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salterlabs.com

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About Salter Labs

Salter Labs offers healthcare solutions including products for acute care, products for HME, and products for home.

Salter Labs Headquarter Location

272 E Deerpath Road Suite 302

Lake Forest, Illinois, 60045,

United States

800-421-0024

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Companies that have been granted at least 1 510(k) by the FDA since 2014. Companies tagged as #FDA510(K)

Latest Salter Labs News

JZ Capital Partners Ltd - Half-year Report

Nov 11, 2021

11/11/2021 | 02:01am EST Message : JZ CAPITAL PARTNERS LIMITED (the "Company" or "JZCP") (a closed-end investment company incorporated with limited liability under the laws of Guernsey with registered number 48761) INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 31 AUGUST 2021 (Classified Regulated Information, under DTR 6 Annex 1 section 1.2) 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 ("MAR"). 11 November 2021 JZ Capital Partners, the London listed fund that has investments in US and European micro-cap companies and US real estate, announces its interim results for the six-month period ended 31 August 2021. Investment Policy and Liquidity The Company continues to focus on implementing its New Investment Policy whereby the Company will make no further investments outside of its existing obligations or to the extent which an investment may be made to support an existing portfolio company. The Company’s objective continues to be realizing the maximum value from its investment portfolio and, after repaying its debt obligations (including the approx. $79.3 million of Zero Dividend Preference Shares (“ZDPs”) due 1 October 2022), returning capital to shareholders. The US and European micro-cap portfolios have continued to perform solidly, delivering a net increase of 10 and 3 cents per share, respectively, and both portfolios are working towards several realizations. To meet this challenge and afford the Company more time to maximise the value of its portfolio and bring these businesses to market, the following transactions have taken place in regard to the Company’s indebtedness:         The Company realized its investment in Salter Labs for net proceeds of approx. $41 million, of which approx.$33 million was applied in reduction of the Senior Debt; In consequence, the amount outstanding in respect of the Senior Debt (owned by clients and funds advised and sub-advised by Cohanzick Management, LLC and CrossingBridge Advisors, LLC (“Cohanzick”) was reduced from $68.7 million to $36.6 million during the period. The remaining balance of the Senior Debt is currently due on 12 June 2022; The Company has drawn down $31.5 million of subordinated notes maturing on 11 September 2022 under the Note Purchase Agreement Facility (“NPA”) made available by affiliates of Jay Jordan and David Zalaznick, as approved by shareholders; and £38.8 million of Convertible Unsecured Loan Stock (“CULS”) was redeemed on their maturity date of 30 July 2021. In addition, on 7 October 2021 (post-period end), the Company agreed with Cohanzick to borrow a further $16 million under the Senior Debt facility to provide additional liquidity to help the Company deliver on its New Investment Policy. Outlook The Board believes that the restructuring of JZCP’s Senior Debt and liquidity facility agreed with the JZAI Founders will significantly increase the Company’s ability to execute its New Investment Policy. However, JZCP’s Senior Debt and the new liquidity facility mature prior to the 1 October 2022 redemption date of the Company's zero dividend preference shares. Unless these instruments are refinanced, extended, or, as realisations permit, paid off, continued uncertainty will exist with regards to their redemption. Several realisations are being worked on, but there is no certainty as to their likely result or timing. As a result of JZCP's continued potential inability to redeem its debt on its stated maturities, the Directors’ report accompanying these results disclose a material uncertainty as to the Company’s ability to continue as a going concern. David Macfarlane, Chairman of JZCP, said: “We have worked hard during the period to execute the New Investment Policy, intending to realise the maximum value of the Company’s investments and, after repaying its debt obligations, returning capital to shareholders. The realisation of our investment in Salter Labs above NAV was a good result for the Company, and we continue to see good underlying performance from our US and European micro-cap portfolios, which are both working towards several realisations. However, the successful execution of the New Investment Policy remains dependent upon the timing, quantum and ultimate success of future realisations. As a result, additional time is needed to maximise the value of these realisations, which contributes to continued uncertainty regarding the Company’s ability to meet its debt maturities. However, the Board firmly believes that the combination of the restructuring of the Company’s Senior Debt, the new facility from the JZAI Founders, the repayment of the CULS, and the successful realisation of Salter Labs, represent a step forward in enabling the Company to maximise the value of its portfolio. The Board continues to be optimistic that all the Company’s obligations will be repaid in full and that ultimately a significant amount of capital will be returned to shareholders.” Market Abuse Regulation: The information contained within this announcement is inside information as stipulated under MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of the Company is David Macfarlane, Chairman. For further information: FTI Consulting Jordan/Zalaznick Advisers, Inc. Northern Trust International Fund Administration Services (Guernsey) Limited About JZ Capital Partners JZCP has investments in US and European micro-cap companies, as well as real estate properties in the US. JZCP’s Investment Adviser is Jordan/Zalaznick Advisers, Inc. (“JZAI”) which was founded by David Zalaznick and Jay Jordan in 1986. JZAI has investment professionals in New York, Chicago, London and Madrid. In August 2020, the Company's shareholders approved changes to the Company’s investment policy. Under the new policy, the Company will make no further investments except in respect of which it has existing obligations and to continue selectively to support the existing portfolio. The intention is to realise the maximum value of the Company's investments and, after repayment of all debt, to return capital to shareholders. JZCP is a Guernsey domiciled closed-ended investment company authorised by the Guernsey Financial Services Commission. JZCP's shares trade on the Specialist Fund Segment of the London Stock Exchange. For more information please visit www.jzcp.com . 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. Chairman's Statement We present the results of the Company for the six-month period ended 31 August 2021, which show that the Company’s NAV fell from $4.25 at year-end 28 February 2021 to $4.08 at 31 August 2021 ($4.60 at 31 August 2020). After finance and administration costs, this decrease is primarily attributable to a loss on our Esperante property, following the joint venture purchase price negotiated with affiliates of The Related Companies (“Related”). This write-down at Esperante and write-downs at two US micro-cap investments, Deflecto and New Vitality, were offset by the realisation of Salter Labs above NAV and continuing strong performance from the underlying portfolio investments in the JZHL Secondary Fund. Investment Policy and Liquidity The Company continues to focus on implementing its New Investment Policy, which is to say that the Company will make no further investments outside its existing obligations or to the extent that investments may be made to support certain selected portfolio companies. The Company’s objective continues to be the realisation of the maximum value from its investment portfolio and, after repaying its debt obligations (including the £57.6 million (approximately $79.3 million) of Zero Dividend Preference Shares (“ZDPs”) due 1 October 2022), the return of capital to its shareholders. Following the arrangements described in my statement dated 18 May 2021 accompanying the year-end results, the following transactions have taken place in regard to the Company’s indebtedness: The Company realised its investment in Salter Labs for net proceeds of approximately $41 million, of which approximately $33 million was applied in reduction of the