JZ Capital Partners : Shareholder circular and Notice of EGM - 30 May 2024

THIS DOCUMENT AND THE ACCOMPANYING FORM OF PROXY ARE IMPORTANT AND REQUIRE YOUR IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take or the contents of this document, you should consult your stockbroker, bank manager, solicitor, accountant or other independent financial adviser authorised under the Financial Services and Markets Act 2000, as amended, if you are a resident in the United Kingdom or, if not, from another appropriately authorised financial adviser without delay.

If you sell or otherwise transfer or have sold or otherwise transferred all of your registered holding of Ordinary Shares, please send this document, together with the accompanying Form of Proxy, as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for delivery to the purchaser or transferee. However, such documents should not be sent, forwarded or transmitted in, into or from any jurisdiction if to do so would constitute a violation of the relevant laws of such jurisdiction. If you sell or otherwise transfer or have sold or otherwise transferred part of your registered holding of Ordinary Shares, please consult the stockbroker, bank or other agent through whom the partial sale or transfer was effected.

The Company is an authorised closed-ended collective investment scheme pursuant to section 8 of the Protection of Investors (Bailiwick of Guernsey) Law, 2020 (as amended) and the Authorised Closed- Ended Investment Schemes Rules and Guidance, 2021 issued by the Guernsey Financial Services Commission.

This document has not been delivered to the Registrar of Companies in Guernsey, the Guernsey Financial Services Commission, the States of Guernsey or any other authority in any jurisdiction for registration.

________________________________________________________________________________

JZ CAPITAL PARTNERS LIMITED

(Incorporated in Guernsey as a non-cellular company limited by shares under The Companies (Guernsey) Law

2008 (as amended) with registered no. 48761)

Recommended proposal to approve

Amendments to the Articles of Incorporation of the Company to enable the Company to commence returning capital to Shareholders by way of a Redemption of Ordinary Shares

and

Notice of Extraordinary General Meeting

________________________________________________________________________________

This document does not constitute or form part of any offer or invitation to purchase, otherwise acquire, subscribe for, sell, otherwise dispose of or issue, or any solicitation of any offer to sell, otherwise dispose of, issue, purchase, otherwise acquire or subscribe for, any security.

This is not a prospectus but a shareholder circular. The distribution of this document in jurisdictions other than the United Kingdom may be restricted by the laws of those jurisdictions and therefore persons into whose possession this document comes should inform themselves about and observe any such restrictions. Failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Your attention is drawn to the Letter from the Chairman of the Company set out in Part I ("Chairman's Letter") of this document which contains the unanimous recommendation of the Directors of the Company that Shareholders vote in favour of the Resolution to be proposed at the Extraordinary General Meeting of the Company, as the Directors intend to do in respect of their own beneficial holdings. Your attention is also drawn to the section entitled "Proxy Form Accompanying this Document and Action to be Taken" and paragraph 6 of the Letter from the Chairman of the Company set out in Part I ("Chairman's Letter") of this document which explains the Form of Proxy accompanying this document and the action to be taken by Shareholders in respect thereof. This document and the accompanying Form of Proxy should be read in their entirety.

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A Notice of Extraordinary General Meeting of the Company is set out at the end of this document. The Notice provides all Shareholders with notice of the Extraordinary General Meeting. Shareholders have the right to attend and vote on the Resolution to be proposed at the Extraordinary General Meeting.

The Extraordinary General Meeting of the Company is to be held at 1.15 p.m. on 3 July 2024 (or as soon thereafter as the Annual General Meeting of the Company convened for the same day and place has been concluded or adjourned). The Extraordinary General Meeting is to be held at the offices of Northern Trust International Fund Administration Services (Guernsey) Limited, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL, Channel Islands.

A Form of Proxy will accompany this document for use by Shareholders in connection with the Extraordinary General Meeting of the Company. To be valid, the Form of Proxy should be completed, signed and returned in accordance with the instructions printed thereon, so as to be received by Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, United Kingdom as soon as possible and in any event not later than 48 hours before the appointed time for the holding of the Extraordinary General Meeting (excluding any part of a day which is non-working). Completion and return of the Form of Proxy will not preclude Shareholders from attending and voting in person at the Extraordinary General Meeting should they so wish and be so entitled to vote. Shareholders are advised to review the instructions which are set out in the section entitled "Proxy Form Accompanying this Document and Action to be Taken" and paragraph 6 of the Letter from the Chairman of the Company set out in Part I ("Chairman's Letter") of this document regarding the proper completion and return of the Form of Proxy.

