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 Shares Traded Last Trade
  4.50 4.84% 97.50 104,018 13:35:52
Bid Price Offer Price High Price Low Price Open Price
90.00 105.00 97.50 93.00 93.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 25.95 -238.24 -300.51 76
Last Trade Time Trade Type Trade Size Trade Price Currency
15:28:31 O 10,000 92.25 GBX

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18/9/202021:20J Z CAPITAL PARTNERS212

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Jz Capital Partners Daily Update: Jz Capital Partners Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker JZCP. The last closing price for Jz Capital Partners was 93p.
Jz Capital Partners Limited has a 4 week average price of 84p and a 12 week average price of 84p.
The 1 year high share price is 483p while the 1 year low share price is currently 84p.
There are currently 77,474,175 shares in issue and the average daily traded volume is 13,623 shares. The market capitalisation of Jz Capital Partners Limited is £75,537,320.63.
tykethat: doesn't make good reading. Share price down 4.5%, no sign of a recovery.
topvest: It doesn't look like it given a range has been given. I've assumed a US$100m hit for now. I do get the feeling that they have invested poorly over the last decade, but NAV is always flat. They earn their performance fee and we get very little. Think it's time to return cash to holders which is what they have indicated anyway. Personally, I don't have any faith in their approach and their strategy flip-flops between one failed strategy and another. The only winners have been the investment advisor. That being said, there is probably a return to be made at the existing share price. Now a deep value run-off orphan fund I suppose.
jonwig: New distribution policy: Dividends suspended. Profits to be used for share buybacks in order to reduce discount. So in theory I'll get a higher share price rather than a handy USD dividend. The market in the shares is fairly thin, but a sustained rise might be thwarted by selling. No idea what the market's reaction will be, but the 30% discount to NAV will take a bit of closing.
owston: Jonwig, Yes, ships in the night! I checked the ZDP's for today and I could only see sells (again) sometimes trades turn up but are either errors or Market maker to market maker trades. 50K sales on JZCP today but the price is up, I can't see the logic in that.... You are lucky to get a reply from the company, I tried e-mailing on several occasions, phoning but i could only get the company secretary and he wasn't very helpful. I can now understand JZCP's share price as it must be priced on worst case of a requirement to sell a significant portion of the unlisted stocks to make up the gap. I presume that the ZDP's are being priced on falling private equity valuations and limited "escape" routes. A refinance is the best option with a refinance with more ZDP's with ZDP holders getting preferential terms for "lock in" and an opt out if institutional take up allows ZDP holders out. Any other thoughts? Cheers Owston
jonwig: Had a closer look. The market is valuing this like a commercial property company with high gearing due for early repayment but a big slug of illiquid assets. A discount to NAV of over 90% isn't too unusual in that context. Basically: Assets ($m) - Cash ............ 109 Listed equity .... 65 Listed debt ...... 26 Unlisted ........ 272 ZDP liability ... 181 ($ number plus hedge) Cash will pay all but $72m of the ZDP. Listed stuff = $91m and might not realise $72m in a market sale. (Also look at performance of TAL and Safety since the date of these numbers (IMS 9 Feb). So the focus turns to unlisted stuff, which might not be realisable at anything close to valuation in the current market. I see they are looking at alternatives to redeeming the ZDPs. I suppose they could try to arrange something like partial repayment together with a scrip issue of ords, but that would need ords holders' consent. Something like 160p plus 3.5 new ords for each ZDP. Then there are 260m ords in issue covering assets of $363m, or 96p/sh, ungeared. Write that down due to worsening markets to say 60p/sh. So if they can manage some sort of restructuring like this, the current share price of 16p will be very cheap. They need to get a move on as the key date is 24 June.
hoveite: I think it is worth considering what the picture will be like after the zeros are redeemed on 24 June 2009 (assuming that they aren't refinanced of course). The NAV per share on 28th Nov was $3.33 per share. With 97,527,916 shares in issue this gives Net assets of $325m. There are 45,662,313 zeros which will be redeemed at £2.1589 each which means £98.6m pounds will be due on 24 June 2009. At 1.53 £/$ (rate on 28 Nov) discounted by 8% * 7/12 (they accrue at 8% a year and had 7 months to go) this comes to $144m attributabal to the zeros on 28 Nov. If we add that $144m onto the net assets we have gross assets of $469m. If 47% of the $469m was in tradeable investments that gives us $220m worth of tradeable investments and $249m worth of unquoted securities. However if £98.6m has to be raised at an exchange rate of 1.46 that means $144m of those tradeable investments will have to be sold to redeem the zeros, leaving $76m of tradeable investments. So following the redemption of the zeros the NAV of $325m would be represented by tradeable investments of $76m and $249m of unquoted securities. At a share price of 51.5p the market cap of JZCP is £49.73m which is $72.6m. So if you look at the situation after the zeros are redeemed you could be getting the quoted investments at around fair value with around 3.3 times the value of unquoted stuff thrown in for free.
Jz Capital Partners share price data is direct from the London Stock Exchange
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