parlance is a bit of a misnomer. Could be mid/end November!

[skyship] 13/7/2022 10:41

Wonder why - perhaps a good disposal; which might presage the next Tender...

[skyship] 13/7/2022 10:40

A good move up in the NAV:
==========================

JPEL Private Equity Limited ("JPEL" or the "Company") has released the Company's Net Asset Value and Month End Review for the period ending 31 May 2022.

Please find detailed below the estimated net asset value per share for JPEL Private Equity Limited as at 31 May 2022:

Ordinary Share Class - $1.97

[skyship] 07/6/2022 14:24

765k sold at 137c/136c - 2 sides to every trade of course; so someone took them - maybe we'll find out, though not large enough of itself to trigger an RNS as just 2.5%, but maybe the buyer has passed a triggering threshold.

[skyship] 17/5/2022 07:50

Interesting. Mar'22 NAV up from 1.85 to 1.93.

I've added a few at 1.40 for a notional 27.5% discount.

[skyship] 06/5/2022 07:42

apple - I've checked back and found that Almitas held 5.5m shares on 1st Apr'21. If they had redeemed all possible in the 9th Mandatory Redemption (51.5%) & again in the 10th (24.3%), then they would be left with 2.02m shares. So to now hold 2.915m they have clearly been buyers.

Of more interest was Tuesday's strategic update:



A continued run-off is fine by me. Perhaps over the next 18months another 40% of redemptions at an NAV of perhaps $1.80; then a decision over what to do with any balance.

I rounded my holding back up a few days ago - no trade showed - not for the first time!

[apple53] 05/5/2022 21:13

Sorry Skyship I know nothing.
But this did remind me to mention that I am still waiting to see if degiro will make jpel tradeable.

[skyship] 05/5/2022 20:12

Almitas Capital of Santa Monica declare a 7.3% interest (2.9m shares). Anyone know whether they had a previous interest?

[skyship] 04/4/2022 06:53

GOOD NEWS:
=========

JPEL ANNOUNCES TENTH MANDATORY REDEMPTION TO US$ SHAREHOLDERS

-- JPEL WILL RETURN $18 MILLION TO SHAREHOLDERS
-- REDEMPTION DATE 8 APRIL 2022
-- REDEMPTION REPRESENTS 24.3% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 31 DECEMBER 2021
* * *

The Company has resolved to return a total of $18 million to JPEL US$ Equity Shareholders. Redemption proceeds will be comprised of existing cash on JPEL's balance sheet.

The $18 million capital return (the equivalent of approximately 9.7 million US$ Equity Shares, or approximately 24.3% of US$ Equity Shareholder NAV) will be by way of a pro rata compulsory redemption of US$ Equity Shares at a price equal to the prevailing NAV per US$ Equity Share of $1.85 as at 31 December 2021 (being the most recent NAV per US$ Equity Share available as of the date of this announcement) for US$ Equity Shareholders on the register of members as at close of business on 8 April 2022 ("Record Date"). Unless circumstances require otherwise, this NAV will form the NAV per US$ Equity Share as of the date of redemption.

[skyship] 21/1/2022 07:48

Pity. Plainly limits the upside here. Managed to sell a few at 151c on the news; though no trades shown! Still retain a 5% allocation; and will hold those for the eventual sale.

[cousinit] 20/1/2022 18:25

I wondered if the November NAV being marked down was in readiness for a trade sale but it is the dilution of the largest holding (Corsicans) that has been struggling with the well flagged inflation/supply chain issues.

[apple53] 15/11/2021 16:17

Hi Skyship
First post here.

Thanks so much for raising JPEL on the PIN thread.

The trade sale possibility does offer a higher return route, to balance with your 3 year return calc. And the continued increase in markets/valuations, accompanied by some of the valuations being end June (how many - don't think they say), means one could paint a picture of a weighted average expected return of more like 20% p.a. (eg 50% likelihood of trade sale in next 12 months averaged with the return until windup). On the flip side is there any risk from the commitments (being higher than cash plus lines of credit?). And then the bid offer spread. And I suppose windup costs, and the 3 years getting repeatedly extended.
Still I would be tempted to put a cheeky limit offer on, especially ahead of the next NAV statement.
Problem is that ii is telling me I can't trade online (I would settle in USD). I could try degiro where you can trade almost everything and where I can do so from sterling as the fx rates are so good (though I have no cash there and refuse to sell Wendel!).

[skyship] 28/10/2021 08:21

Look at the Staude Capital website and you will find a very interesting 7min video on why to invest in PE - "A Case Study with Mark Ambrose". Well worth viewing.

[skyship] 28/10/2021 06:55

Staude Capital Value Fund LP (Global Value Fund Limited) declare a 10.2% stake - 4.14m shares.