JZ Capital Partners Ltd - Inversión propuesta en el fondo secundario con el fin de invertir en el paquete flexible de seguimiento y devolución de capital propuesta y convocatoria de junta general extraordinaria
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16:01 22/12/16
JZ Capital Partners Ltd - Inversión propuesta en el fondo secundario con el fin de invertir en el paquete flexible de seguimiento y devolución de capital propuesta y convocatoria de junta general extraordinaria
PR Newswire
LONDRES, Reino Unido, 18 de abril
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014, WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL ACT) 2018, AS AMENDED (MAR).
JZ CAPITAL PARTNERS LIMITED (la "Compañía")
(una sociedad de inversión de tipo cerrado constituida con responsabilidad limitada según las leyes de Guernesey con número de registro 48761)
Código LEI 549300TZCK08Q16HHU44
Proposed Investment in the Secondary Fund
for the Purpose of Investing in Follow-on Flex Pack
y
Propuesta de devolución de capital
y
Convocatoria de Junta General Extraordinaria
18 de abril de 2024
Unless otherwise defined herein, capitalised terms used in this announcement have the meanings given to them in the Circular of the Company dated 18 de abril de 2024.
Propuesta de paquete flexible
JZ Capital Partners Limited, la Londres listed fund that has investments in US and European microcap companies and US real estate, announces today that it is proposing to enter into an agreement with JZHL Secondary Fund LP (the "Secondary Fund"), pursuant to which the Company would invest up to approximately US $ 20.5 millones into the Secondary Fund, with the Secondary Fund to use such amount, together with additional amounts invested by other investors in the Secondary Fund, to make an investment into a newly incorporated company ("Follow-on Flex Pack") that will be a related company of, and incorporated in a parallel structure to, ACW Flex Pack, LLC ("Existing Flex Pack") (el "Flex Pack Proposal"). The purpose of Follow-on Flex Pack will be to make acquisitions that are complementary to the business of Existing Flex Pack.
El Fondo Secundario directamente (y la Compañía indirectamente en virtud de su Interés Especial LP en el Fondo Secundario) tiene una participación existente en el Flex Pack Existente, junto con otras compañías de cartera de microcapitalización de EE. UU. Por lo tanto, la inversión propuesta por la Compañía en el Fondo Secundario con el fin de invertir en el Flex Pack de seguimiento se realizaría de acuerdo con la política de inversión publicada por la Compañía y, específicamente mediante la realización de adquisiciones complementarias al negocio del Flex Pack existente, para respaldar y maximizar el valor de su inversión existente directamente en el Fondo Secundario (a través de su Interés Especial LP) e indirectamente en el Flex Pack Existente. A continuación se detallan más detalles de la Propuesta de Flex Pack, así como los detalles de la aprobación requerida de los Accionistas y la Notificación de Asamblea General Extraordinaria y Circular relacionadas.
Propuesta de devolución de capital
Separately, the Company is also today pleased to announce that it intends to commence returning capital to Shareholders initially in an amount of approximately US $ 40 millones tan pronto como sea posible.
The Company currently considers the most appropriate form and mechanism to effect this initial return of capital will be via a redemption of its Ordinary Shares which will require the approval of the Company's Shareholders. As such, subject to the Company finalising the relevant details and documentation in respect of the proposed redemption, as well as it later obtaining any necessary Shareholder approvals, the Company intends to distribute the aforementioned approximate amount to Shareholders, which it expects will take place by the end of Julio 2024.
El enfoque de la Compañía con respecto a este retorno inicial de capital está igualmente en línea con su política de inversión y específicamente con la estrategia de alcanzar el valor máximo de las inversiones y, después del pago de toda la deuda, devolver el capital a los Accionistas, sujeto siempre a retener fondos suficientes. para cubrir obligaciones existentes y apoyar ciertas inversiones existentes para maximizar su valor. La Compañía hará más anuncios en relación con la devolución inicial de capital propuesta (incluida la obtención de las aprobaciones necesarias de los Accionistas) lo antes posible.
