QuotedData’s morning briefing 10 July 2024 – JZCP, SURE

a coffee pot and a mug, good morning from QuotedData

In QuotedData’s morning briefing 10 July 2024:

  • JZ Capital Partners (JZCP) has announced more detail on its planned return of capital to shareholders. The company will hand back about $40m on 25 July 2024 by redeeming 9,803,921 shares at $4.08 per share, equivalent to about 12.65% of investors’ shareholdings. The cash should be received by 8 August.
  • Sure Ventures (SURE) is a tiny fund that is not covered by Morningstar’s stats. However, this morning it announced a significant deal that will provide a big boost to its NAV. At last night’s close, Sure had a market cap of £5.3m. It has a 25.9% stake in a fund called Sure Valley Ventures Fund. That fund owns 7% of a company called Landvault. Landvault is being acquired by a company called Infinite Reality and that company intends to list its shares on NASDAQ later this year (via a SPAC deal). Sure says that the deal could generate proceeds for Sure Ventures of about $ 8.3m (depending on the value of Infinite Reality’s shares), about a 470% uplift on the valuation of Landvault. Sure’s end June NAV will be announced later this month and will be a lot higher than last time’s. [However, caution is required given the uncertainty around Infinite Reality achieving a listing and the generally poor track record of share prices of companies listed through SPAC deals.]

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