Jz Capital Partners Dividends - JZCP

Jz Capital Partners Dividends - JZCP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Jz Capital Partners Limited JZCP London Ordinary Share GG00B403HK58 ORD NPV
  Price Change Price Change % Stock Price Last Trade
-1.50 -1.53% 96.50 14:09:47
Close Price Low Price High Price Open Price Previous Close
96.50 96.50 98.00 98.00 98.00
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Jz Capital Partners JZCP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
26/10/2016InterimUSX15.502/03/201631/08/201603/11/201604/11/201625/11/201615.5
12/05/2016FinalUSX1501/03/201529/02/201619/05/201620/05/201610/06/201631
28/10/2015InterimUSX1603/03/201531/08/201505/11/201506/11/201527/11/20150
12/05/2015FinalUSX17.528/02/201428/02/201521/05/201522/05/201512/06/201532.5
29/10/2014InterimUSX1503/03/201431/08/201406/11/201407/11/201428/11/20140
06/05/2014FinalUSX1628/02/201328/02/201414/05/201416/05/201406/06/201430.5
16/10/2013InterimUSX14.503/03/201331/08/201323/10/201325/10/201313/11/20130
21/05/2013FinalUSX1528/02/201228/02/201329/05/201331/05/201314/06/201329
10/10/2012InterimUSX1402/03/201231/08/201207/10/201209/10/201205/11/20120
18/05/2012FinalUSX18.501/03/201129/02/201206/06/201208/06/201206/07/201225
19/10/2011InterimUSX3.501/03/201129/02/201226/10/201128/10/201125/11/20110
19/10/2011InterimUSX3.501/03/201129/02/201226/10/201128/10/201125/11/20110
09/05/2011SpecialUSX228/02/201028/02/201101/06/201103/06/201101/07/20110
09/05/2011FinalUSX7.528/02/201028/02/201101/06/201103/06/201101/07/201124.5
28/10/2010SpecialUSX1028/02/201028/02/201125/10/201027/10/201003/12/20100
28/10/2010InterimUSX528/02/201028/02/201125/10/201027/10/201003/12/20100
18/05/2010FinalUSX6.528/02/200928/02/201002/03/201004/03/201001/04/201015.5
30/10/2009InterimUSX903/03/200931/08/200911/11/200913/11/200904/12/20090
28/11/2008InterimUSX4.502/03/200831/08/200803/12/200805/12/200822/12/20080

Top Dividend Posts

DateSubject
20/10/2020
06:49
spectoacc: @topvest - must admit I've no JZCP, all my interest is via JZCZ, & the more they sell, the better :)
17/9/2020
10:24
davebowler: Liberum; Real estate writedowns will result in covenant breach Mkt Cap £69m | Prem/(disc) -76.3% | Div yield n/a Event JZ Capital Partners expects to write down the value of its real estate assets by $80m-$100m at the August 2020 interim report. This follows the receipt of updated appraisals for the impact of Covid-19. The company has not yet received appraisals on all of the real estate assets. As a result, JZCP will require a waiver under its senior facility with Guggenheim Partners as it will be in breach of its minimum asset coverage ratio. The board expects to receive a waiver from Guggenheim. The company will not be able to make the interest payment due on the CULS at the end of September without this waiver. The company is in discussions to amend the current loan arrangements and expects to pay down a substantial portion of the senior debt facility through a secondary sale of US micro-cap assets in the near term. Liberum view The writedown will reduce NAV by a further 17-21%. The loss on the real estate portfolio over the last 18 months is staggering. The assets mainly comprise development projects in Brooklyn and Miami. Further heavy losses are inevitable given the leverage within the structures. The portfolio was valued at $443m at 29 February 2019. The company invested a further $43.6m in the assets and the overall value is now estimated to be $59m-$79m (84% to 88% decline based on the range provided today). The timeframe for a return of capital for shareholders is likely to be fraught with difficulty. Debt needs to be repaid first and JZCP has c.$264m of debt outstanding including loans, convertible bonds and zero dividend preference shares. The company's debt matures between 2021 and 2022. The Guggenheim debt has a minimum collateral value covenant of 4x. We estimate the ratio will be 3.8x following the writedown. The company's leverage ratio continues to rise and debt to equity ratio is c.70%. The company also does not control many of the investments and is reliant on the cooperation of partners to achieve realisations.
