30th Oct 2019 18:10
(Alliance News) - JZ Capital Partners Ltd, a fund investing in US and European micro-cap companies and US real estate, on Wednesday said it will delay the release of its interim results as it needs to revalue certain existing real estate investments.
The company said third-party real estate brokers have indicated that the value of certain of the company's existing real estate investments could currently be lower than that indicated in the company's most recent real estate valuations.
As a result, the company has asked its third-party appraiser to accelerate the valuation of its real estate investments that would normally be undertaken at the company's financial year end at the end of February
JZ Capital's real estate portfolio value stood at USD443 million as at February 28.
The company said it is unable to determine whether there has been a material diminution in the value of its real estate portfolio, but it currently believes the aggregate reduction in valuation could be in the range of USD50 million to USD150
million.
"The initial assessment is expected to take a number of weeks. The company will make further announcements as the assessment progresses, including with respect to the date of publication of its half year results for the six-month period ended 31 August 2019," JZ Capital said.
JZ Capital was scheduled to release its results for the six-month period ended August 31 on November 7. Shares In JZ closed 2.4% higher at 479.25 pence in London on Wednesday.
By Tapan Panchal; [email protected]
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