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Share Name Share Symbol Market Type Share ISIN Share Description
Jz Capital Partners Limited LSE:JZCP London Ordinary Share GG00B403HK58 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 122.50 110.00 135.00 122.50 122.50 122.50 6,278 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 16.8 -105.4 -136.0 - 95

Jz Capital Partners Share Discussion Threads

Showing 226 to 247 of 250 messages
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DateSubjectAuthorDiscuss
24/6/2021
08:58
What is the redemption value of the ZDPs - 483p? Edit: Ok, I've found the document. It's actually 483.70p Presumably if there is an extension the company would have to offer the holders some sort of increased redemption value?
stemis
21/6/2021
09:46
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
19/5/2021
11:33
"..The ZDP holders should expect a full return of capital but this may require an extension to the maturity date (October 2022" Hoping for no extension, but seems a fair comment.
spectoacc
19/5/2021
10:26
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.
davebowler
17/5/2021
08:13
Market seems OK with it. Pays off the CULs, at cost of 6% interest and continued uncertainty, but with the prospect of clearing the new debt, and the Zeros, with asset sales.
spectoacc
17/5/2021
07:47
Very complex refinancing arrangement. It does keep the company afloat but only for another year. Not enough cash to pay off the zeros, so there is a good chance of another refinancing next year. Each time the shareholders slice of the pie gets smaller. The NAV premium is pretty meaningless all the time the sharks are circling.
grahamg8
16/4/2021
15:55
I hear you brother!!! :.)
fuzzyneil
16/4/2021
15:31
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.
raptor_fund
14/4/2021
11:45
And they've almost enough cash now to pay off the horribly expensive debt facility due in Jun.
fuzzyneil
05/11/2020
09:56
Liberum; Event JZCP's NAV per share at 31 August 2020 was $4.60 per share (February 2020: $6.14), representing a decline of 25% over the prior six months. The main driver of the NAV decline in the period was revaluation losses on the real estate portfolio (24% NAV impact), partially offset by gains of 1.3% from the micro-cap portfolio. The real estate portfolio is now valued at $47m, compared to $159m in February 2020. Over the last 18 months, the valuation of the real estate investments have fallen by 90% ($443m in February 2019 plus an additional $44m has been invested). Most of the equity in the real estate projects has been written down to zero. The real estate projects mainly comprise projects in Brooklyn and Miami. Progress has been made with asset disposals which will help to reduce leverage. $141m of sales have been agreed since 1 March. This includes the disposal of part of the US micro-cap portfolio for $90m (plus an additional $20m in unfunded commitments) in a related party transaction. The sale will enable the repayment of $83m of Guggenheim's senior debt facility. An amendment to the facility has been agreed following a breach of the asset coverage covenant. The US micro-cap portfolio performed relatively well given the challenging backdrop. The portfolio comprises 22 businesses across seven industries. The average valuation multiple of 8.5x EBITDA (18% discount to public comparables). Liberum view The disposal of the Micro-Cap portfolio provides much-needed liquidity and has helped to stabilise the balance sheet. The company is still in a difficult position with the senior loans and CULS maturing in mid-2021. The timeframe for a return of capital for shareholders is likely to be fraught with difficulty and it is imperative that further disposals are achieved to mitigate cost leakage. For example, $40m of the senior loan facility is now charging interest at Libor +11% following the facility amendment. The company also does not control many of the investments and is reliant on the cooperation of partners to achieve realisations
davebowler
23/10/2020
12:41
Good to see the senior debt nearly halved. I've assumed that the jzcz were affected by the same negative sentiment as the ordinary shares, despite their cover ratio. So I've held on to mine. It would be good to see updated nav now to recalculate updated ratio.
fuzzyneil
23/10/2020
12:11
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!
rooky4
20/10/2020
06:49
@topvest - must admit I've no JZCP, all my interest is via JZCZ, & the more they sell, the better :)
spectoacc
19/10/2020
20:08
Not much confidence here of getting much more than a nominal sum back. Why is it that they are unable to complete any transaction without a related party complication? edit....I think we all know the answer to that question!!
topvest
19/10/2020
12:11
Indeed: "..The sale of its Greenpoint property located in Brooklyn, New York. The Company received approximately US$13.6 million all in cash for its interest in the site which corresponds to a write down to the Company's net asset value of approximately US$20 million. The approximate write down has already been included in the updated valuations applied to the Company's real estate investments as earlier announced in September and October 2020." And if it had been written down again in a matter of weeks, it wouldn't have looked too good. But it wasn't, so I'm taking that as a positive :)
spectoacc
19/10/2020
09:07
Specto - Re the property sale, the RNS makes it clear that the consideration reflects the further write-downs (totalling $110m I think, but of course that is across-the-board and not just this property) that were announced in September and earlier this month. So a loss of $20m compared with the Feb 2020 accounts figure.
pldazzle
19/10/2020
07:50
I'll attempt to read it again later, but I read it more bullishly. Selling some of the microcaps, for cash, but keeping some carry with it - it's not $90m and nowt. A much-needed $90m up front. The property sale looks a plus to me - the write-down happened previously, so effectively sold at current value in accounts.
spectoacc
19/10/2020
07:47
Fire sale makes grim reading. Six companies sold for $90m when the February valuation was $159.1m + write down of $20m confirmed for sale of Greenpoint property. The September NAV of 350-400pps shown to be be unbelievable versus a share price then of 90pps. But still a possible return for the very brave. True NAV likely to be much nearer 50% which would still I think leave us with an exit around 200pps. The only bright note is that this announcement represents around 40% of assets disposed of. Remaining 60% derisked, but of course the rump may have little or no value at all. DYOR
grahamg8
17/9/2020
10:24
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.
davebowler
04/7/2020
10:34
MoneyWeek done a write-up, makes fairly grim reading - "There's an investment trust even worse than Woodford" etc (hi, Johnwig). 747th out of 747, went outside their skillset etc.
spectoacc
19/6/2020
07:05
Lol they can say that again. Now - are the loans recourse? Because "..Stub.." is soon going to be "..heavily negative.." IMO. Last valuations pre-Covid.
spectoacc
18/6/2020
22:04
Only a stub of equity left across the prop port: "High loan-to-value ratios at the property level have also exacerbated the effect of falling appraisals on the Company’s equity value. Nonetheless, it would seem that many of the Company’s real estate investments have not been the advantageous purchases they were considered to be, in terms of either price or timing."
rambutan2
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