Jz Capital Partners Share Discussion Threads

[skyship] 27/4/2020 09:20

Incidentally, I couldn't calculate a GRY for the 6% Conv. as the Financial Calendar on the website is blank; so no XD and pay-dates for the dividends.

Does anyone have those; and if you find could you post the link...thnx

[spectoacc] 27/4/2020 09:05

Finding it too opaque too - feel sure there's a trade in it somewhere tho. Was the Guggenheim loan for the property?

Is a pity the secondary sale wasn't got away. JZC is opaqueness with Covid on top, and surely the whiff of "something" over the property fiasco.

[skyship] 27/4/2020 09:01

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] 27/4/2020 08:24

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.

[skyship] 27/4/2020 07:21

Rob / hindsight - do you now happen to have the notional redemption date for that 6% Convertible 2021?

[spectoacc] 26/4/2020 19:17

Thanks @Rob

[skyship] 26/4/2020 14:29

Rob - is that loan stock listed? Can't find it...

[rob the slob] 24/4/2020 20:40

? Should be GBP

[rob the slob] 24/4/2020 20:39

£38.9m of convertible loan stock redeemable 2021 and £57.5m to repay the ZDPs in full at £4.83 per share (currently hovering around £3) in oct 22 rank ahead of the ordinary shares which get the rest

[spectoacc] 24/4/2020 18:06

I keep meaning to get digging back into it - maybe this weekend - but pre-looking I'd worry about a load of basically worthless (vs debt on it) property, and a load of US smallcaps that might prove difficult to sell.

What's the 3rd share class, I can't remember?

[rob the slob] 24/4/2020 17:28

Im thinking of buying some of the ZDP shares. Can't resist a 30% pa GRY. NAV as of 31 Jan 2020 gives a final cover ratio of 3.9. Assets would have to have fallen 75% since Jan 31st and not recover over next 2.5 yrs to not get all of this.

[robizm] 22/4/2020 15:34

they need to wind it up asap

[hindsight] 22/4/2020 15:27

Well at least what we all knew should happen after the property shambles, is now in stone

[spectoacc] 21/4/2020 14:28

Must admit I've taken my eye off it, but I see the Secondary Sale was pulled. Can't imagine the property is going anywhere but (further) down with Covid-19, & this is perhaps the worst "nothing said" RNS of the lot:


"At this time, given the general levels of uncertainty, it is difficult to
accurately gauge the potential impact of the COVID-19 outbreak on the Company.
However, the outbreak is currently having a negative impact on certain of the
Company's portfolio companies, although the exact nature, extent and duration
of that impact is not yet known and cannot be accurately assessed with
certainty.

As such, the Company together with its investment adviser, Jordan/Zalaznick
Advisers, Inc., are continuing to monitor closely the developments of COVID-19
and its impact on the performance of its portfolio companies. The Company will
also provide further updates once there is greater certainty around the
potential impact of COVID-19, and will make further announcements as and when
required."


Everything does, of course, have its price, and good luck.

[robizm] 21/4/2020 12:04

Must be mad as bought a load for 94p. Hopefully can double my money when they wind this turkey up lol

[robizm] 22/3/2020 12:44

Zero and this nav is before covid19 hits the us property and share valuations.

[rooky4] 05/3/2020 15:41

NAV announced as US$ 6.31.
But how much trust is left.

[tiltonboy] 25/2/2020 12:09

TT,

I certainly wouldn't trade until there is a little more clarity, but following the falls of the last two days, I'm more inclined to leave the cash in my pocket...

[tykethat] 25/2/2020 09:55

@tiltoboy

I really hope the half of you that isn't tempted wins the day!

[grahamg8] 25/2/2020 07:27

The next step is to set up a related party sale of the property at just above the new book value. Then surprise surprise the next property revaluation shows that somehow the value has jumped by $100m or so. fraud, fraud, fraud.

[rambutan2] 25/2/2020 03:55

I'd be concerned that they have become a (known) forced seller of assets in order to pay down the property debt. Certainly would not be a buyer until they make clear what the debt situation is on a property by property basis, and what is tied to what etc.

[spectoacc] 24/2/2020 13:55

What's it worth with the property at zero?

[tiltonboy] 24/2/2020 13:34

I'm half tempted at these levels.