Senior Debt; In consequence, the amount outstanding in respect of the Senior Debt (owned by clients and funds advised and sub-advised by Cohanzick Management LLC and CrossingBridge Advisors LLC (“Cohanzick”)) was reduced from $68.7 million at 28 February 2021 to $36.6 million at 31 August 2021. The remaining balance of the Senior Debt is currently due on 12 June 2022; The Company has drawn down $31.5 million of subordinated notes payable on 11 September 2022 under the Note Purchase Agreement (“NPA”) facility made available by affiliates of Jay Jordan and David Zalaznick, as approved by shareholders; and £38.8 million (appx. $54.1 million) of Convertible Unsecured Loan Stock (“CULS”) was redeemed on their maturity date of 30 July 2021 In addition, as announced on 7 October 2021, the Company agreed with Cohanzick to borrow a further amount of $16 million under the Senior Debt facility. Whilst the Company's intention remains as being to realise the maximum value of its investments and, after repaying its debt obligations, to return capital to shareholders, the Company acknowledges that this is likely to be contingent on its ability to implement an alternative debt restructuring plan over an appropriate timeframe and, as a result, considers it prudent given the potential relative illiquidity of its investments to maintain sufficient cash liquidity to support its existing portfolio investments and obligations as they fall due, including the Senior Debt which remains as maturing on 12 June 2022, the subordinated loan notes which mature on 11 September 2022 and the redemption of its ZDPs which fall due on 1 October 2022. Accordingly, the increase in the amount of the Senior Debt is intended to provide such liquidity to help enable the Company to maximise the value of its investments and to meet its obligations as they fall due. The Company remains committed to the delivery of its investment policy and has confirmed that the increase in the loan amount will be used in a manner consistent with that policy. However, at this time, the Senior Debt and the subordinated notes payable under the NPA facility mature prior to the redemption date of the ZDPs. Unless these three instruments are refinanced, extended, or, as realisations permit, paid off, continued uncertainty will exist with regards to their redemption. Several potential realisations are being worked on, but there is no certainty as to their likely result or timing. As a result of the Company’s continued potential inability to redeem its debt securities on their respective maturity dates, the Report of the Directors accompanying these results discloses a material uncertainty as to the Company’s ability to continue as a going concern. US and European Micro-cap Portfolios Our US and European micro-cap portfolios continue to perform solidly and we are working towards several realizations in both portfolios. During the period, the Company realised its investment in Salter Labs well above NAV, netting the Company $41 million in proceeds. Also during the period, JZCP received approximately $6.2 million in proceeds from selling down the “funded portion” of its commitment to the Orangewood Fund as well as from investor re-allocations from the final close of the Orangewood Fund. JZCP has now sold down its entire commitment to the Orangewood Fund. Real Estate Portfolio As previously discussed, the Company’s two remaining real estate assets that have equity value are 247 Bedford Avenue in Brooklyn, New York (where Apple is the principal tenant), and the Esperante office building in West Palm Beach, Florida. With regards to Esperante, we are pleased to have closed a joint venture agreement with Related, led by Stephen Ross; we continue to believe that a partnership with Related will create significant additional value for JZCP at Esperante going forward. As part of the joint venture, Related purchased 49.9% of the equity of Esperante, while the current ownership (which includes JZCP) retained 50.1% of the equity. In the context of this transaction, JZCP realised a loss based on the joint venture purchase price negotiated with Related. We will be commissioning a new appraisal for Esperante at year-end (28 February 2022), which we expect will reflect the continuously improving market environment in West Palm Beach, Florida, and look forward to reporting on our progress with Related in the coming months. Outlook The outlook remains similar, albeit improved, to when we reported at the time of the annual results. The realisation of our investment in Salter Labs was a very successful result; however, the execution of the New Investment Policy depends upon the timing and quantum of further realisations. The Board believes that the arrangements described above represent a step forward in enabling the Company to maximise the value of and to realise its investment portfolio. The Board continues to be optimistic that all the Company’s obligations will be repaid in full and that ultimately a significant amount of capital will be returned to shareholders. David Macfarlane Dear Fellow Shareholders, We continue to make substantial progress towards our stated goal of realizing investments to generate cash to pay debt, relieving JZCP of unfunded commitments and supporting our existing portfolio to maximize returns to shareholders. Specifically, we agreed the extension of JZCP’s remaining senior debt through June 2022. Furthermore, we agreed to personally provide a $31.5 million liquidity facility at 6.0% interest to JZCP (i.e., at the same rate as the CULS), which was approved by shareholders. Along with $41 million in net proceeds from the successful Salter realization in June 2021, these two transactions enabled JZCP to pay off its CULS in full and on their stated due date while at the same time maintaining a cash cushion. Most recently, in October 2021, we increased our credit facility with clients and funds advised and sub-advised by Cohanzick Management LLC and CrossingBridge Advisors LLC (“Cohanzick”) by an additional $16 million. Taken together, these transactions will help afford us further time to maximize the value of our portfolio as we approach the extended maturity of the balance of our senior debt as well as the stated maturities of our subordinated notes and ZDPs. Our US and European micro-cap portfolios continue to perform solidly and we are working towards several realizations in both portfolios. With regards to our West Palm Beach office tower, Esperante, we are pleased to have closed a joint venture agreement with affiliates of The Related Companies (“Related”); we continue to believe that a partnership with Related will create significant additional value for JZCP at Esperante going forward. As of 31 August 2021, our US micro-cap portfolio consisted of 15 businesses, which includes four ‘verticals’ and eight co-investments, across nine industries. Our European micro-cap portfolio consisted of 17 companies across six industries and seven countries. Net Asset Value (“NAV”) $4.08 The US micro-cap portfolio continued to perform well during the six-month period, delivering a net increase of 10 cents per share. This was primarily due to net accrued income of 4 cents and write-ups at co-investment Salter Labs (3 cents) and the JZHL Secondary Fund portfolio (11 cents). Offsetting these increases were decreases at co-investments George Industries, New Vitality and Deflecto (1 cent, 1 cent and 6 cents, respectively). Our European portfolio also performed well during the period, posting an increase of 3 cents, due to net write-ups at European portfolio companies. The real estate portfolio experienced a decrease of 6 cents, primarily due to a one-time write-down occasioned by the difference between the Esperante property’s last appraised value (August 31, 2020) and the implied joint venture purchase price negotiated with Related. We will be commissioning a new appraisal for Esperante at year- end (February 28, 2022), which we expect will reflect the continuously improving market environment in West Palm Beach, Florida. Returns US microcap portfolio As you know from previous reports, our US portfolio is grouped into industry ‘verticals’ and co-investments. As of December 4, 2020, certain of our verticals and co-investments are now grouped under JZHL Secondary Fund, LP (“JZHL” or the “Secondary Fund”). JZCP has a continuing interest in the Secondary Fund through a special limited partnership interest, which entitles JZCP to certain distributions from the Secondary Fund. Our ‘verticals’ strategy focuses on consolidating businesses under industry executives who can add value via organic growth and cross company