18/6/2020
07:06
spectoacc: This will surprise....absolutely no one: "However, the Board and Investment Adviser believe the effects of the Covid-19 crisis on the values of the real estate investments are expected to be significant and adverse, although their quantum cannot yet be estimated. Further appraisals will be commissioned to establish the value of the real estate portfolio as at 31 August 2020." Tho this is a bit much: "JZ Capital Partners Limited ("JZCP" or the "Company"), the London listed fund that invests in US and European micro-cap companies and US real estate, today announces that, in the light of the uncertainties about the valuation that results from Covid-19, the Company is suspending its monthly NAV announcements until circumstances allow the Company to make informed judgements as to value. In addition, for the same reason, further informed commentary about the results for the year ended 29th February 2020 would be impossible. Therefore the usual call between the Company and analysts and investors will not be held on this occasion."
27/4/2020
11:11
rob the slob: I think CULS is paid semiannually and went xd in march but dont quote me on that. Regards debt, there is a good summary of the position on p31http://www.jzcp.com/media/108074/JZCP-Annual-Report-2019.pdf(i) Financing ObligationsThe Company has obligations to repay loan debt in June 2021, the balance outstanding to Guggenheim Partners at 28 February 2019 was $149.2 million(28 February 2018: $150.1 million). It is expectedthe debt facility will be repaid in full or part from the proceeds of realisations and refinancing of investments. It is anticipated the Company will repay a significant proportion of the loan over the next three years.The Company will potentially redeem CULS in July 2021 amounting to £38.9 million, assuming holdersof CULS do not convert their holdings to equity.JZCP is due to redeem £57.6 million of ZDP shareson 1 October 2022, again it is expected the redemption of both CULS and ZDPs will be met from the proceeds of realisations and refinancing of investments.At 28 February 2019, the Company had outstanding investment commitments of $43.6 million(28 February 2018: $73.7 million). The Board will continue to consider the Company's position in meeting debt obligations and commitments falling outside the three year review and will continueto consider appropriate gearing levels to enable the financing of debt and ongoing investment/ operating activities.
27/4/2020
09:01
skyship: Thnx again Rob. I see from the Interim Report that the prior debt is the $149m to Guggenheim Partners Limited: "On 12 June 2015, JZCP entered into a loan agreement with Guggenheim Partners Limited. The agreement was structured so that part of the proceeds (€18 million) were received and will be repaid in Euros and the remainder of the facility was received in US dollars ($80 million). During April 2017, JZCP increased its credit facility with Guggenheim Partners by $50 million. The loan matures on 12 June 2021 (6 year term) and interest is payable at 5.75% + LIBOR1." After that comes the redemption of the 6% Convertible (£39m); then the £57m for the ZDPs. May also be PE commitments, contracted subscriptions they can't back out of. With the uncertainty surrounding true portfolio valuations and the crazy spreads, reckon I'll pass....all too difficult.
27/4/2020
08:24
rob the slob: 30 Jul 2021On 30 July 2014, JZCP issued £38,861,140 6% CULS. Holders of CULS may convert the whole or part(being an integral multiple of £10 in nominal amount) of their CULS into Ordinary Shares. Conversion Rights may be exercised at any time during the period from 30 September 2014 to 10 business days prior to the maturity date being the 30 July 2021. The initial conversion price is £6.0373 per Ordinary Share, which shall be subject to adjustment to deal with certain events which would otherwise dilute the conversion of the CULS. These events include consolidation of Ordinary Shares, dividend payments made by the Company, issues of shares, rights, share-related securities and other securities by the Company and other events as detailed in the Prospectus.CULS bear interest on their nominal amount at the rate of 6.00 per cent. per annum, payable semi-annually in arrears. During the year ended 28 February 2019: $3,155,000 (28 February 2018: $3,022,000) of interest was paid to holders of CULS and is shown as a finance cost in the Statement of Comprehensive Income.