Cautionary note regarding forward-looking statements

This document contains a number of "forward-looking statements". Generally, the words "will", "may", "should", "continue", "believes", "expects", "intends", "anticipates", "forecast", "plan" and "project" or in each case, their negative, or similar expressions identify forward-looking statements. Such statements reflect the relevant company's current views with respect to future events and are subject to risks, assumptions and uncertainties that could cause the actual results to differ materially from those expressed or implied in the forward-looking statements. Many of these risks, assumptions and uncertainties relate to factors that are beyond the companies' abilities to control or estimate precisely, such as future market conditions, changes in general economic and business conditions, introduction of competing products and services, lack of acceptance of new products or services and the behaviour of other market participants. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Shareholders should not, therefore, place undue reliance on these forward-looking statements, which speak only as of the date of this document. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Unless otherwise defined herein, capitalised terms used in this document have the meanings given to them in the section entitled "Definitions" set out in Part V ("Definitions") of this document.

30 May 2024

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TABLE OF CONTENTS
	Page
EXPECTED TIMETABLE	4
PROXY FORM ACCOMPANYING THIS DOCUMENT AND ACTION TO BE TAKEN	5
PART I - CHAIRMAN'S LETTER	6
PART II - RISK FACTORS	12
PART III - TAXATION	13
PART IV - ADDITIONAL INFORMATION	20
PART V - DEFINITIONS	22
NOTICE OF EXTRAORDINARY GENERAL MEETING	26

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EXPECTED TIMETABLE

Publication and posting of this document and the	30 May 2024
accompanying Form of Proxy for the Extraordinary
General Meeting
Latest time and date for receipt of the Form of Proxy for the	1.15 p.m. on 1 July 2024
Extraordinary General Meeting
Extraordinary General Meeting	1.15 p.m. on 3 July 2024 (or as soon
	thereafter as the Annual General
	Meeting of the Company convened for
	the same day and place has been
	concluded or adjourned)
Announcement of the results of the Extraordinary General	3 July 2024
Meeting

NOTES:

1. All references in this document are to London time unless otherwise stated.
2. The times and dates set out in the Expected Timetable above and mentioned throughout this document may be adjusted by the Company in its sole and absolute discretion, in which event details of the new times and dates will be notified, where required, to the Guernsey Financial Services Commission, the London Stock Exchange and the Shareholders.
3. The Extraordinary General Meeting is to be held at the offices of Northern Trust International Fund Administration Services (Guernsey) Limited, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL, Channel Islands.

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PROXY FORM ACCOMPANYING THIS DOCUMENT AND ACTION TO BE TAKEN

A Form of Proxy will accompany this document for use by Shareholders in connection with the Extraordinary General Meeting of the Company.

SHAREHOLDERS SHOULD READ THE WHOLE OF THIS DOCUMENT, WHICH CONTAINS, AMONG OTHER THINGS, INFORMATION IN RELATION TO THE PROPOSAL TO AMEND THE ARTICLES OF INCORPORATION OF THE COMPANY, AND NOT JUST THIS SECTION OF THIS DOCUMENT ENTITLED "PROXY FORM ACCOMPANYING THIS DOCUMENT AND ACTION TO BE TAKEN", INCLUDING BEFORE DECIDING WHAT ACTION TO TAKE.

SHAREHOLDERS ARE ALSO ADVISED TO REVIEW THE INSTRUCTIONS SET OUT IN PARAGRAPH 6 OF THE LETTER FROM THE CHAIRMAN OF THE COMPANY SET OUT IN PART I ("CHAIRMAN'S LETTER") OF THIS DOCUMENT REGARDING THE PROPER COMPLETION AND RETURN OF THE FORM OF PROXY. IN ADDITION, SHAREHOLDERS ARE ADVISED TO REVIEW THE INSTRUCTIONS ON THE FORM OF PROXY ITSELF REGARDING THE SAME.