Con respecto a cualquier posible retorno adicional de capital a largo plazo, la Compañía sigue comprometida con su política de inversión y la estrategia indicada anteriormente. Con ese fin, la Compañía continuará evaluando su capacidad para realizar mayores retornos de capital a los Accionistas (así como la manera en que se realizan), y tratará de hacerlo cuando tenga suficientes reservas de efectivo que no sean requerido de otro modo para respaldar sus inversiones existentes para maximizar el valor y/o cumplir con sus obligaciones existentes, como los gastos operativos.
Convocatoria de Junta General Extraordinaria
Se informa a los accionistas que la inversión propuesta por la Compañía en el Fondo Secundario con el fin de invertir en el Follow-on Flex Pack se consideraría una transacción con partes relacionadas según el Capítulo 11 de las Reglas de cotización (que la Compañía cumple voluntariamente y en la medida en que Las Reglas de Cotización son aplicables a la Compañía en virtud de su cumplimiento voluntario) y por lo tanto se requiere la aprobación de los Accionistas para la Propuesta de Flex Pack que se solicitará en una Asamblea General Extraordinaria de la Compañía.
Accordingly, notice is hereby given that an Extraordinary General Meeting of the Company will be held at the offices of Northern Trust International Fund Administration Services (Guernesey) Limited, Trafalgar Court, Les Banques, St Peter Port, Guernesey GY1 3QL, Channel Islands at 11.00 am on 8 de mayo de 2024. The Notice convening the Extraordinary General Meeting, which contains the Resolution to be proposed at that meeting concerning the Flex Pack Proposal, is set out at the end of the Circular which is being posted to Shareholders.
Para evitar dudas, cualquier aprobación necesaria de los Accionistas que se requiera en relación con la propuesta de retorno de capital inicial antes mencionada no forma parte de la convocatoria de la Asamblea General Extraordinaria y, en cambio, está destinada a solicitarse y obtenerse en un momento posterior si y como requerido.
Más detalles de la propuesta del paquete flexible
Antecedentes del Fondo Secundario
As mentioned above, the Company is proposing to enter into an agreement with the Secondary Fund, pursuant to which the Company would invest up to approximately US $ 20.5 millones into the Secondary Fund.
The Secondary Fund holds interests in certain US microcap portfolio companies, including Existing Flex Pack, which were sold to it by the Company around three and a half years ago. That sale, as a Related Party Transaction, was approved by Shareholders at the time, with the Company receiving consideration comprising US $ 90 millones in cash and a special limited partner interest in the Secondary Fund (the "Special LP Interest") in respect of which additional aggregate distribution proceeds of US $ 160.5 millones have so far been received by the Company. The Company's remaining interest in the Secondary Fund pursuant to the Special LP Interest, based on pro forma financials as at 29 de febrero de 2024, is valued at approximately US $ 30.1 millones.
The Secondary Fund continues to be managed by an affiliate of the Company's investment manager, Jordan/Zalaznick Advisers, Inc. (the "Asesor de Inversiones" or "JZAI") and an affiliate of JZAI also continues to serve as the general partner of the Secondary Fund.
The investors in the Secondary Fund similarly remain as being certain funds and accounts managed by Hamilton Lane Advisors, L.L.C. ("Hamilton Lane"), and separately JZHL GP LLC, which is comprised of other secondary investors including David W. Zalaznick y John (Jay) Jordan II (together, being the "JZAI Founders", who are the founders and principals of JZAI) (or their respective affiliates) and various members of the JZ US microcap investment team (the "Other SF Investors"). Each of Hamilton Lane and the Other SF Investors hold interests in the Secondary Fund of approximately 90.9 per cent. and 9.1 per cent., respectively.
The Company's interest in the Secondary Fund is limited to its Special LP Interest held by a wholly owned subsidiary of the Company. The Special LP Interest entitles the Company to certain distributions from, and certain other rights and obligations in respect of, the Secondary Fund and relates to the Secondary Fund's interests in certain US microcap portfolio companies, including Existing Flex Pack. Any distributions to be received by the Company as a result of its Special LP Interest are subject to an agreed distribution waterfall which provides that, once the other investors in the Secondary Fund have received their initial required distributions determined by reference to their respective contributions to the Secondary Fund and amounting to approximately US $ 132.6 millones, in aggregate, the Company is entitled to receive, as distributions from the Secondary Fund: (i) 95 per cent. of all distributions until it has received distributions equal to US $ 67.6 millones; and (ii) thereafter, 37.5 per cent. of all distributions. Based on the distributions received to date by the other investors in the Secondary Fund as well as those received by the Company, the Company is now entitled to 37.5 per cent. of all remaining distributions pursuant to its Special LP Interest.
