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(Alliance News) - JZ Capital Partners Ltd on Friday said it intends to return about USD100 million to its shareholders despite a moderate reduction in its net asset value in the past quarter.
The stock was trading 1.3% higher on Friday afternoon at 483.00 pence a share in London.
The investment company said NAV per share as at the end of May stood at USD9.92, down 1.2% compared to USD10.04 reported on February 28.
In the three months to the end of May, JZ Capital said it invested USD2.4 million in Exer Urgent Care, one of the largest urgent care operators in Greater-Los Angeles and Orange County, California.
The company also has spent USD21.4 million in follow-on investments in its assemblages in Brooklyn, New York, and South Florida.
JZ Capital has received approval to return USD100 million in capital to shareholders via a series of tender offers at a price no more than a 5% discount to NAV.
The company said it expects to send out documents regarding the first tender offer of USD30 million in July.
"The period was characterized by a series of successful realizations as part of our continued commitment to using proceeds to make distributions to shareholders and pay down debt," said Founder & Investment Advisor David Zalaznick.