synergies. Our co-investments strategy allows for greater diversification of our portfolio by investing in larger companies alongside well-known private equity groups. The US micro-cap portfolio continued to perform well during the six-month period, delivering a net increase of 10 cents per share. This was primarily due to net accrued income of 4 cents and write-ups at co-investment Salter Labs (3 cents) and the JZHL Secondary Fund portfolio (11 cents). Offsetting these increases were decreases at co-investments George Industries, New Vitality and Deflecto (1 cent, 1 cent and 6 cents, respectively). European microcap portfolio Our European portfolio also performed well during the period, posting an increase of 3 cents, due to net write-ups at European portfolio companies. JZCP invests in the European micro-cap sector through its approximately 18.8% ownership of Fund III. As of 31 August 2021, Fund III held 13 investments: five in Spain, two in Scandinavia, two in Italy, two in the UK and one each in Portugal and Luxembourg. JZCP held direct loans to a further three companies in Spain: Docout, Xacom and Toro Finance. JZAI has offices in London and Madrid and an outstanding team with over fifteen years of experience investing together in European micro-cap deals. Real estate portfolio The Company’s two remaining real estate assets that have equity value are 247 Bedford Avenue in Brooklyn, New York (where Apple is the principal tenant), and the Esperante office building in West Palm Beach, Florida. With regards to our real estate property, Esperante, we are pleased to have closed a joint venture agreement with affiliates of Related, led by Stephen Ross; we continue to believe that a partnership with Related will create significant additional value for JZCP at Esperante going forward. As part of the joint venture, Related purchased 49.9% of the equity of Esperante, while the current ownership (which includes JZCP) retained 50.1% of the equity. In the context of this transaction, JZCP experienced a one- time write-down occasioned by the difference between the property’s last appraised value (August 31, 2020) and the implied joint venture purchase price negotiated with Related. We will be commissioning a new appraisal for Esperante at year-end (February 28, 2022), which we expect will reflect the continuously improving market environment in West Palm Beach, Florida, and look forward to reporting on our progress with Related in the coming months. Other investments Our asset management business in the US, Spruceview Capital Partners, has continued to make encouraging progress since our last report to you. Spruceview addresses the growing demand from corporate pensions, endowments, family offices and foundations for fiduciary management services through an Outsourced Chief Investment Officer (“OCIO”) model as well as customized products/solutions per asset class. Spruceview’s third private markets fund, focused on co-investment opportunities in the US, ended the period with commitments of over $70 million. The firm also received additional commitments to its second private markets fund, bringing total commitments to $85 million, as well as additional contributions to the pension plans to which it provides advisory services. During the period, Spruceview also maintained a pipeline of potential client opportunities and continued to provide investment management oversight to the pension funds of the Mexican and Canadian subsidiaries of an international packaged foods company, as well as portfolios for family office clients, and a growing series of private market funds. As previously reported, Richard Sabo, former Chief Investment Officer of Global Pension and Retirement Plans at JPMorgan and a member of that firm’s executive committee, is leading a team of 17 investment, business and product development, legal and operations professionals. Realisations Orangewood Fund During the six-month period, JZCP received approximately $6.2 million in proceeds from selling down the “funded portion” of its commitment to the Orangewood Fund as well as from investor re-allocations from the final close of the Orangewood Fund. JZCP has now sold down its entire commitment to the Orangewood Fund. Salter Labs George Outlook We believe that JZCP’s outlook continues to improve significantly. The US and European microcap portfolios have performed well and our expectation remains that they will contribute to future NAV growth of the Company. We have restructured JZCP’s senior debt to allow for the repayment of the CULS. This was accomplished by extending the maturity of our senior loan by one year and by affiliates of the Investment Adviser making available a $31.5 million credit facility at 6.0% interest (i.e., the same rate as the CULS) to the Company. This facility matures behind the extended senior debt and in front of the ZDPs. We see significant value to be realized from our US and European microcap portfolios and will continue to selectively invest in these portfolios, in accordance with the new investment policy, to maximize their values. We believe this is the most effective way for us to be able to return significant capital to our ordinary shareholders. We continue to pursue several realizations and look forward to making announcements regarding these potentially significant liquidity events in the near future. Thank you again for your continued support through a difficult period. We remain dedicated to maximizing value for our fellow shareholders. Yours faithfully, David Macfarlane (Chairman)1 Mr Macfarlane was appointed to the Board of JZCP in 2008 as Chairman and a non-executive Director. Until 2002 he was a Senior Corporate Partner at Ashurst. He was a non-executive director of the Platinum Investment Trust Plc from 2002 until January 2007. James Jordan Mr Jordan is a private investor who was appointed to the Board of JZCP in 2008. He is a director of the First Eagle family of mutual funds, and of Alpha Andromeda Investment Trust Company, S.A. Until 30 June 2005, he was the managing director of Arnhold and S. Bleichroeder Advisers, LLC, a privately owned investment bank and asset management firm; and until 25 July 2013, he was a non-executive director of Leucadia National Corporation. He is an Overseer of the Gennadius Library of the American School of Classical Studies in Athens, and a Director of Pro Natura de Yucatan. Sharon Parr2 Mrs Parr was appointed to the Board of JZCP in June 2018. In 2003 she completed a private equity backed MBO of the trust and fund administration division of Deloitte and Touche, called Walbrook, selling it to Barclays Wealth in 2007. As a Managing Director of Barclays, she ultimately became global head of their trust and fund administration businesses, comprising over 450 staff in 10 countries. She stepped down from her executive roles in 2011 to focus on other areas and interests but has maintained directorships in several companies. She is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Society of Trust and Estate Practitioners, and is a resident of Guernsey. Ashley Paxton Mr Paxton was appointed to the board in August 2020. He has more than 25 years of funds and financial services industry experience, with a demonstrable track record in advising closed-ended London listed boards and their audit committees on IPOs, capital market transactions, audit and other corporate governance matters. He was previously C.I. Head of Advisory for KPMG in the Channel Islands, a position he held from 2008 through to his retirement from the firm in 2019. He is a Fellow of the Institute of Chartered Accountants in England and Wales and a resident of Guernsey. Amongst other appointments he is Chairman of the Youth Commission for Guernsey & Alderney, a locally based charity whose vision is that all children and young people in the Guernsey Bailiwick are ambitious to reach their full potential. 1Chairman of the nominations committee of which all Directors are members. 