For Shareholders to complete and return the Form of Proxy for the purpose of the Extraordinary General Meeting:

Whether or not you intend to be present at the Extraordinary General Meeting, you are asked to complete, sign and return the Form of Proxy in accordance with the instructions printed thereon, so as to be received by Equiniti Limited, Aspect House, Spencer Road, Lancing, West Sussex BN99 6DA, United Kingdom as soon as possible and in any event not later than 48 hours before the appointed time for the holding of the Extraordinary General Meeting (excluding any part of a day which is non-working).

The completion and return of the Form of Proxy will not preclude Shareholders from attending and voting in person at the Extraordinary General Meeting if they so wish and are so entitled.

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PART I - CHAIRMAN'S LETTER

JZ CAPITAL PARTNERS LIMITED

(Incorporated in Guernsey as a non-cellular company limited by shares under The Companies

(Guernsey) Law 2008 (as amended) with registered no. 48761)

Non-Executive Directors	Registered Office
	JZ Capital Partners Limited
David Macfarlane (Chairman)	PO Box 255
James Jordan	Trafalgar Court
Sharon Parr	Les Banques
Ashley Paxton	St Peter Port
	Guernsey
	GY1 3QL
30 May 2024
Dear Shareholder,

Recommended proposal to approve

Amendments to the Articles of Incorporation of the Company to enable the Company to commence returning capital to Shareholders by way of a Redemption of Ordinary Shares

and

Notice of Extraordinary General Meeting

1. Introduction

The principal purpose of this Document is to set out and explain the Company's proposal to approve certain amendments to the Articles of Incorporation of the Company and to approve the adoption of the New Articles in substitution for, and to the exclusion of, the Company's existing Articles.

As detailed in the Company's announcements made on 18 April 2024 and 8 May 2024, the Company intends to commence returning capital to Shareholders initially in an amount of approximately US$40 million as soon as possible and which the Company still expects will take place by the end of July 2024. The Company also remains of the view that the most appropriate form and mechanism to effect this initial return of capital will be via a Redemption of its Ordinary Shares. The Company's approach with respect to this initial return of capital is as earlier explained in line with the Company's published investment policy and specifically the strategy of realising the maximum value of investments and, after the repayment of all debt, returning capital to Shareholders, subject always to retaining sufficient funds to cover existing obligations and support certain existing investments to maximise their value.

With respect to any potential further returns of capital in the longer term (and as also earlier explained), the Company remains committed to its investment policy and the strategy as stated immediately above. To that end, the Company will continue to assess its ability to make further returns of capital to Shareholders (as well as the manner in which they are made), and will seek to do so as and when it has sufficient cash reserves that are not otherwise required to support its existing investments to maximise value and/or to meet its existing obligations such as operational expenses.

The Company is not currently permitted to redeem its Ordinary Shares under its existing Articles, nor are the rights of the Ordinary Shares classed as redeemable. As such, the Company is publishing this document in order to convene an Extraordinary General Meeting of the Company at which Shareholder approval will be sought to make the necessary amendments to the Articles in order to permit a Redemption of Ordinary Shares and to change the rights of the Ordinary Shares to make them redeemable (referred to herein as the "Articles Amendments"). If the necessary Shareholder approval is obtained, the Company intends to undertake the abovementioned initial return of capital by way of a Redemption of Ordinary Shares and so as to return approximately US$40 million to Shareholders by the end of July 2024. The Company may also make further returns of capital to Shareholders in the future using this same method, but it reserves the right as well to make such returns in another way should it consider it

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to be in the best interests of the Company and the Shareholders to do so in the then prevailing circumstances.

As Shareholder approval is required in order to amend the Articles, an Extraordinary General Meeting of the Company is being convened for 1.15 p.m. on 3 July 2024 (or as soon thereafter as the Annual General Meeting of the Company convened for the same day and place has been concluded or adjourned). The Extraordinary General Meeting will be held at the offices of Northern Trust International Fund Administration Services (Guernsey) Limited, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL, Channel Islands. The Notice convening the Extraordinary General Meeting, which contains the Resolution to be proposed at that meeting concerning the Articles Amendments, is set out at the end of this document.

