Share Name Share Symbol Market Type Share ISIN Share Description
Jpel Private Equity Limited LSE:JPEL London Ordinary Share GG00BMDQPC56 USD EQTY SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 1.041 26,537 01:00:00
Bid Price Offer Price High Price Low Price Open Price
1.034 1.048 1.041 1.041 1.041
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments -21.88 -11.00 212
Last Trade Time Trade Type Trade Size Trade Price Currency
08:41:29 O 26,537 1.034 USD

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Date Time Title Posts
15/9/202013:30J.P. Morgan Private Equity436

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Jpel Private Equity (JPEL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2020-10-01 07:41:301.0326,53727,439.26O
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Jpel Private Equity Daily Update: Jpel Private Equity Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker JPEL. The last closing price for Jpel Private Equity was US$1.04.
Jpel Private Equity Limited has a 4 week average price of US$1.04 and a 12 week average price of US$1.04.
The 1 year high share price is US$1.37 while the 1 year low share price is currently US$1.03.
There are currently 203,727,430 shares in issue and the average daily traded volume is 9,477 shares. The market capitalisation of Jpel Private Equity Limited is £212,080,254.63.
jaws6: any one know when is AGM for this
skyship: JPEL's latest Monthly Report shows encouraging progress: ======================================================== Highlights from May 2014 • JPEL's NAV per US$ Equity Share increased from $1.11 to $1.13 • JPEL received distributions of $37.8 million during the month • The Company paid down €20.0 million (or approximately US$ 27.2 million) of the Lloyd's Facility and ended the month in a net cash positive position • JPEL's US$ Equity Share price increased 3.0% during the month to end May at $0.77 Major Drivers of Portfolio Growth · JPEL's NAV growth for the month is primarily due to the performance of Placid Holdings and Deutsche Annington Immobilien Group ("DAIG"). · Placid Holdings is a holding company with an investment in a branded Asian handset distributor with a leading market position in smart phones and feature phones in India. JPEL acquired an interest in the company in February 2014 as part of its re-investment program. The company's increase in value was driven by a 100% year-over-year revenue growth for its fiscal year ended March 2014, due to the rising demand for affordable smart phones. · May was also an active month for DAIG, JPEL's largest investment, where JPEL received a distribution, a partial liquidity event and direct ownership of DAIG's underlying shares (subject to a 90-day lock-up). · On 16 May 2014, JPEL received a cash dividend of €1.2 million from its investment in DAIG. DAIG subsequently conducted a distribution in kind to shareholders at a price of €20.69 per share (less carried interest attributed to the manager Terra Firma). As a result, JPEL received direct ownership of approximately 2.4 million shares of DAIG. In conjunction with this distribution of shares, JPEL participated alongside other investors in a block trade and sold 25% of its position at €19.50, resulting in cash proceeds of approximately €11.8 million. · After the block trade, JPEL holds approximately 1.8 million shares of DAIG which the Company values at the final trade price on the last day of the month, consistent with JPEL's valuation policy for its other public holdings. These shares are subject to a 90-day lock-up period which expires on 20 August 2014. Distribution Activity · During the month, JPEL received $37.8 million of distributions and $0.2 million of capital calls. Most notably, the Company received approximately $17.6 million from a dividend and the sale of shares in DAIG, as described above. In addition, JPEL received approximately $11.0 million of distributions from BoS Mezzanine Partners, LP. · JPEL received $4.5 million from the sponsor led sale of 50% of its interest in Argan Capital Fund, a 2006 European buyout fund. The Company also received $3.2 million from Alto Capital II, a 2007 European buyout fund that exited two of its underlying portfolio companies. · Strong cash flow during May permitted JPEL to pay down €20 million (or approximately US$ 27.2 million) of the Lloyd's Facility. JPEL ended the month net cash positive with cash and equivalents of $27.6 million and total liabilities of $22.2 million. · In addition, the share price of JPEL's US$ Equity Shares increased 3.0% during the month to end May at $0.77, narrowing the trading discount slightly. · In May, the NAV per share for the Company's 2015 ZDP Shares increased 0.7% to 77.39p and the 2017 ZDP Shares increased 0.7% to 81.08p. The price of JPEL's 2015 ZDP Shares increased 0.7% to 83.25p and the 2017 ZDP Shares increased 1.6% to 95.25p during the month.
skyship: Still no dividend - but that would perhaps be harping somewhat this morning! ============================================================================ Immediate liquidity event funded by third party institutional investors The Company has held discussions with certain existing institutional investors regarding taking a meaningful position in the equity of the Company and therefore providing a significant liquidity event to US$ Equity Shareholders. As a result, JPEL has been notified that certain institutional investors are seeking to purchase up to 84 million US$ Equity shares through market purchases at $0.80 per US$ Equity Share. Shareholders wishing to sell US$ Equity Shares should contact Liberum on or before 24 January 2014 who are acting on behalf of the institutional buyers. The market purchases will commence immediately on 15 January 2014 and end on the earlier of 24 January 2014 or at such time as 84 million shares are acquired. The Board is fully supportive of this exercise. This trade provides a significant and immediate liquidity event for US$ Equity Shareholders at an 8.3% premium to the US$ Equity Share price as at 14 January 2014, the latest practicable date prior to this announcement.