2Chairman of the audit committee of which all Directors are members. Report of the Directors Statement of Directors' Responsibilities The Directors are responsible for preparing the Interim Report and Financial Statements comprising the Half-yearly Interim Report (the "Interim Report") and the Unaudited Condensed Interim Financial Statements (the "Interim Financial Statements") in accordance with applicable law and regulations. ·      the Interim Financial Statements have been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted in the European Union and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and ·      the Chairman’s Statement and Investment Adviser’s Report include a fair review of the information required by: (i)   DTR 4.2.7R of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, being an indication of important events that have occurred during the first six months of the financial year and their impact on the Interim Financial Statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (ii)  DTR 4.2.8R of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or the performance of the entity during that period; and any changes in the related party transactions described in the 2021 Annual Report and Financial Statements that could do so. Principal Risks and Uncertainties The Company's Board believes the principal risks and uncertainties that relate to an investment in JZCP are as follows: Portfolio Liquidity The Company invests predominantly in unquoted companies and real estate. Therefore, this potential illiquidity means there can be no assurance investments will be realised at their latest valuation or on the timing of such realisations. The Board considers this illiquidity when planning to meet its future obligations, whether committed investments or the repayment of the Senior Debt Facility, Loan Notes and Zero Dividend Preference ("ZDP") shares. On a quarterly basis, the Board reviews a working capital model produced by the Investment Adviser which highlights the Company's projected liquidity and financial commitments. COVID-19 Whilst reporting its annual results for the year ended 28 February 2021, the Board disclosed in its Going Concern Assessment, that the encouraging performance of the micro-cap portfolios in the face of unprecedented circumstances gave the Board confidence in the valuation of the portfolios and the potential for growth and future valuation uplifts. The Board has confidence that the micro-cap portfolios are continuing to perform robustly but are mindful that market conditions mean that realisations may be delayed or become more difficult. NAV Factors (i) Macroeconomic Risks The Company's performance, and underlying NAV, is influenced by economic factors that affect the demand for products or services supplied by investee companies and the valuation of Real Estate interests held. Economic factors will also influence the Company's ability to realise investments and the level of realised returns. As at 31 August 2021, 28.5% (28 February 2021: 25.2%) of the Company's investments are denominated in non- US dollar currencies, primarily the Euro. Also, the Company's ZDP shares are denominated in Sterling. Fluctuations to these exchange rates will affect the NAV of the Company. (ii) Underlying Investment Performance The Company is reliant on the Investment Adviser to support the Company's investment portfolio by executing suitable investment decisions. The Investment Adviser provides the Board with an explanation of all investment decisions and also provides quarterly investment reports and valuation proposals of investee companies. The Board reviews investment performance quarterly and investment decisions are checked to ensure they are consistent with the agreed investment strategy. Share Price Trading at Discount to NAV JZCP's share price is subject to market sentiment and will also reflect any periods of illiquidity when it may be difficult for shareholders to realise shares without having a negative impact on share price. The Directors review the share price in relation to Net Asset Value on a regular basis and determine whether to take any action to manage the discount. The Directors, with the support of the Investment Adviser, work with brokers to maintain interest in the Company’s shares through market contact and research reports. Gearing and Financing Costs in the Real Estate Portfolio The cost of servicing debt in the underlying real estate structures may impact the net valuation of the real estate portfolio and subsequently the Company's NAV. Gearing in the underlying real estate structures will increase any losses arising from a downturn in property valuations. Operational and Personnel Although the Company has no direct employees, the Company considers what dependence there is on key individuals within the Investment Adviser and service providers that are key to the Company meeting its operational and control requirements. The Board considers the principal risks and uncertainties above are broadly consistent with those reported at the prior year end, but wish to note the following: The Board recognises the Company will have an increased exposure to liquidity risk as future debt obligations near maturity. Gearing and the finance costs within the real estate portfolio have become less of a future risk to the Company as the current valuation of $18.8 million (28 February 2021: $23.4 million) now reflects the majority of write downs that could be attributed by the gearing structure and costs incurred. The effect of COVID-19 on market conditions means that there are challenges to completing corporate transactions and planned realisations may be delayed. This uncertainty is considered when the Board assesses  the Company’s ability to generate sufficient realisation proceeds to meet its financial obligations. Going Concern A fundamental principle of the preparation of financial statements in accordance with IFRS is the judgement that an entity will continue in existence as a going concern for a period of at least 12 months from signing of the Interim Financial Statements, which contemplates continuity of operations and the realisation of assets and settlement of liabilities occurring in the ordinary course of business. Due to the uncertainties that the Company will not have sufficient liquidity to repay its Senior Debt Facility (due 12 June 2022), Loan Notes (due 11 September 2022) and redeem its ZDP shares (due 1 October 2022) there are material uncertainties which cast significant doubt on the ability of the Company to continue as a going concern. However, the Interim Financial Statements for the period ended 31 August 2021 have been prepared on a going concern basis given the Board's assessment of future realisations and the Company's expected ability to restructure and extend the maturity of debt obligations in line with forecasted cash flows. The Board, with recommendation from the Audit Committee, has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In reaching its conclusion, the Board has considered the risks that could impact the Company’s liquidity over the period from 10 November 2021 to 10 November 2022 (the "going concern period") being 12 months from the signing of the Interim Financial Statements. As part of their assessment, the Audit Committee highlighted the following key consideration: Whether if required, the Company can implement an alternative debt restructuring plan that will enable the Company to repay its debt obligations, including the redemption of its ZDP shares, over an extended timeframe. The extent of the debt restructuring will be dependent on the cash amounts generated through realisations of its underlying investments throughout the going concern period. Recent events impacting liquidity The repayment of $33.3 million of the Senior Debt Facility following a material realisation and the lenders also agreed to the extension of the maturity date of the Senior Debt Facility to 12 June 2022. The issue of Loan Notes totalling $31.5 million repayable 11 September 2022. The redemption of the Company's CULS (£38.8 million) on 30 July 2021. Post period end, the Company agreed with its existing senior lenders to borrow a further amount of $16.0 million under its Senior Debt Facility. Following the increase, the total amount outstanding under the Senior Debt Facility is approx.