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JZ Capital will make no new investments

JZ Capital announces tender offer

JZ Capital will make no new investments – JZ Capital Partners Limited has announced a proposed change to its investment policy.

If shareholders agree (and they almost certainly will) the company will make no further investments except where it has to meet existing obligations or to the extent that investment is required to support existing investments. The intention is to maximise the value of the portfolio, sell investments and after repayment of all debt, to return capital to shareholders.

The decision follows the extensive losses on the company’s real estate portfolio. The proposed change to the investment policy will be put to shareholders as soon as possible. However, given the situation with Covid 19, the announcement of the financial results for its year ended 29th
February 2020 (originally scheduled for mid-May), will be delayed until mid-June.

[There is no great surprise here. Investors’ patience has run out, the managers have other substantial funds that they can focus on and a great deal of the existing portfolio needs to be sold to meet debt repayments. The question will be about timing. We would like to see an estimated timetable soon.]

JZCP : JZ Capital will make no new investments

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