Inversión propuesta en el fondo secundario
The Company is now proposing to make an investment in the Secondary Fund of up to approximately US $ 20.5 millones for the purpose of investing in Follow-on Flex Pack.
La inversión propuesta por la Compañía en el Fondo Secundario con el propósito de invertir en Follow-on Flex Pack se haría de acuerdo con la política de inversión de la Compañía para respaldar y maximizar el valor de su inversión existente directamente en el Fondo Secundario (a través de su Fondo Especial LP Interest) e indirectamente en Existing Flex Pack (en el que el Fondo Secundario tiene una participación existente y que será una empresa relacionada e incorporada en una estructura paralela a Follow-on Flex Pack) mediante la realización de adquisiciones complementarias al negocio de Paquete flexible existente. Sin embargo, la inversión propuesta no afectará los derechos de la Compañía con respecto a su Interés Especial LP y, por lo tanto, dicho interés seguirá dando derecho a la Compañía a recibir distribuciones del Fondo Secundario de la manera descrita anteriormente, independientemente de dicha inversión.
The Company's proposed investment will also be undertaken alongside Hamilton Lane and the Other SF Investors with each of them investing up to approximately US $ 11.6 millones y US $ 1.2 millones, respectively, in the Secondary Fund for the same purpose(s), at the same time(s) and in all material respects on the same terms and conditions (except for their proportionate levels of investment and distributions) alongside the Company. The aggregate amount to be invested by the Company, Hamilton Lane and the Other SF Investors in the Secondary Fund is therefore expected to be up to approximately US $ 33.3 millones, which may be made and funded in one or more tranches of investment. The investors' respective proportionate interests will therefore be 61.5 per cent. for the Company, 35 per cent. for Hamilton Lane and 3.5 per cent. for the Other SF Investors, with the amounts invested by each of them for any tranche of investment to be undertaken on a pro-rata basis in accordance with their respective proportionate interests. Accordingly, each of the investors will be entitled to receive any distributions relating to the Secondary Fund's interest in Follow-on Flex Pack in those proportions, noting that the Secondary Fund's interest itself in Follow-on Flex Pack (as also further explained below) will equate to a 45 per cent. interest. As such, the Company will be entitled to receive approximately 27.7 per cent. of any distributions from Follow-on Flex Pack on the basis of its look-through interest via the Secondary Fund.
For the avoidance of doubt and notwithstanding that the proposed investment will not affect the Company's rights with respect to its Special LP Interest, following the investment, the Company will be entitled to receive: (i) 37.5 per cent. of all remaining distributions from the Secondary Fund (which includes the Secondary Fund's interest in certain US microcap portfolio companies, including its approximately 45 per cent. interest in Existing Flex Pack, which corresponds to the Company having an approximately 16.9 per cent. economic interest in Existing Flex Pack on a look-through basis) pursuant to its Special LP Interest; and (ii) 61.5 per cent. of any distributions from the Secondary Fund relating to its 45 per cent. interest in Follow-on Flex Pack (which corresponds to approximately 27.7 per cent. of any distributions from Follow-on Flex Pack on the basis of the Company's look-through interest via the Secondary Fund).
Investment by the Secondary Fund into Follow-on Flex Pack
The amount of the Company's proposed investment, together with the additional amounts to be invested by the other investors in the Secondary Fund (equating to an aggregate investment amount of up to US $ 33.3 millones), will be used by the Secondary Fund to make an investment into Follow-on Flex Pack. Such aggregate investment amount will (as noted above) give the Secondary Fund a 45 per cent. interest in Follow-on Flex Pack and so the Company, on account of its 61.5 per cent interest in the Secondary Fund relating to Follow-on Flex Pack, will have a 27.7 per cent interest in Follow-on Flex Pack on the basis of its look-through interest via the Secondary Fund. Accordingly, the Company will be entitled to receive 61.5 per cent. of any distributions from the Secondary Fund relating to its 45 per cent. interest in Follow-on Flex Pack, and which will correspond to it receiving approximately 27.7 per cent. of any distributions from Follow-on Flex Pack on the basis of the Company's look-through interest via the Secondary Fund.