$52.6 million. Update on material liabilities due for settlement The below table shows the Company's net debt position at 31 October 2021 versus the prior year end and interim reporting date. 31.10.2021 163.2 The Company continues to work on the realisation of various investments within a timeframe that will enable the Company to maximise the value of its investment portfolio. If it becomes apparent during quarter 1 of 2022 that realisation amounts, over the going concern period, will be insufficient to meet the Company’s debt obligations, then the Company will look at opportunities to restructure its debt, to enable returns to be maximised and for debt obligations to be met over an extended timeframe. The Board continues to consider the levels of realisation proceeds historically generated by the Company’s micro- cap portfolios as well as the accuracy of previous forecasts whilst concluding on the predicted accuracy of forecasts presented. The Board acknowledges that the new maturity date of the Senior Debt Facility and the Loan Notes still fall within the going concern period and therefore the Company will still need to generate sufficient realisation proceeds, within the period, to repay its debt obligations or make alternative debt arrangements with lenders. Considering the Company’s projected cash position, ongoing operating costs, and the anticipated further investment required to support the Company’s portfolio, the Board anticipates further proceeds of approx. $150 million are required to enable the Company to settle its debts as they fall due. Going Concern Conclusion After careful consideration and based on an assessment of future realisations, the Board is satisfied, as of today’s date, that it is appropriate to adopt the going concern basis in preparing the financial statements and they have a reasonable expectation that the Company will continue in existence as a going concern for the period to 10 November 2022. However, the Board has determined that there is a material uncertainty surrounding the Company's ability to generate sufficient liquidity to repay its Senior Debt Facility (due 12 June 2022), Loan Notes (due 11 September 2022) and repay its ZDP shares (due 1 October 2022) which casts significant doubt over the ability of the Company to continue as a Going Concern, based on the following key consideration: Whether if required, the Company can implement an alternative debt restructuring plan that will enable the Company to repay its debt obligations, including the redemption of its ZDP shares, over an extended timeframe. The extent of the debt restructuring will be dependent on the cash amounts generated through realisations of its underlying investments throughout the going concern period. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Approved by the Board of Directors and agreed on behalf of the Board on 10 November 2021. David Macfarlane Independent Review Report to JZ Capital Partners Limited Conclusion We have been engaged by the Company to review the Unaudited Condensed Interim Financial Statements (“Interim Financial Statements”) for the six months ended 31 August 2021 which comprises the Statement of Comprehensive Income (Unaudited), Statement of Financial Position (Unaudited), Statement of Changes in Equity (Unaudited), Statement of Cash Flows (Unaudited) and related Notes 1 to 22. We have read the other information contained in the Interim Report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the Interim Financial Statements. Based on our review, nothing has come to our attention that causes us to believe that the Interim Financial Statements for the six months ended 31 August 2021 are not prepared, in all material respects, in accordance with International Accounting Standard 34, “Interim Financial Reporting”, as adopted by the European Union (“IAS 34”), and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority. Basis for Conclusion We conducted our review in accordance with International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in Note 2, the annual financial statements of the Company are prepared in accordance with IFRS as adopted by the European Union. The Interim Financial Statements have been prepared in accordance with IAS 34. Material Uncertainty Related to Going Concern We draw your attention to Note 3 in the Interim Financial Statements, which states that there is material uncertainty surrounding the Company's ability to generate sufficient liquidity to repay its Senior Debt Facility (due 12 June 2022) and Loan Notes (due 11 September 2022) and to redeem its ZDP shares (due 1 October 2022) based on the following key considerations: i.) Whether the Company can generate sufficient cash through realisations of its underlying investments to discharge its liabilities over the period to 10 November 2022 and ii.) Whether, in the event that sufficient realisation proceeds referenced above are not generated by the Company before the maturity dates of the debt obligations, including the redemption of the ZDP shares, the Company is able to implement an alternative debt restructuring plan to repay its debt obligations, including the redemption of the ZDP shares, over an extended timeframe. Our conclusion on the Interim Financial Statements based on our review is not modified in respect of this matter. Responsibilities of the Directors The Directors are responsible for preparing the Interim Report and Interim Financial Statements in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. Auditor’s responsibilities for the review of the financial information In reviewing the Interim Report and Interim Financial Statements, we are responsible for expressing to the Company a conclusion on the Interim Financial Statements. Our conclusion is based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the Company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK and Ireland) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our work, for this report, or for the conclusions we have formed. Ernst & Young LLP The Interim Report and Financial Statements are published on websites maintained by the Investment Adviser. The maintenance and integrity of these websites are the responsibility of the Investment Adviser; the work carried out by the Auditors does not involve consideration of these matters and, accordingly, the Auditor accepts no responsibility for any changes that may have occurred to the Condensed Interim Financial Statements since they were initially presented on the website. Legislation in Guernsey governing the preparation and dissemination of Condensed Interim Financial Statements may differ from legislation in other jurisdictions. Statement of Comprehensive Income (Unaudited) For the Period from 1 March 2021 to 31 August 2021 Six Month 41,187 35,656 ¹Proceeds from realisations and cash outflows from investments and capital calls exclude $0.6 million being distributions from JZI Fund III netted off capital calls. The accompanying notes form an integral part of the Interim Financial Statements. Notes to the Interim Financial Statements (Unaudited) 1. General Information JZ Capital Partners Limited ("JZCP" or the "Company") is a Guernsey domiciled closed-ended investment company which was incorporated in Guernsey on 14 April 2008 under the Companies (Guernsey) Law, 1994. The Company is now subject to the Companies (Guernsey) Law, 2008. The Company is classified as an authorised fund under the Protection of Investors (Bailiwick of Guernsey) Law 1987. The Company's Capital consists of Ordinary shares and Zero Dividend Preference ("ZDP") shares. The Company had issued Convertible Unsecured Loan Stock ("CULS"), which were redeemed on 30 July 2021. The Company's shares trade on the London Stock Exchange's Specialist Fund Segment ("SFS"). The Company's new investment policy, adopted in August 2020, is for the Company to make no further investments outside of its existing obligations or to the extent that investment may be made to support selected existing portfolio investments. The intention is to realise the maximum value of the Company’s investments and, after repayment of all debt, to return capital to shareholders. The Company’s previous Investment Policy was to target predominantly private investments and back management teams to deliver on attractive investment propositions. In executing this strategy, the Company took a long term view. The Company looked to invest directly in its target investments and was able to invest globally but with a particular focus on opportunities in the United States and Europe. The Company is currently mainly focused on supporting its investments in the following areas: (a)   small or micro-cap buyouts in the form of debt and equity and preferred stock in both the US and Europe; and (b)   real estate interests. The Company has no direct employees. For its services, the Investment Adviser receives a management fee as described in Note 10. The Company has no ownership interest in the Investment Adviser. During the period under review, the Company was administered by Northern Trust International Fund Administration Services (Guernsey) Limited. The Unaudited Condensed Interim Financial Statements (the "Interim Financial Statements") are presented in US$'000 except where otherwise indicated. 