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JZ Capital Partners Ltd - JZCP completes the sale of its interest in Salter Labs

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JZ CAPITAL PARTNERS LIMITED
(a closed-end collective investment scheme incorporated with limited liability under the laws of Guernsey with registered number 48761)
LEI: 549300TZCK08Q16HHU44

JZCP completes the sale of its interest in Salter Labs


21 June 2021

JZ Capital Partners Limited ("JZCP" or the "Company"), the London listed fund that invests in US and European micro-cap companies and US real estate, refers to the announcement on 19 May 2021 of its annual results for the year ended 28 February 2021 in which the Company announced that conditional agreement had been reached in relation to the sale of its interest in one of its portfolio companies.

JZCP is now pleased to announce that the sale which relates to its portfolio company, Salter Labs has achieved completion with all conditions to closing being satisfied, resulting in the Company having received net proceeds of approximately US$41 million. JZCP's interest in Salter Labs is currently valued by the Company at approximately US$37.64 million. Further proceeds of approximately US$750,000 have also been placed in escrow some or all of which, depending on the outcome of certain closing adjustments, may also be received by the Company in due course.

The proceeds received by JZCP from the sale are intended to be used by it to repay an amount of approximately US$33 million to its senior lenders under the Company's existing senior facility agreement, with the balance of the proceeds to be applied in accordance with the Company's investment policy and for its general corporate purposes. Following the repayment to the senior lenders, the remaining balance outstanding under the senior facility will be approximately US$35 million.
 

For further information:


ARIVA.DE Börsen-Geflüster

Ed Berry
FTI Consulting
+44 (0) 20 3727 1046
David Zalaznick
Jordan/Zalaznick Advisers, Inc.
+1 (212) 485 9410
Sam Walden
Northern Trust International Fund Administration Services (Guernsey) Limited
+44 (0)1481 745385

Important Notice

This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements relate to matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, policies and the development of its strategies may differ materially from the impression created by the forward-looking statements contained in this announcement. In addition, even if the investment performance, result of operations, financial condition, liquidity and policies of the Company and development of its strategies, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. These forward-looking statements speak only as at the date of this announcement. Subject to their legal and regulatory obligations, each of the Company, the Investment Adviser and their respective affiliates expressly disclaims any obligations to update, review or revise any forward-looking statement contained herein whether to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based or as a result of new information, future developments or otherwise.

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