The remaining 55 per cent. interest in Follow-on Flex Pack will be held by the other existing investors in Existing Flex Pack, with those investors making their respective investments in nearly identical proportions to their existing interests in Existing Flex Pack subject only to minor adjustments. The total amount to be invested in Follow-on Flex Pack by all investors including the Secondary Fund will therefore be up to approximately US $ 74.0 millones.
It is expected that Follow-on Flex Pack would use the aggregate amount invested by all investors including the Secondary Fund (and of which up to approximately US $ 20.5 millones would be invested by the Company via the Secondary Fund's investment) for the purposes of (a) making acquisitions which are complementary to the business of Existing Flex Pack, including one such business that has already been identified and for which negotiations over the terms of its acquisition are at a reasonably advanced stage, (b) covering its operating expenses, and (c) other general corporate uses.
Follow-on Flex Pack is to be established as a newly incorporated company that will be a related company of, and incorporated in a parallel structure to, Existing Flex Pack, in which the Secondary Fund directly (and the Company indirectly by virtue of its Special LP Interest in the Secondary Fund) holds an existing interest, along with a number of other US microcap portfolio companies. Existing Flex Pack is a US-based provider of a variety of custom flexible packaging solutions to converters and end-users. Follow-on Flex Pack will (as mentioned above) be a newly incorporated company that is established as a related company of, and in a parallel structure to, Existing Flex Pack, and that will be formed for the purpose of making complementary acquisitions to the business of Existing Flex Pack. As also mentioned above, one such business has already been identified, being a full-service paper and film packaging manufacturer and converter and which is considered to be complementary to the business of Existing Flex Pack. The amount of the Company's proposed investment expected to be allocated to such acquisition (assuming transaction terms are able to be agreed and the acquisition is completed) is expected to be in the region of around US$10.5 million. Whilst negotiations over the terms of the business' acquisition are at a reasonably advanced stage and it is hoped that an agreement can be reached and completed in the near term, there is of course no certainty that transaction terms will be agreed and/or that the acquisition will be completed. Following the conclusion of negotiations and/or completion in respect of this potential acquisition, it is intended that further complementary businesses will be sought to be identified and acquired for which up to the remaining amounts of the Company's (along with the other investor's) proposed investments will be used to make such acquisitions.
El Flex Pack de seguimiento también compartirá la misma administración que el Flex Pack existente y probablemente tendrá una junta directiva muy similar, si no la misma. Se espera que Follow-on Flex Pack, una vez operativo, celebre un acuerdo con Existing Flex Pack para documentar, entre otras cosas, un acuerdo de reparto de costos, ya que Follow-on Flex Pack compartirá los costos de gestión con Existing Flex. Embalar.
En la circular se incluyen más detalles sobre la propuesta de paquete flexible.
Transacción entre partes relacionadas
La proposed investment by the Company into the Secondary Fund would be considered a Related Party Transaction under Chapter 11 of the Listing Rules (with which the Company voluntarily complies and insofar as the Listing Rules are applicable to the Company by virtue of its voluntary compliance). JZAI is the Company's investment adviser and, under the Listing Rules, would therefore be considered a Related Party of the Company. In addition, the JZAI Founders (or their respective affiliates) and various members of the JZ US microcap investment team are also each considered to be a Related Party of the Company. The JZAI Founders are the founders and principals of the Company's Investment Adviser, JZAI, and are also substantial shareholders of the Company as they are entitled to exercise, or to control the exercise of, 10 per cent. or more of the votes able to be cast at a general meeting of the Company. As noted above, the Secondary Fund is being managed by an affiliate of JZAI, an affiliate of JZAI also serves as the general partner of the Secondary Fund, and the JZAI Founders (or their respective affiliates) and various members of the JZ US microcap investment team are existing investors in the Secondary Fund.
