Jz Capital Partners Share Discussion Threads

[topvest] 23/6/2022 11:53

Yes, all looking a bit more positive here for a change. Let's hope that they have some more disposals coming through fast.

[hindsight] 23/6/2022 08:52

Sale completed so would appear my zeros payout now covered. See there was a portfolio mark down of 11c, but otherwise all going well for my ordinaries too...........for a change

[topvest] 15/6/2022 11:34

Results out. The language from the Board has changed. Very positive on a substantial shareholder return. Let's hope they get the disposals away before the economy goes belly-up!

[robizm] 15/6/2022 11:18

They always seem jam tomorrow type of share and it never seems to get better

[hindsight] 23/5/2022 13:04

If one was very generous, could say they were unlucky on property looking at the Miami boom. Im mainly exposed to the zeros, full payout there and £3 on the ordinaries would be a very good result

[topvest] 23/5/2022 12:15

So, net asset value approaching US$5 if this goes through. Probably a need to get on with things before the next recession bites, but starting to look slightly more positive. Trust is the thing that is lacking though. The Jordan's always seem to do well at the expense of shareholders.

[topvest] 23/5/2022 11:55

Yes, some good news today. Every RNS from them is shrouded with complexity though. Looking more likely that shareholders will eventually receive some cash.

[johntobin] 27/4/2022 11:38

RNS just out, NAV $4.37 31st March, or £3.47 So 115.6p to buy on Spreadex, or $1.45 Liabilities $149 million, but cash $49 million, So liabilities after cash, $100million With this degree of discount I am comfortable with my holding.

[johntobin] 26/4/2022 10:05

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.

[cousinit] 14/4/2022 19:43

I suspect given the history here that it will only meaningfully re-rate when there is a tangible prospect of a cash return. They have shown multiple times that reported NAV is meaningless...

[topvest] 13/4/2022 20:40

I'm not going to be investing any more as I am not that confident. Just hoping to get some return on a poor investment a few years ago.

[johntobin] 13/4/2022 18:42

My thoughts entirely. Greedy when others are fearful?

[topvest] 13/4/2022 16:18

Yes, a high risk disaster stock but could be a good return eventually from this level.

[johntobin] 13/4/2022 09:34

The discount on the Ordinaries looks attractive. The secondary sale in october 2020 looks like it may still deliver $70million from my reading of the RNS. There are clear risks given the gearing but if the market holds up I think we could see a significant re-rating, possibly after the annual report?

[grahamg8] 07/4/2022 07:55

Sticky fingers

[grahamg8] 07/4/2022 07:54

Refreshingly detailed and understandable RNS. However it's still jam tomorrow.

[topvest] 21/3/2022 10:14

Yet more bad news, albeit it doesn't seem to impact NAV. Sort of reinforces the tangled web of wrongdoing at this company.

[stemis] 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?

[davebowler] 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.

[spectoacc] 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.

[davebowler] 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.

[spectoacc] 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.

[grahamg8] 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.

[fuzzyneil] 16/4/2021 15:55

I hear you brother!!! :.)