The principal purpose of this document is therefore to set out and explain the proposed Articles Amendments and provide further information regarding a Redemption of the Company's Ordinary Shares.

In addition to the principal purpose of this document, the purpose of this document is also to:

• provide Shareholders with notice of the Extraordinary General Meeting at which the Resolution to be proposed at that meeting concerning the Article Amendments will be put forward to, and voted on by, the Shareholders; and
• explain why the Board:
• • considers the Article Amendments and the Resolution to be proposed at the Extraordinary General Meeting to be in the best interests of the Company and the Shareholders; and
  • unanimously recommends that Shareholders vote in favour of the Resolution to be proposed at the Extraordinary General Meeting, as the Directors intend to do in respect of their own beneficial holdings.

Shareholders should read the whole of this document and not just rely on any of the summarised information as is set out herein. Further details of the Articles Amendments and a Redemption of the Company's Ordinary Shares are set out below.

2. Further details on the Articles Amendments and a Redemption of Ordinary Shares

2.1 Amendments to the Articles

As mentioned above, the Company is not currently permitted to redeem its Ordinary Shares under its existing Articles, nor are the rights of the Ordinary Shares redeemable. As such, in order to enable the Company to commence returning capital to its Shareholders by way of a Redemption of Ordinary Shares (including for the purposes of the abovementioned initial return of capital), the Board is seeking Shareholder approval for the Company to amend the existing Articles by approving and adopting the New Articles in substitution for, and to the exclusion of, the Company's existing Articles. The Articles Amendments concern amendments to the Articles which would permit a Redemption of the Ordinary Shares by changing the rights of the Ordinary Shares to make them redeemable, and specifying (among other things) the process for redeeming the Ordinary Shares. Shareholder approval for the Articles Amendments will be sought at an Extraordinary General Meeting of the Company.

The principal amendments that the Company proposes to make to the Articles are as set out below:

• The New Articles include provisions which provide that the Company will be permitted to and may from time to time, and as determined by the Board (in its absolute discretion), compulsorily redeem such number of Ordinary Shares as it sees fit from all Shareholders pro rata to their existing holdings of Ordinary Shares. The New Articles provide that the Ordinary Shares will be compulsorily redeemed at a price per Ordinary Share to be determined by the Board that is equal to the most recently published (via an RNS of the Company) month-end NAV per Ordinary Share as at the close of business on the date falling on the final day of the month immediately prior to a Redemption or, in the absence of which, a price to be determined by the

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Board that is equal to the month-end NAV per Ordinary Share as at the close of business on that date. In either case, such price at which the Ordinary Shares will be compulsorily redeemed may be adjusted as the Board considers appropriate including (without limitation) for any costs associated with a Redemption.

• Furthermore, the New Articles include provisions outlining the procedure to be undertaken by the Company when effecting a Redemption of Ordinary Shares. These provisions include, among other things, details regarding (a) the announcement to be published by the Company in connection with a Redemption and the information to be included in such an announcement, (b) the time at which a Redemption will become effective, and (c) the procedure for effecting and the settlement of a Redemption including the payment of Redemption proceeds to Shareholders. Further information regarding these provisions are set out in paragraph 2.2 below.

A copy of the New Articles and a copy of the Company's existing Articles marked to show the Articles Amendments (and, in each case, containing the full terms of such proposed Articles Amendments) is on display and available for inspection as set out in paragraph 5 of Part IV ("Additional Information") of this document.

The Resolution to be proposed at the Extraordinary General Meeting of the Company relates to the Articles Amendments and is being put forward to seek Shareholder approval for them.

2.2 Redemption of Ordinary Shares

If the Resolution to be proposed at the Extraordinary General Meeting is passed, the Articles will be amended such that the Company will be permitted to and may from time to time, and as determined by the Board (in its absolute discretion), compulsorily redeem such number of Ordinary Shares as it sees fit from all Shareholders pro rata to their existing holdings of Ordinary Shares. The Ordinary Shares will be compulsorily redeemed at a price per Ordinary Share to be determined by the Board that is equal to the most recently published (via an RNS of the Company) month-end NAV per Ordinary Share as at the close of business on the date falling on the final day of the month immediately prior to a Redemption or, in the absence of which, a price to be determined by the Board that is equal to the month-end NAV per Ordinary Share as at the close of business on that date. In either case, such price at which the Ordinary Shares will be compulsorily redeemed may be adjusted as the Board considers appropriate including (without limitation) for any costs associated with a Redemption.

