Jz Capital Partners Investors - JZCP

Jz Capital Partners Investors - 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
1.00 0.61% 166.00 14:42:56
Open Price Low Price High Price Close Price Previous Close
166.00 165.00 166.00 166.00 165.00
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johntobin: Sounds like plenty of investors are still fearful... good, I made some money on a spread bet of the zeros, which did re-rate; so rolling over into the ordinary shares. With the toxic property gone the discount looks attractive. The NAV of these split capitals can seem to evaporate as they head to wind up but the discount just looks to wide and providing the wider market holds up I think there will be significant upside.
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."
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
skyship: …& here we are in Apr'19 and STILL no news of that tender we were promised. I emailed the Chairman to make a few logical points regarding an effective Discount Control Mechanism. Basically was put on hold, Board will discuss etcetcetc. Remains to be seen. I suspect he's not used to approaches from small Private Investors. On a positive note, good to see the share price has turned around over the past few days; and today someone paid 447p for 4000 shares.
jonwig: I'd agree they haven't been spectacular, and I think they did a dilutive equity issue last year which wasn't popular. But everything has its price, and a return of over 25% in under 6 months is satisfactory! I think PE is getting more interest from investors and the discount here is still higher than most. The fact that its assets are almost all EUR and USD is an important thing, too.
stevenlondon3: Quite a lot of the internet brokers do not allow investors to hold because of the specialist listing. HSBC Direct forced me to sell and Charles Stanley Direct will not allow me to add to my holding.
pugugly: Starting to reduce discout to nav with vield (subject to exchange rates) in the region of 4.8%. There will be an analyst and investor presentation to discuss JZCP's recent financial performance and portfolio developments at 11:30 UK time today at FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD. It can be accessed by dialing +44 (0)20 3427 1917 (UK) or +1 718 971 5738 (US) with the participant access code 3705203. A playback facility will be available two hours after the conference call concludes. This facility may be accessed by dialing +44 (0)20 3427 0598 (UK) or +1 347 366 9565 (US) with the participant access code 3705203.
pldazzle: There's many a slip... but IF this article is anywhere near accurate, and IF the deal comes to fruition, it could mean a bonanza for JZCP: http://www.thedeal.com/content/private-equity/metalmark-taps-355m-debt-for-wound-care-purchase.php Metalmark Capital is using $355 million in leverage to acquire a unit of Wound Care Holdings LLC from fellow private equity firm Jordan & Co. in a transaction valued at more than $500 million, according to sources familiar with the matter. According to a Sept. 30 announcement of the transaction, whose financial terms were not disclosed, New York-based Metalmark, a private equity unit of Citi Global Markets Inc., plans to merge it with portfolio company National Healing Corp., a Boca Raton, Fla.-based wound care provider. Jefferies & Co., RBC Capital Markets LLC and BMO Capital Markets Corp. are bookrunners on the loan, said one source. Wound Care Holdings, formed in 2006, consists of two units: Diversified Clinical Services Inc., an outsourced manager of on-site hospital wound care clinics; and Sechrist Industries Inc., a manufacturer of hyperbaric chambers and varied medical equipment. Jordan is selling Diversified Clinical Services but not Sechrist. Jordan did not respond to a request for comment. "Wound care and medical technology products place well in an environment like this," said a banker familiar with the deal. An aging population, combined with the rise in diabetes, cardiovascular disease and obesity, has created a $14 billion global wound care industry, said the release. Standard & Poor's Leveraged Commentary & Data said the senior secured loan comprises a $30 million, five-year revolver, a $250 million, six-year first-lien term loan and a $75 million, second-lien term loan. Metalmark acquired a controlling stake in National Healing in 2008 for an undisclosed amount. Scale Venture Partners was a prior investor in 2005 and retained a stake. CapitalSource Finance LLC provided the financing to Metalmark for that transaction. Metalmark also recently exited shipping foam company Tegrant Corp., which it sold to packaging conglomerate Sonoco Products Co. for $550 million, according to an Oct. 10 announcement. Moelis & Co. and Jefferies & Co. are Diversified Clinical Services' financial advisers. SNR Denton US LLP and Hogan Lovells US LLP provided legal counsel. Read more: Metalmark taps $355M debt for Wound Care purchase - The Deal Pipeline(SAMPLE CONTENT: NEED AN ID?) http://www.thedeal.com/content/private-equity/metalmark-taps-355m-debt-for-wound-care-purchase.php#ixzz1cpX72GZK - - - - - - - At 30 August 2011. per the recent interim report, JZCP valued its interest in Diversified Clinical at $42.9m. I believe JZCP holds 22.2% of the equity, plus a combination of 13% and 15% Preferred Shares.
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