Por lo tanto, la inversión propuesta por la Compañía en el Fondo Secundario (que involucra, como se describe anteriormente, JZAI (o una filial de JZAI), los Fundadores de JZAI (o sus respectivas filiales) y varios miembros del equipo de inversión de microcaps de JZ US) ser considerada una Operación con Partes Relacionadas bajo el Capítulo 11 de las Reglas de Cotización en virtud del cumplimiento voluntario de la misma por parte de la Compañía. Como tal, la Propuesta de Flex Pack, como Transacción con Partes Relacionadas de la Compañía, requiere la aprobación de los Accionistas en relación con la inversión propuesta en el Fondo Secundario.
Por lo tanto, se propondrá una Resolución en la Asamblea General Extraordinaria en relación con la propuesta de Flex Pack como una transacción con partes relacionadas de la Compañía y se propone buscar la aprobación de los Accionistas para la inversión propuesta por la Compañía en el Fondo Secundario.
Dado que la Resolución implica una transacción con partes relacionadas de la Compañía, los fundadores de JZAI (o sus respectivas afiliadas) y varios miembros del equipo de inversión de microcaps de JZ US, cada uno como Parte Relacionada con respecto a la Compañía para los fines de la Resolución, han se han comprometido a no votar y han tomado todas las medidas razonables para garantizar que sus respectivos asociados no votarán sobre la Resolución correspondiente.
Convocatoria de Asamblea General Extraordinaria y Circular de Accionistas
El Aviso de convocatoria de la Asamblea General Extraordinaria se distribuye a los miembros de la Compañía y en breve se cargará en el sitio web de la Compañía en www.jzcp.com. Las copias de la Circular que la Compañía publica para los Accionistas están disponibles para su visualización, durante el horario comercial normal, en el domicilio social de la Compañía en Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL, Islas del Canal y pronto estarán disponibles para visualización en https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
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Reglamento de abuso de mercado
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en MAR. Tras la publicación de este anuncio, esta información privilegiada ahora se considera de dominio público. La persona responsable de organizar la publicación de este anuncio en nombre de la Compañía es David Macfarlane, Presidente de la Compañía.
Para mayor información:
Kit Dunford/Ed Berry | +44 (0) 7717 417 / +038 (44) 0 7703 |
david zalaznick | +1 212 485 9410 |
mate inteligente | +44 (0) 1481 745228 |
Noticia importante
Este anuncio contiene una serie de "declaraciones prospectivas". Generalmente, las palabras "podrá", "podrá", "deberá", "continuará", "cree", "espera", "pretende", "anticipa", "pronostica", "planea" y "proyecta" o en cada una de ellas En este caso, sus expresiones negativas o similares identifican declaraciones prospectivas. Dichas declaraciones reflejan los puntos de vista actuales de la compañía relevante con respecto a eventos futuros y están sujetas a riesgos, suposiciones e incertidumbres que podrían causar que los resultados reales difieran materialmente de aquellos expresados o implícitos en las declaraciones prospectivas. Muchos de estos riesgos, suposiciones e incertidumbres se relacionan con factores que están más allá de la capacidad de las empresas para controlar o estimar con precisión, como las condiciones futuras del mercado, cambios en las condiciones económicas y comerciales generales, la introducción de productos y servicios competidores, la falta de aceptación de nuevos productos o servicios y el comportamiento de otros participantes del mercado. Aunque la Compañía cree que las expectativas reflejadas en dichas declaraciones prospectivas son razonables, no se puede garantizar que dichas expectativas resulten correctas. Por lo tanto, los accionistas no deben confiar indebidamente en estas declaraciones prospectivas, que se refieren únicamente a la fecha de este documento. Excepto que lo exijan las leyes o regulaciones aplicables, la Compañía renuncia expresamente a cualquier obligación o compromiso de publicar públicamente cualquier actualización o revisión de cualquier declaración prospectiva contenida en este documento para reflejar cualquier cambio en las expectativas de la Compañía con respecto a las mismas o cualquier cambio en los eventos. , condiciones o circunstancias en las que se basa dicha declaración.