JPEL Private Equity Limited Sixth Mandatory Redemption (3438P)

TIDMJPEL

RNS Number : 3438P

JPEL Private Equity Limited

09 October 2019

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

JPEL ANNOUNCES SIXTH MANDATORY REDEMPTION

   --      REDEMPTION DATE 22 October  2019 
   --      JPEL WILL RETURN $65 MILLION TO SHAREHOLDERS 
   --      REPRESENTS 20.1% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 30 JUNE 2019 
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GUERNSEY, 9 OCTOBER 2019

The Board of Directors of JPEL Private Equity Limited ("JPEL" or the "Company") is pleased to announce JPEL's sixth capital distribution in respect of the Company's US$ Equity Share class ("Mandatory Redemption").

JPEL has benefitted from a strong level of realisations from its underlying portfolio and the Company has resolved to return a total of $65 million to JPEL US$ Equity Shareholders.

The $65 million capital return (the equivalent of approximately 38.2 million US$ Equity Shares, or 20.1% 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 $1.70 as at 30 June 2019 (being the most recent NAV per US$ 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 21 October 2019 ("Record Date"). Unless circumstances require otherwise, this NAV will form the NAV per US$ Equity Share as of the date of redemption.

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 31 October 2019. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 30 October 2019.

The Company currently has 189,682,752 US$ Equity Shares in issue. All of the US$ Equity Shares redeemed on the redemption date will be cancelled and any fractions of shares will be rounded down to the nearest whole share.

The US$ Equity Shares will be disabled in CREST on the Record Date and the existing ISIN number GG00BFMX1M05 (the "Old ISIN") will expire. A new ISIN number GG00BKTRF395 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 22 October 2019. For the period up to and including the Record date, US$ Equity Shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the redemption date to the New ISIN.

Inclusive of this Mandatory Redemption, JPEL will have returned $299.2 million to US$ Equity Shareholders, or approximately 62% of the Company's 31 October 2016 NAV, the prevailing NAV at the time of the Company's first mandatory redemption.

DIRECTOR'S INTERESTS

As of 9 October 2019, Sean Hurst, Christopher Spencer and Tony Dalwood, Directors of the Company, owned 13,988, 16,876 and 71,696 US$ Equity Shares, respectively. As a result of the Mandatory Redemption described above, Sean Hurst, Christopher Spencer and Tony Dalwood are expected, immediately following the redemption date, to hold approximately 11,169, 13,475 and 57,244 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

[e-mail]

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October 09, 2019 10:28 ET (14:28 GMT)