jaws6: The net asset value (NAV) of JPEL's US$ Equity share class remained at $1.13 in the month of November. During the period, the value of the company's investment in LifeLock increased $2.3 million but was offset by a decrease of $2.2 million in the share price of Education Management Corporation. JPEL's November 2013 valuation includes the updated 30 September 2013 valuation for Deutsche Annington Immobilien Group (DAIG). The German residential real estate company is JPEL's largest investment at approximately 12% of the investment portfolio. This is the first valuation that JPEL has received from the sponsor since DAIG went public in July 2013 and it is in line with JPEL's prior holding value. During the month, JPEL received distributions of $4.1 million and capital calls of $0.4 million. JPEL received $1.0 million from the sale of shares of LifeLock. The Managers sold off shares of two publicly traded companies that had been distributed to JPEL. The sale of the shares freed up cash of $0.9 million. The Company also received $0.6 million from Guggenheim Aviation Fund II. In addition, JPEL received smaller distributions totaling approximately $1.5 million from 12 different underlying funds.
skyship: "JPEL will continue to attempt to capitalise on the disconnect between its US$ Equity Share price and the value of its underlying assets, while simultaneously using distributions or selected asset sales to reduce outstanding leverage and its overall cost of capital. The Company is exploring the sale of several other non-core, pre-credit crisis assets in the secondary market. JPEL anticipates making further announcements regarding any potential strategic initiatives in due course."
gary1966: 1.5m a rollover? It would be very helpful for me this month if we could get some upside action in the share price. GLA
jonwig: Investment Trust Insider: JPM Private Equity languishes but could soar if IPOs recover by James Carthew on Oct 30, 2012 at 00:01 Investment Trust Insider: JPM Private Equity languishes but could soar if IPOs recover In October 2011 I wrote about JP Morgan Private Equity's (JPEL) issue of zero dividend preference shares and I made the point that the returns on the portfolio needed to pick up if ordinary shareholders were going to benefit. In the event, JPEL has performed very poorly since the deal. The net asset value (NAV) of the ordinary shares has fallen by 21.2% over the past year while the average private equity fund of funds is up 1%. To compound the problem, JPEL's discount has widened, leaving the ordinary shares down 29.5% and the fund trading on a discount of over 43% – by far the widest of its peers. So the big questions must be: what has gone wrong and is there hope for a recovery? JPEL has a market cap of £142 million. Like most private equity funds, it does not pay a dividend; 3% annual distributions to shareholders were mooted at launch but these did not materialise. The management fee is 1% on gross assets. As I have said many times before, fees on gross assets encourage managers to use as much gearing as possible. The pre-performance fee ongoing expenses were almost 3% last year – by far the highest of the peer group (excluding the fees charged by the underlying managers). The performance fee is 7.5% of returns above an 8% per annum hurdle. Split structure JPEL had a split capital structure from day one. At the start, it promised not to use gearing except on a short-term basis and with a maximum limit of 20% of net assets. As a way of controlling its discount, the plan was to allow semi-annual tenders for up to 15% of the share capital at NAV. Shareholders had a good run for the first few years but the credit crisis hit the private equity sector hard. As a buyer of secondary private equity portfolios, JPEL took advantage of cheap pricing to snap up blocks of stock from distressed sellers and, in 2008, to fund this it started using its debt facility. JPEL's own share price fell by two thirds from its peak in 2008 and its discount approached 70% in May 2009. However, it rebounded swiftly and the company fared much better than most of its peer group. Over summer 2009 it raised a substantial sum from investors to continue its buying spree, which included issuing a new class of zeros and warrants (which exercise at stepped prices and mature in 2014). This was followed up by another share issue and zero issue in August 2011. The regular tenders helped to keep JPEL's discount narrow relative to its peers but the tenders have been shrinking. The latest, this February, was for 3% of the issued share capital. This may be one reason why the discount is widening. I wonder whether ordinary shareholders are also getting nervous about the level of gearing? In September the AGM gave permission for the maximum gearing limit on the fund to be extended from 20% of gross assets to 30% (bear in mind the benefit to the fund manager because of the fee structure). Investors are more used to thinking about gearing on net assets – the new limit is 43% on that basis. Putting bank debt in ahead of the zeros increases the risk zero holders won't get their full entitlement on maturity. To compensate for this, the maturity dates on the zeros have been moved forward two months, this has the effect of increasing their gross redemption yields. Swings and roundabouts The falling net asset value is more of a puzzle. JPEL's recent reports seem to put much of the blame on currency moves, weak equity markets and a few stock specific problems such as Education Management, the largest listed holding, which has fallen from a high of $29.9 to $3.58 over the past year. The portfolio is roughly halved between US and Europe/UK so moves in exchange rates versus the dollar have an impact. However, the equity market backdrop is the same for the whole peer group and Education Management was only about 3% of the portfolio. The annual report for the year ended 30 June 2012 is going to make interesting reading when it comes out in a few weeks. At the end of August, net debt was about $26 million (but the company has facilities covering many times that amount) and, allowing for the zeros, the ordinary shares are 47% geared (excluding the potential impact of the warrants). The board says they now have cash available to repay the 2013 zero issue in full but, while replacing zero finance with bank debt might be cheaper at the moment, it does make JPEL riskier. I concluded October's note by saying the lesson from the split capital crisis was to avoid investing in a fund with a substantial level of bank debt. Bank debt finance may have come at lower rates but it comes with covenants that trigger at times of market stress when fresh finance is expensive. I do not think JPEL is excessively geared at the moment but leverage is creeping up. Of course leverage works both ways. If markets do improve and, more importantly, the IPO market opens up, JPEL ought to do very well.
Jpel Private Equity share price data is direct from the London Stock Exchange
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