Jpel Private Equity Share Discussion Threads

[spittingbarrel] 26/10/2021 15:40

Surely another RNS due.

[skyship] 26/10/2021 15:36

Holding RNS - Crown Sigma PE (Dublin) part with 1.65m (4.12%).

What about the other 300k; and who is the buyer?

[cousin jack] 21/10/2021 16:57

Sky: Thanks for sharing that information. Agree last sentence is encouraging.

[skyship] 21/10/2021 16:01

CJ - Note that should a 3yr timetable bear out; then the return from 158c to 200c provides a GRY of 12.9%pa. Still a good outcome; and surely underpins an share price in the 150's.

[skyship] 21/10/2021 15:56

CJ - Yes; though rather garbled re calculations of passing time! I take comfort however from the very last sentence; and remain convinced that an early trade sale is still the most likely outcome. In the meantime I hope we may see a "Holdings" RNS shortly as a result of today's trade:

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"I can certainly see why a reader might think that the weighted average calculation from 30 June 2020 to 30 June 2021 could be as simple as “+ 1”.


However, I can assure you that it is a much more complicated and involved calculation. In order to determine the weighted average age of JPEL’s underlying portfolio, we look through each underlying company investment and determine how long the company has been in the underlying fund portfolio based on the date of investment for each portfolio company. This “age” is then weighted based on the individual company NAV on a look through basis. As the portfolio is constantly changing as companies are realized and valuations are revised by Sponsors, the numbers do fluctuate from quarter to quarter. As you correctly recall, the weighted average for JPEL’s portfolio at 30 June 2020 was 7.3 years and then changed to 7.5 years at 30 September 2020 but stayed constant at 7.5 years at 31 December 2020 but then increased to 8.6 years at 31 March 2021 and finally decreased slightly to 8.3 years at 30 June 2021.


Please also note that the Manager and the Board’s expectation for cash flows and the life of JPEL’s underlying portfolio is also revisited on a quarterly basis and is further reviewed by JPEL’s auditors as part of their review of the annual report and accounts. At 30 June 2021, the Board and the Manger believe that the majority of the portfolio will be wound down within three years. You will also note the addition of the language that the Board and the Manager continue to explore all options including exits for certain or all assets within the portfolio prior the end of the three year period."

[cousin jack] 21/10/2021 14:32

Sky; Did you get any response from the company (post 498) ? Longer wind down would suggest a drift back to support levels in the 1.30's as a first stop.

[skyship] 21/10/2021 14:11

1.95m sold @ 151.5c. That's just under 5% of the remaining equity.

Q. is - Who sold & where did they go?

[langland] 30/9/2021 17:50

Well done...good spot!

[skyship] 30/9/2021 17:18

A vast amount of the Annual Report verbiage is just a cut and paste from last year. The danger when you do that is that a stupid error slips in.

This is what they said last year:

"The current portfolio is mature, with a weighted average age of 7.3 years at 30 June 2020. The Board and the Manager anticipate that the majority of the JPEL portfolio will be wound down within the next three years."

That being the case, the wind-up timetable reduces to 2 years - not three!

I will be seeking a comment from them...

[skyship] 30/9/2021 08:51

Comment on today's Finals:
=========================

Disappointed at no clear statement regarding an accelerated wind-down period; though they acknowledge that an earlier exit is entirely possible. They also state that another in the series of redemptions is possible when cash levels allow:

# "The Company will continue to review its cash balance and will determine the timing of the next mandatory redemption in due course. "

# "The current portfolio is mature, with a weighted average age of 8.3 years at 30 June 2021. The Board and the Manager anticipate that the majority of the JPEL portfolio will be wound down within the next three years. However, the Board and the Manager continue to explore all options for the Company including exits for certain or all assets within the portfolio prior the end of the three year period."

# Viability Statement
……the Directors confirm that they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the three year period of this assessment irrespective of the timing of investment realisations and wind down events. This assessment has been made based on the assumption that the Company continues with an ordinary wind down, should appropriate conditions exist the Board may recommend the winding-up of the Company sooner than three years.

[skyship] 19/9/2021 07:13

Prelims 8th October last year.

I would expect the Annual Report to provide some clarity over the future.

I bought back all my redeemed stock, and some. Unable to deal online; but seems to be plenty of stock for dealing over the phone.

[skyship] 17/8/2021 15:25

Sorry - of course it does. Can buy at c115p, ie 158c.

Looks pretty good value to me versus the 200c NAV, ie a 21% discount for a fund in wind-up mode.

Have bought just 5k as a start in replacing the many more sold at 200c in the redemption.

[skyship] 17/8/2021 10:39

10k @ 113.69 makes no sense in GBP or Euro!

[skyship] 13/8/2021 08:31

After the redemption the company has just 40,017,883 shares in issue.

[ianood] 13/8/2021 06:19

SKYSHIP- many thanks, your opinion aligns with my own thoughts, many thanks.

[skyship] 12/8/2021 20:13

Redemption completed - payout 19th August.

ianood - IMO they will make a trade sale. Now too small to continue. Accordingly will hold onto the rump as even at $1.90 the price would be c15% up on where we are now.

[ianood] 06/8/2021 11:25

Skyship, out of interest what do you think will happen to the "rump", Will they look for a trade buyer?

[skyship] 05/8/2021 06:53

JPEL ANNOUNCES NINTH MANDATORY REDEMPTION:

# JPEL WILL RETURN $85 MILLION TO SHAREHOLDERS
# REDEMPTION DATE 12 August 2021
# REDEMPTION REPRESENTS 51.5% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 30 JUNE # # # REDEMPTION @ $2.00

[skyship] 04/8/2021 14:51

Slightly below my $2.03 estimate - perhaps more to come...
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JPEL Private Equity Limited ("JPEL" or the "Company") has released the Company's Net Asset Value and Quarterly Report for the period ending 30 June 2021.

Please find detailed below the estimated net asset value per share for JPEL Private Equity Limited as at 30 June 2021: Ordinary Share Class - $2.00

[langland] 26/7/2021 16:06

Since there does not seem to be much trade after, there is probably still the best part of 10k available. I must say I was surprised I was offered 25k.

[skyship] 26/7/2021 15:55

Well - well done you indeed. Youinvest could only offer 150 shares; but then, he didn't phone the MM. Doh...should have asked him to do so.

[langland] 26/7/2021 15:07

I bought the 15k with my (have to phone) sort of niche broker. There was 25 on offer at the time. I suppose I should have taken them all. With the quote in $ it is defo more of a long winded procedure. Anyway, I have held these for years so let's hope the end is in sight.

[skyship] 26/7/2021 14:21

Some lucky investor managed to buy 15k @ 156c....I couldn't buy more than 150 shares!

Currently a false price or a very attractive price as they should really be at over 170c...

[ianood] 23/7/2021 16:22

Skyship, you couldn't have timed your prod of providence any better :))

[skyship] 23/7/2021 15:45

YAHOO!!! Another great Private Equity result. That result will take the NAV up to c $2.03; so a large redemption coming at close to that figure.

Would have bought more if I had seen that before the close; but suspect that 1500 share buy was all the stock available...