9th Feb 2016 10:42
LONDON (Alliance News) - JZ Capital Partners Ltd said Tuesday it has completed the sale of six of its European investments to an undisclosed financial institution for EUR96.3 million.
This sale was in two phases. At the start of February the fund sold its stake in the first five assets for EUR75.2 million, and will sell its stake in the final asset for EUR21.1 million when it receives regulatory approval, expected within four to six months.
Four of the six sales were at premiums to their cost, whilst the other two investments were sold at a discount to cost, but in line with JZ Capital's current net asset value. It will retain its stake in the three remaining assets in its EuroMicrocap Fund portfolio, which have an aggregate fair value of EUR84.2 million.
The company said that the sale provides it with "significant liquidity" to pursue further investment opportunities across its three portfolios.
In the past year JZ Capital also has raised USD181.5 million through share issuances and USD124.2 million from the realisation of its four US portfolio companies, and this takes its total raised to USD410 million.
"We have been working for the past year on building the liquidity of JZCP for two important reasons: to raise capital for new investments ahead of realizations and to have sufficient funds to repay the balance of the Zero Dividend Preference shares due June 2016," said Founder and Investment Adviser David Zalaznick in a statement.
Shares in JZ Capital were up 1.5% at 396.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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