31/10/2019
08:36
skyship: Sorry for holders. JZCP really stinks on governance grounds; hence the 48% discount prior to yesterday's statement. To my mind this write-down has the distinctive whiff of fraud. Not tempted to get back in,,,
31/10/2019
03:21
rambutan2: Been one to avoid for many years, and now outdoing themselves... 30 October 2019 JZ Capital Partners Limited ("JZCP" or the "Company"), the London listed fund that invests in US and European micro-cap companies and US real estate, announces that it is postponing the publication of its half year results for the six-month period ended 31 August 2019, which was scheduled to take place on Thursday, 7 November 2019. In the course of examining certain real estate investment proposals, JZCP has consulted third party real estate brokers who indicated that, in their opinion, the value of certain of the Company's existing real estate investments could currently be lower than that indicated in the Company's most recent real estate valuations, which, based on independent third party appraisals, valued the Company's real estate portfolio at US$443 million as at 28 February 2019. The Company is therefore requesting that its third party appraiser accelerate the appraisals that would normally be undertaken as at the Company's financial year end at the end of February in order to confirm the current valuation of the Company's real estate assets. The initial assessment is expected to take a number of weeks. The Company will make further announcements as the assessment progresses, including with respect to the date of publication of its half year results for the six-month period ended 31 August 2019. At this stage of the examination, the Company is unable to determine whether or not there has been a material diminution in the value of the Company's real estate portfolio and there can be no certainty as to the quantum of any such diminution at this stage in the process, but, based on the information currently at its disposal, the Company currently believes the aggregate reduction in valuation could be in the range of US$50 million to US$150 million.
02/10/2019
10:49
davebowler: Liberum; JZ Capital Partners has provided an update on its liquidity plan for the company. JZ Capital Partners is seeking to realise investments, pay down debt and reduce commitments to new investments in order to return capital to shareholders. The company's first tender for $30m completed in August as part of a plan to return $100m to shareholders. The remaining $70m is expected to be returned via tenders over the next 12-15 months. Realisations of $120m completed during the six months to August. The company is now planning to realise $400m-500m by February 2023 to pay off a substantial portion of debt and return capital to shareholders. This will be by way of realisations, secondary sales of portfolio, JV partnerships and the US side-car fund. The manager has noted that it does not control many of the investments and is reliant on the cooperation of partners to achieve realisations. The company is currently seeking to sell a secondary portfolio of US microcap assets and is aiming to realise $150m-$170m by February 2020. The real estate investments require additional capital for debt service and pre-development costs. The manager is seeking partners for a number of the development sites. The manager intends to launch its US Side-Car fund shortly ($500m target). Any new US microcap investment will be through this fund and the majority of capital will come from third-party LP investors. JZCP will be required to invest approximately 5% of the fundraise in order to demonstrate continued support for its US microcap buyout programme and team. This is expected to be called over a five year period. JZCP does not intend to commit meaningful capital to new investments other than supporting the existing portfolio. An EGM will be held shortly to approve the revised investment policy. Liberum view The proposed changes are likely to be welcomed by investors although a certain amount of ambiguity remains over the timing and quantum of capital returns from the increased realisation target. The $400m-$500m realisation range equates to 38-48% of the total portfolio over the next 3.5 years. Aside from the intended $70m tender, debt repayment is likely to take up a considerable proportion of the realised capital. The fund has experienced a persistent discount for a long period of time for a number of reasons. The relatively low NAV return (7.6% cumulative over five years), limited share liquidity and high fees are largely responsible for this. In addition, the portfolio mix of US real estate development assets in Brooklyn and Florida alongside US microcap investments does not seem like a natural fit. We expect only a slight narrowing of the discount as a significant proportion of investor equity will still be in the fund post realisation phase. JZCP - Balance Sheet at July 2019 $m % of NAV Portfolio US Micro Cap 456.0 57.2% European Inv 105.9 13.3% Real Estate 460.7 57.8% Other 21.0 2.6% Total Portfolio 1,043.7 130.9% Cash 58.4 7.3% Total Assets 1,102.1 138.2% Debt & other liabilities 304.7 38.2% NAV 797.4
01/9/2019
17:26
skyship: 6.9%??? How come when the redemption rate was 3.96% This is equivalent to a mere 2.4% extra divi. A holder of 1000 shares worth £4800 gets 39.6 shares redeemed at a 285p premium. That = £115 = 2.4% The tender was of course massively over-subscribed, ergo no overage. So if you did indeed have 6.9% of your holding redeemed then you may have benefited from other nominee shareholders with ATS failing to accept. Lucky you in that event.
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