2. Significant Accounting Policies The accounting policies adopted in the preparation of these Interim Financial Statements have been consistently applied during the period, unless otherwise stated. Statement of Compliance The Interim Financial Statements of the Company for the period 1 March 2021 to 31 August 2021 have been prepared in accordance with IAS 34, "Interim Financial Reporting" as adopted in the European Union, together with applicable legal and regulatory requirements of the Companies (Guernsey) Law, 2008 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. The Interim Financial Statements do not include all the information and disclosure required in the Annual Audited Financial Statements and should be read in conjunction with the Annual Report and Financial Statements for the year ended 28 February 2021. Basis of Preparation The Interim Financial Statements have been prepared under the historical cost basis, except for financial assets and financial liabilities held at fair value through profit or loss ("FVTPL"). The principal accounting policies adopted in the preparation of these Interim Financial Statements are consistent with the accounting policies stated in Note 2 of the Annual Financial Statements for the year ended 28 February 2021. The preparation of these Interim Financial Statements are in conformity with IAS 34, "Interim Financial Reporting" as adopted in the European Union, and requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Interim Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. New standards, interpretations and amendments adopted by the Company The accounting policies adopted in the preparation of the Interim Financial Statements are consistent with those followed in the preparation of the Company’s Annual Financial Statements for the year ended 28 February 2021, which were prepared in accordance with IFRS as adopted by the European Union. There has been no early adoption, by the Company, of any other standard, interpretation or amendment that has been issued but is not yet effective. 3. Estimates and Judgements The estimates and judgements made by the Board of Directors are consistent with those made in the Audited Financial Statements for the year ended 28 February 2021. Directors’ Assessment of Going Concern A fundamental principle of the preparation of financial statements in accordance with IFRS is the judgement that an entity will continue in existence as a going concern for a period of at least 12 months from signing of the Interim Financial Statements, which contemplates continuity of operations and the realisation of assets and settlement of liabilities occurring in the ordinary course of business. Due to the uncertainties that the Company will not have sufficient liquidity to repay its Senior Debt Facility (due 12 June 2022), Loan Notes (due 11 September 2022) and redeem its ZDP shares (due 1 October 2022) there are material uncertainties which cast significant doubt on the ability of the Company to continue as a going concern. However, the Interim Financial Statements for the period ended 31 August 2021 have been prepared on a going concern basis given the Board's assessment of future realisations and the Company's expected ability to restructure and extend the maturity of debt obligations in line with forecasted cash flows. The Board, with recommendation from the Audit Committee, has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. In reaching its conclusion, the Board has considered the risks that could impact the Company’s liquidity over the period from 10 November 2021 to 10 November 2022 (the "going concern period") being 12 months from the signing of the Interim Financial Statements. As part of their assessment, the Audit Committee highlighted the following key consideration: Whether if required, the Company can implement an alternative debt restructuring plan that will enable the Company to repay its debt obligations, including the redemption of its ZDP shares, over an extended timeframe. The extent of the debt restructuring will be dependent on the cash amounts generated through realisations of its underlying investments throughout the going concern period. Recent events impacting liquidity ·      The repayment of $33.3 million of the Senior Debt Facility following a material realisation and the lenders also agreed to the extension of the maturity date of the Senior Debt Facility to 12 June 2022. ·      The issue of Loan Notes totalling $31.5 million repayable 11 September 2022. ·      The redemption of the Company's CULS (£38.8 million) on 30 July 2021. ·      Post period end, the Company agreed with its existing senior lenders to borrow a further amount of $16.0 million under its Senior Debt Facility. Following the increase, the total amount outstanding under the Senior Debt Facility is approx. $52.6 million. Update on material liabilities due for settlement The below table shows the Company's net debt position at 31 October 2021 versus the prior year end and interim reporting date: 31.10.2021 163.2 The Company continues to work on the realisation of various investments within a timeframe that will enable the Company to maximise the value of its investment portfolio. If it becomes apparent during quarter 1 of 2022 that realisation amounts, over the going concern period, will be insufficient to meet the Company’s debt obligations, then the Company will look at opportunities to restructure its debt, to enable returns to be maximised and for debt obligations to be met over an extended timeframe. The Board continues to consider the levels of realisation proceeds historically generated by the Company’s micro-cap portfolios as well as the accuracy of previous forecasts whilst concluding on the predicted accuracy of forecasts presented. The Board acknowledges that the new maturity date of the Senior Debt Facility and the Loan Notes still fall within the going concern period and therefore the Company will still need to generate sufficient realisation proceeds, within the period, to repay its debt obligations or make alternative debt arrangements with lenders post relevant maturity dates. Considering the Company’s projected cash position, ongoing operating costs, and the anticipated further investment required to support the Company’s portfolio, the Board anticipates further proceeds of approx. $150 million are required to enable the Company to settle its debts as they fall due. Going Concern Conclusion After careful consideration and based on an assessment of future realisations, the Board is satisfied, as of today’s date, that it is appropriate to adopt the going concern basis in preparing the financial statements and they have a reasonable expectation that the Company will continue in existence as a going concern for the period to 10 November 2022. However, the Board has determined that there is a material uncertainty surrounding the Company's ability to generate sufficient liquidity to repay its Senior Debt Facility (due 12 June 2022), Loan Notes (due 11 September 2022) and repay its ZDP shares (due 1 October 2022) which casts significant doubt over the ability of the Company to continue as a Going Concern, based on the following key consideration: Whether if required, the Company can implement an alternative debt restructuring plan that will enable the Company to repay its debt obligations, including the redemption of its ZDP shares, over an extended timeframe. The extent of the debt restructuring will be dependent on the cash amounts generated through realisations of its underlying investments throughout the going concern period. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. 4. Segment Information The Investment Manager is responsible for allocating resources available to the Company in accordance with the overall business strategies as set out in the Investment Guidelines of the Company. The Company is organised into the following segments: ·      Portfolio of US Micro-cap investments ·      Portfolio of European Micro-cap investments ·      Portfolio of Real Estate investments ·      Portfolio of Other Investments - (not falling into above categories) Investments in treasury bills are not considered as part of the investment strategy and are therefore excluded from this segmental analysis. The investment objective of each segment is to achieve consistent medium-term returns from the investments in each segment while safeguarding capital by investing in a diversified portfolio. Segmental operating profit/(loss) 329,559 Other receivables (other than the Investment Adviser fee prepayment) are not considered to be part of individual segment assets. Certain liabilities are not considered to be part of the net assets of an individual segment. These include custodian and administration fees payable, directors’ fees payable and other payables and accrued expenses. 