Jz Capital Partners Dividends - JZCP

Jz Capital Partners Dividends - JZCP

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Stock Name Stock Symbol Market Stock Type
Jz Capital Partners Limited JZCP London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
6.00 3.12% 198.00 09:58:14
Open Price Low Price High Price Close Price Previous Close
192.00 187.00 198.00 192.00
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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

Top Dividend Posts

davebowler: Liberum; JZ Capital Partners Balance sheet de-gearing continues with Salter Labs disposal Mkt Cap £95m | Share price 122.5p | Prem/(disc) -60.0% | Div yield n/a Event JZ Capital Partners completed the sale of its interests in Salter Labs. Net proceeds from the sale are $41m, 9% ahead of the latest book value of $37.6m. Further proceeds of $0.75m have been placed in escrow and may be received, depending on the certain closing adjustments. JZCP will use $33m to repay part of its senior lending facility. The remaining balance under the facility following the repayments will be $35m. Liberum view Progress with disposals has enabled an improvement in the company's debt position. The senior lending facility has been extended to June 2022, albeit the cost on the remaining debt is Libor +15%. JZCP will fully redeem the CULS in July 2021 and has also agreed a $31.5m facility provided by principals of the investment manager. Given the level of asset cover, the ZDP holders should expect a full return of capital but this may require an extension to the maturity date (October 2022). Most of the investments are minority positions. The manager is not in control of the exit process and is ultimately reliant on the cooperation of partners to achieve realisations.
davebowler: Liberum; Light at the end of the tunnel Mkt Cap £98m | Share price 126.5p | Prem/(disc) -58.1% | Div yield n/a Event JZCP's NAV per share at 28 February 2021 was $4.25 per share (February 2020: $6.14), representing a decline of 30.8% over the year. The main driver of the NAV decline was revaluation losses on the real estate portfolio (26% NAV impact) in the first half of the year, partially offset by gains of 2.2% from the micro-cap portfolio. The US and European micro-cap portfolios have been relatively stable. The portfolios comprise a total of 35 companies across 11 industries. As previously reported, JZCP completed a secondary sale of US micro-cap assets in December for $90m. The real estate portfolio is still held at the last appraised value from August 2020. Most of the equity in the company's real estate projects has been written down to zero in the first half of the financial year. Progress with disposals has enabled an improvement in the company's debt position although there is still plenty to be done. Earlier this week, JZCP reported that it had reached an agreement with its senior lender to extend the term on the debt to June 2022. The company will fully redeem the CULS and has also agreed a $31.5m facility provided by principals of the investment manager. Several realisations are expected over the coming 12 months which should help to de-gear the balance sheet further. Liberum view The outlook for JZCP has improved considerably in the second half of the financial year. The disposal of the Micro-Cap portfolio provided much-needed liquidity and has helped to stabilise the balance sheet. Given the level of asset cover, the ZDP holders should expect a full return of capital but this may require an extension to the maturity date (October 2022). Most of the investments are minority position. The manager is not in control of the exit process and is ultimately reliant on the cooperation of partners to achieve realisations, leading to the potential for a lengthy exit process.
raptor_fund: Now all I need is them to have enough cash to pay off that reasonably priced zero dividend preference share sitting at a 25% discount and 2x cover.
rooky4: From the latest announcement for quick reference: "For completeness, the Company notes that following completion of the Secondary Sale and use of any proceeds therefrom and other recent sales to make the repayment of US$70 million to the existing lenders under the Amended Senior Facility, the company’s approximate key debt obligations will be as follows: (i) senior debt of approximately US$80 million pursuant to the Amended Senior Facility (due 12 June 2021), (ii) CULS of approximately £38.9m (due 30 July 2021), and (iii) the Company's Zero Dividend Preference Shares of approximately £57.6m (due 1 October 2022)." =========== The zeros are on 31% discount to NAV: Ords get nothing until zeros are fully paid, so anyone holding Ords must believe the CULS and zeros will be paid in full? Somebody's wrong!
spectoacc: @topvest - must admit I've no JZCP, all my interest is via JZCZ, & the more they sell, the better :)
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.
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."
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.
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.
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.
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