Furthermore, any Redemption of Ordinary Shares will be made at the Directors' sole discretion, as and when they consider that the Company has sufficient cash reserves available to make a Redemption and otherwise in accordance with the Company's investment policy. That includes (among other things) retaining sufficient funds to cover the Company's existing obligations and to support certain of its existing investments to maximise their value.

As mentioned above, subject to the passing of the Resolution, the Company intends to undertake the abovementioned initial return of capital by way of a Redemption of Ordinary Shares, which is expected to return capital to Shareholders in an amount of approximately US$40 million, by the end of July 2024. The Company will make further announcements in relation to the proposed initial return of capital at the appropriate time.

Furthermore, the Company may also make further returns of capital to Shareholders in the future using this same method, but it reserves the right as well to make such returns in another way should it consider it to be in the best interests of the Company and the Shareholders to do so in the then prevailing circumstances. The Company will (as earlier mentioned) continue to assess its ability to make further returns of capital to Shareholders (as well as the manner in which they are made), and will seek to do so in accordance with the Company's investment policy as and when it has sufficient cash reserves that are not otherwise required to support its existing investments to maximise value and/or to meet its existing obligations such as operational expenses.

Expected redemption procedure

Subject to the passing of the Resolution, details of the procedure to be undertaken by the Company when undertaking a Redemption of Ordinary Shares (including for the purposes of the initial return of capital) are set out below.

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At least 10 Business Days prior to any Redemption, the Company intends to make a Redemption Announcement on a Regulatory Information Service that will (at a minimum) contain the following information:

1. the aggregate amount to be distributed to Shareholders;
2. the percentage of Ordinary Shares to be compulsorily redeemed (on a pro rata basis as between the Shareholders);
3. a timetable for the Redemption and distribution of Redemption proceeds, including the Redemption Date and Redemption Record Date;
4. the Redemption Price in respect of the Ordinary Shares to be compulsorily redeemed; and
5. a new ISIN in respect of Ordinary Shares which will continue to be listed following the relevant Redemption Date.

A Redemption Announcement may be withdrawn by the Company at any time up to the close of business on the Business Day immediately preceding the relevant Redemption Date.

Settlement

A summary of the settlement process relevant to a Redemption of Ordinary Shares is set out below.

For Shareholders who hold their Ordinary Shares in uncertificated form (that is, in CREST), Redemptions will take effect automatically on each Redemption Date and the compulsorily redeemed Ordinary Shares will be cancelled. All Ordinary Shares in issue will be disabled in CREST on the Redemption Record Date and the existing ISIN applicable to such Ordinary Shares (the "Old ISIN") (which, as at the Latest Practicable Date, is GG00B403HK58 for the Ordinary Shares) will expire. A new ISIN (the "New ISIN") in respect of the remaining issued Ordinary Shares (which have not been compulsorily redeemed) will be enabled and available for transactions from and including the first Business Day following the relevant Redemption Record Date (or such other date notified to Shareholders). The New ISIN for the Ordinary Shares will be notified to Shareholders in the Redemption Announcement. Up to and including the Redemption Record Date, Ordinary Shares will be traded under the Old ISIN and, as such, a purchaser of such Ordinary Shares should have a market claim for a proportion of the Redemption proceeds. CREST will automatically transform any open transactions in the Ordinary Shares as at the Redemption Record Date into the New ISIN.

In the case of Shareholders who hold their Ordinary Shares in certificated form (that is where the Shareholders have been issued a share certificate, and do not hold Ordinary Shares in CREST), Redemptions will take effect automatically on each Redemption Date and the register of members will be updated to reflect the Redemption. Certificated Shareholders do not need to return their share certificates to the Company in order to claim their Redemption proceeds. Shareholders' existing share certificates for the Ordinary Shares subject to the Redemption will be cancelled and new certificates will be issued for the balance of their holding of Ordinary Shares after each Redemption Date. New share certificates will be dispatched following the completion of a Redemption by 1st class post at the risk of the Shareholder. Ordinary Shares held in certificated form will be certified against the register. Cheques will be issued to certificated Shareholders following the cancellation of any of their Ordinary Shares.