5. Fair Value of Financial Instruments The Company classifies fair value measurements of its financial instruments at FVTPL using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The financial instruments valued at FVTPL are analysed in a fair value hierarchy based on the following levels: Level 1 Level 2 Those involving inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). For example, investments which are valued based on quotes from brokers (intermediary market participants) are generally indicative of Level 2 when the quotes are executable and do not contain any waiver notices indicating that they are not necessarily tradeable. Another example would be when assets/liabilities with quoted prices, that would normally meet the criteria of Level 1, do not meet the definition of being traded on an active market. Level 3 Those involving inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Investments in JZCP's portfolio valued using unobservable inputs such as multiples, capitalisation rates, discount rates fall within Level 3. Differentiating between Level 2 and Level 3 fair value measurements i.e., assessing whether inputs are observable and whether the unobservable inputs are significant, may require judgement and a careful analysis of the inputs used to measure fair value including consideration of factors specific to the asset or liability. The following table shows financial instruments recognised at fair value, analysed between those whose fair value is based on: Financial assets at 31 August 2021 Level 1 52,430 Market transactions for the CULS did not take place with sufficient frequency and volume to provide adequate pricing information on an ongoing basis and therefore it was considered the CULS were not traded in an active market and were therefore categorised at Level 2 as defined by IFRS. Quantitative information of significant unobservable inputs and sensitivity analysis to significant changes in unobservable inputs within Level 3 hierarchy The significant unobservable inputs used in fair value measurement categorised within Level 3 of the fair value hierarchy together with a quantitative sensitivity as at 31 August 2021 and 28 February 2021 are shown below: Value 2,194 ¹The Fair Value of JZCP's investment in financial interests in Real Estate is measured as JZCP's percentage interest in the value of the underlying properties. ²Sensitivity is applied to the property value and then the debt associated to the property is deducted before the impact to JZCP's equity value is calculated. Due to gearing levels in the property structures, an increase in the sensitivity of measurement metrics at property level will result in a significantly greater impact at JZCP's equity level. 3 JZCP's investment in Spruceview. The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the reporting period/year. Period ended 31 August 2021 US Fair value of Zero Dividend Preference ("ZDP") shares The fair value of the ZDP shares is deemed to be their quoted market price. As at 31 August 2021, the ask price for the ZDP (2022) shares was £4.40 (28 February 2021: £3.80 per share) and the total fair value of the ZDP shares was $72,107,000 (28 February 2021: $63,263,000) which is $2,907,000 lower (28 February 2021: $11,040,000 lower) than the liability recorded in the Statement of Financial Position. ZDP shares are recorded at amortised cost and would fall in to the Level 2 hierarchy if valued at FVTPL. 6. Net Loss on Investments at Fair Value Through Profit or Loss Period 7. Expected Credit Losses Expected Credit Losses ("ECLs") are recognised in three stages. Stage one being for credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). Stage two being for those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Stage three being credit exposures which are considered credit-impaired, interest revenue is calculated based on the amortised cost (i.e. the gross carrying amount less the loss allowance). Financial assets in this stage will generally be assessed individually. Lifetime expected credit losses are recognised on these financial assets. Period ended Investment Advisory and Performance fees The Company entered into the amended and restated investment advisory and management agreement with Jordan/Zalaznick Advisers, Inc. (the "Investment Adviser") on 23 December 2010 (the ”Advisory Agreement”). Pursuant to the Advisory Agreement, the Investment Adviser is entitled to a base management fee and to an incentive fee. The base management fee is an amount equal to 1.5 per cent per annum of the average total assets under management of the Company less those assets identified by the Company as being excluded from the base management fee, under the terms of the agreement. The base management fee is payable quarterly in arrears; the agreement provides that payments in advance on account of the base management fee will be made. For the six-month period ended 31 August 2021, total investment advisory and management expenses, based on the average total assets of the Company, were included in the Statement of Comprehensive Income of $3,888,000 (period ended 31 August 2020: $5,359,000). Of this amount, $191,000 was prepaid (28 February 2021: $573,000 was due and payable) at the period end. During the year ended 29 February 2020, the Investment Adviser agreed to waive incentive fees payable by the Company relating to realised gains in the years ended February 2019 and 2020. No further incentive fees will be paid to the Investment Adviser until the Company and Investment Adviser have mutually agreed to reinstate such payments. 11. Investments 12. Zero Dividend Preference ("ZDP") shares On 1 October 2015, the Company rolled over 11,907,720 existing ZDP (2016) shares into new ZDP shares with a 2022 maturity date. The new ZDP shares (ZDP 2022) have a gross redemption yield of 4.75% and a total redemption value of £57,597,000 (approximately $77,121,000 using the period end exchange rate). ZDP shares are designed to provide a pre-determined final capital entitlement which ranks behind the Company's creditors but in priority to the capital entitlements of the Ordinary shares. The ZDP shares carry no entitlement to income and the whole of their return will therefore take the form of capital. In certain circumstances, ZDP shares carry the right to vote at general meetings of the Company as detailed in the Company's Memorandum and Articles of Incorporation. Issue costs are deducted from the cost of the liability and allocated to the Statement of Comprehensive Income over the life of the ZDP shares. ZDP (2022) shares 13. Loan Notes During the period, the Company entered into a note purchase agreement with David Zalaznick and John (Jay) Jordan, the founders and principals of the Company's investment adviser, Jordan/Zalaznick Advisers, Inc. ("JZAI"), pursuant to which they have agreed to purchase directly or through their affiliates, subordinated, second lien loan notes totalling $31.5 million, with a maturity date of 11 September 2022 (the “Loan Notes”). The interest rate on the Loan Notes will be 6 per cent. per annum payable semi-annually on each of 31 March and 30 September of each year, commencing on the first such date to occur after the issuance of the Loan Notes. 31.8.2021 14. Senior Debt Facility On 12 June 2015, JZCP entered into a Senior Secured Debt Facility agreement with Guggenheim Partners Limited (the "Original Lenders"). The original facility was structured as $80 million and €18 million and increased by a further $50 million in April 2017. The original maturity date of the facility being on 12 June 2021 (6 year term). On 23 October 2020, the Company announced that it has agreed amended terms of the Senior Debt Facility. Under the terms of the Amended Senior Facility, $40 million of the outstanding principal amount was assigned from the original lenders to clients and funds advised by Cohanzick Management, LLC and CrossingBridge Advisors, LLC (the “Replacement Lenders”). Subsequent to entering into the amended agreement and following investment realisations, the Company repaid a total of $82.9 million of the outstanding principal amount. On 23 February 2021, the Company announced that Guggenheim Partners Europe Limited had sold its remaining interest in the Company’s senior debt facility (the “First Out Loan”) to the Replacement Lenders. There were no further changes to the quantum or terms of the existing First Out Loan as a result of this transaction. On 14 May 2021, the Company entered into an amendment agreement with its senior lenders to further amend the terms of its senior debt facility which will, among other things, extend the maturity date of the senior debt facility by one year until 12 June 2022. The interest rate charges under the amended agreement

