The Board of JLIF and a consortium which comprises Dalmore Capital Limited and Equitix Investment Management Limited confirm they are engaged in discussions regarding a possible cash offer for the entire issued and to be issued share capital of JLIF, to be made by a new company to be jointly owned by funds managed or advised by Dalmore and Equitix.
The possible offer is at a price of 142.5 pence per share in cash and also includes the payment of a dividend of up to 3.57 pence per share to JLIF shareholders prior to closing of the transaction.
The possible offer price represents an approximately 20.6 per cent. premium to JLIF's closing share price of 118.2 pence as at 13 July 2018 and an approximately 16.9 per cent. premium to JLIF's latest published NAV per share of 121.9 pence as at 31 March 2018.
Assuming a Pre-Closing Dividend of 3.57 pence per share, the total consideration represents an approximately 23.6 per cent. premium to JLIF's closing share price as at 13 July 2018 and an approximately 19.8 per cent. premium to JLIF's latest published NAV per share.
Following a period of negotiation with the consortium, the Board of JLIF have indicated to the consortium that it is minded to recommend a firm intention to make an offer for JLIF if made by the consortium on the terms set out in this announcement.