JPEL Jpel Private Equity Limited

TIDMJPEL

RNS Number : 0071R

JPEL Private Equity Limited

24 October 2023

JPEL Private Equity Limited

Ground Floor

Cambridge House

Le Truchot, St Peter Port

Guernsey, GY1 1WD

www.jpelonline.com

TWELFTH MANDATORY REDEMPTION & SHAREHOLDER UPDATE

   --      JPEL WILL RETURN $6 MILLION TO SHAREHOLDERS 
   --      REDEMPTION DATE 7 NOVEMBER 2023 
   --      REDEMPTION REPRESENTS 14.7% OF US$ EQUITY SHAREHOLDER NET ASSET VALUE AT 30 SEPTEMBER 2023 
   --      REDEMPTION REPRESENTS 23.3% OF JPEL's MARKET CAPITALIZATION AT 17 OCTOBER 2023 
   --      Macroenvironment resulting in A POTENTIAL slowing OF realisation timing 
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GUERNSEY, 24 OCTOBER 2023

The Company is pleased to announce its twelfth Mandatory Redemption to US$ Equity Shareholders. The amount of the redemption will be $6 million or 14.7% of NAV at 30 September 2023 (approximately 23.3% of JPEL's market capitalization at 17 October 2023).

The $6 million capital return (the equivalent of approximately 3.7 million US$ Equity Shares) will be by way of a pro rata compulsory redemption of US$ Equity Shares at a price equal to the prevailing NAV per US$ Equity Share of $1.61 as at 30 September 2023 (being the most recent NAV per US$ Equity Share available as of the date of this announcement) for US$ Equity Shareholders on the register of members as at close of business on 7 November 2023 ("Record Date"). Unless circumstances require otherwise, this NAV will form the NAV per US$ Equity Share as of the date of redemption.

Payments of redemption proceeds are expected to be effected either through CREST (in the case of shares held in uncertificated form) or by cheque (in the case of shares held in certificated form) on or around 22 November 2023. Any share certificates for the balance of holdings of shares will also be despatched to shareholders on or around 21 November 2023.

The Company currently has 25,375,033 US$ Equity Shares in issue. All of the US$ Equity Shares redeemed on the redemption date will be cancelled and any fractions of shares will be rounded down to the nearest whole share.

The US$ Equity Shares will be disabled in CREST on the Record Date and the existing ISIN number GG00BPSMLX26 (the "Old ISIN") will expire. A new ISIN number GG00BS82YQ75 (the "New ISIN") in respect of the remaining US$ Equity Shares which have not been redeemed will be enabled and available for transactions on 8 November 2023 (the "Ex-date"). For the period up to and including the Record date, US$ Equity Shares will be traded under the Old ISIN and as such, a purchaser of such shares may have a market claim for the redemption proceeds following the activation of the New ISIN. CREST will automatically transfer any open transactions as at the redemption date to the New ISIN.

Inclusive of this Mandatory Redemption, JPEL will have returned $531.7 million to US$ Equity Shareholders, or approximately 111% and 138.9% of the Company's 31 October 2016 NAV and market capitalization. Please note that the prevailing NAV at the time of the Company's first mandatory redemption was 31 October 2016.

SHAREHOLDER UPDATE

As JPEL continues to run-off its portfolio organically, the Board would like to remind shareholders that it will revisit a variety of options once JPEL's NAV approaches approximately $30 million. As global markets continue to be affected by well documented macroeconomic factors, the JPEL portfolio may be impacted, similar to other private equity funds, in timing, valuation, or amounts of realisation activity. As a result, distributions in 2024 are likely to be unpredictable.

DIRECTOR'S INTERESTS

As of 24 October 2023, Sean Hurst and Tony Dalwood, Directors of the Company, owned 1,977 and 10,132 US$ Equity Shares, respectively. As a result of the Mandatory Redemption described above, Sean Hurst and Tony Dalwood are expected, immediately following the redemption date, to hold approximately 1,691 and 8,663 US$ Equity Shares, respectively.

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LEI Number: 5493005M6GBE3DNJZ894

About JPEL Private Equity Limited

JPEL Private Equity Limited is a Guernsey registered and incorporated, London Stock Exchange-listed, closed-ended investment company (LSE: JPEL) designed primarily to invest in the global private equity market. The investment objective of the Company is to achieve both short and long-term capital appreciation by investing in a well-diversified portfolio of private equity fund interests and by capitalising on the inefficiencies of the secondary private equity market.

ENQUIRIES:

FCF JPEL Management LLC

JPELClientService@fortress.com

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October 24, 2023 02:05 ET (06:05 GMT)

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