Salter Labs Acquisitions

4 Acquisitions

Salter Labs acquired 4 companies. Their latest acquisition was InnoMed Technologies on October 27, 2017.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

10/27/2017

$99M

Acquired - II

1

10/27/2017

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$99M

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10

10/27/2017

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$99M

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10

10/27/2017

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$99M

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10

Date

10/27/2017

10/27/2017

10/27/2017

10/27/2017

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired - II

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Sources

1

10

10

10

Salter Labs Partners & Customers

1 Partners and customers

Salter Labs has 1 strategic partners and customers. Salter Labs recently partnered with Premier on June 6, 2019.

Date

Type

Business Partner

Country

News Snippet

Sources

6/19/2019

Client

United States

Salter Labs Receives Supplier Horizon Award from Premier Inc.

`` Salter Labs is proud to partner with Premier Inc. to bring our innovative airway management , capnography , and respiratory care products to Premier Inc. 's members , '' said Greg Pritchard , CEO of Salter Labs .

1

Date

6/19/2019

Type

Client

Business Partner

Country

United States

News Snippet

Salter Labs Receives Supplier Horizon Award from Premier Inc.

`` Salter Labs is proud to partner with Premier Inc. to bring our innovative airway management , capnography , and respiratory care products to Premier Inc. 's members , '' said Greg Pritchard , CEO of Salter Labs .

Sources

1

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