All Ordinary Shares that are compulsorily redeemed will be cancelled with effect from the relevant Redemption Date. Accordingly, once compulsorily redeemed, Ordinary Shares will be incapable of transfer.

Shareholders will be paid their Redemption proceeds in US dollars, or as may be otherwise determined by the Board.

Payments of Redemption monies are expected to be effected either through CREST (in the case of Ordinary Shares held in uncertificated form) or by cheque (in the case of Ordinary Shares held in certificated form) within 10 Business Days of the relevant Redemption Date, or as soon as practicable thereafter.

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Each Shareholder who holds Ordinary Shares in uncertificated form (that is, in CREST) should ensure that an active US dollar Cash Memorandum Account is in place in CREST by no later than the Redemption Record Date. In the absence of a US dollar Cash Memorandum Account, the payment of the Redemption proceeds will not settle, resulting in a delay and the need for settlement of the Redemption proceeds to take place outside of CREST.

For each Shareholder who holds Ordinary Shares in certificated form (that is where the Shareholders have been issued a share certificate, and do not hold Ordinary Shares in CREST), all cheques shall be in US dollars and shall be drawn on a UK clearing bank and shall be made payable to the persons respectively entitled to the monies represented thereby (except that, in the case of joint holders, the Company reserves the right to make such cheques payable to that one of the joint holders whose name stands first in the register of members of the Company in respect of such joint holding as at the Redemption Record Date) or to such other persons (if any) as such persons may direct in writing and the encashment of any such cheque.

Neither the Company nor the Board shall be liable for any loss or damage suffered or incurred by a Shareholders or any other person as a result of a later settlement in respect of a Redemption.

Shareholders who have any queries in relation to their shareholding or the settlement procedures described above should contact Equiniti Limited on 0371 384 2050, if calling from within the United Kingdom, or on 44 371 384 2050, if calling from outside the United Kingdom. Calls to the 0371 384 2050 number from outside the United Kingdom will be charged at applicable international rates. Different charges may apply to calls from mobile telephones. Lines are open 8.30 a.m. to 5.30 p.m. (London time) Monday to Friday (excluding public holidays in England and Wales). Please note that Equiniti Limited cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.

3. Risk Factors

Before taking any decision in relation to the Articles Amendments, Shareholders are also advised to read Part II ("Risk Factors") of this document.

4. Taxation

Shareholders may, depending on their individual circumstances, incur a liability to taxation as a result of a Redemption of Ordinary Shares held by them. The attention of Shareholders is drawn to Part III ("Taxation") of this document which sets out a general guide to certain aspects of current law and tax authority practice in respect of UK, Guernsey and US taxation. The tax consequences of a Redemption will, however, depend on the individual circumstances of a Shareholder.

Shareholders who are in any doubt as to their tax position or who are subject to tax in a jurisdiction other than the United Kingdom, Guernsey or the United States (and who may therefore be subject to the tax laws and requirements of that other jurisdiction) should consult an appropriate professional adviser without delay.

5. Extraordinary General Meeting

The Articles Amendments are subject to the approval of Shareholders which will be sought at the Extraordinary General Meeting of the Company.

If the Resolution to be proposed at that meeting is passed, the Company will be permitted to return capital to Shareholders by way of a Redemption of Ordinary Shares and will therefore be permitted to undertake the initial return of capital of approximately US$40 million by way of such Redemption which the Company expects will take place by the end of July 2024.

If however the Resolution is not passed, the Company will not be permitted to return capital to Shareholders by way of a Redemption of Ordinary Shares and will not therefore be permitted to undertake the initial return of capital by way of such Redemption that is proposed to take place by the end of July 2024. In that circumstance, any further returns of capital to Shareholders would need to be carried out in such manner and at such time as the Directors consider to be in the best interests of the Company and the Shareholders having regard to the then prevailing circumstances.

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