22 July 2008
Lehman Brothers Private Equity Partners Limited (Euronext Amsterdam:
LBPE) ("LBPE") announces the adoption of a liquidity enhancement
policy that is intended to enhance and strengthen the liquidity in
the trading of LBPE's class A ordinary shares (the "Shares") on
Euronext Amsterdam by NYSE Euronext, the regulated market of Euronext
Amsterdam N.V. ("Euronext Amsterdam").
Consistent with this policy, LBPE entered into a liquidity
enhancement agreement on 21 July 2008 (the "Agreement") with ABN AMRO
Bank N.V. London Branch ("ABN"). The Agreement provides the
parameters and requirements for LBPE's liquidity enhancement policy.
Under the Agreement, ABN has sole discretion, in the name and for the
account of LBPE and subject to all applicable legal and regulatory
requirements, to effect Share repurchases and sales of Shares held in
treasury on Euronext Amsterdam within the parameters set out in the
Agreement. Shares repurchased by LBPE will either be cancelled or
held in treasury (provided that LBPE shall not at any time hold
Shares in treasury representing more than 10 per cent. of its issued
Shares). Shares will not be sold out of treasury at a price which is
lower than the last published net asset value per Share.
The aggregate number of Shares which may be purchased in accordance
with the Agreement is subject to a maximum of five percent of the
total number of Shares outstanding as of 21 July 2008 unless LBPE
elects to increase such maximum, subject to any limits to the
authority granted to LBPE by its Shareholders to effect Share
repurchases. LBPE currently has Shareholder authority to repurchase
in the market up to 14.99 per cent. of its issued Shares. The
authority to purchase Shares shall expire at the annual general
meeting of LBPE in 2009 unless such authority is varied, revoked or
renewed prior to such date. LBPE intends to seek annual renewal of
this authority from Shareholders.
The maximum price which may be paid for a Share is an amount equal to
the higher of (i) the price of the last independent trade and (ii)
the highest current independent bid price for Shares on Euronext
Amsterdam.
The Agreement shall remain in force until 9 January 2009 subject to
extension at the election of LBPE. The Agreement may, however, be
terminated at any time by either LBPE or ABN.
For further information, please contact:
Lehman Brothers +44 207 102 3424
Jeremy Apfel
Financial Dynamics +44 207 269 7114
Rob Bailhache
Nick Henderson
About Lehman Brothers Private Equity Partners
LBPE is a closed-end private equity fund of funds investment company
listed on Euronext Amsterdam on 25 July 2007, raising a total of
$542.1 million. The proceeds of the IPO are in the process of being
committed to a diversified portfolio of private equity fund
investments and certain direct co-investments, diversified across
private equity asset class, geography, industry, vintage year and
sponsor, selected by Lehman Brothers' Private Equity business.
About Lehman Brothers Private Equity
Lehman Brothers' global Private Equity business, founded in 1984,
currently oversees approximately $35 billion across 38 different fund
strategies and seven asset classes: Merchant Banking, Venture
Capital, Real Estate, Credit, Infrastructure, the Strategic Partners
Group, and Fund Related Investments, which includes fund of private
equity funds, fund of hedge funds, and the Manager Research and
Selection Business.
About Lehman Brothers
Lehman Brothers, an innovator in global finance, serves the financial
needs of corporations, governments and municipalities, institutional
clients, and high net worth individuals worldwide. Founded in 1850,
Lehman Brothers maintains leadership positions in equity and fixed
income sales, trading and research, investment banking, private
investment management, asset management and private equity. The Firm
is headquartered in New York, with regional headquarters in London
and Tokyo, and operates in a network of offices around the world. For
further information about Lehman Brothers' services, products and
recruitment opportunities, visit www.lehman.com.
Legal Disclaimer
These materials are not an offer for sale of securities in the United
States. Securities may not be sold in the United States absent
registration with the U.S. Securities and Exchange Commission or an
exemption from registration under the U.S. Securities Act of 1933, as
amended. LBPE is not a registered investment company under the U.S.
Investment Company Act of 1940, as amended (the "Investment Company
Act"), and the resale of LBPE securities in the United States or to
U.S. persons that are not qualified purchasers as defined in the
Investment Company Act is prohibited. LBPE does not intend to
register any offering in the United States or to conduct a public
offering of its securities in the United States.
This announcement is for information purposes only and is not an
offer to invest. LBPE is registered with the Dutch Authority for the
Financial Markets as a collective investment scheme which may offer
participations in The Netherlands pursuant to article 2:66 of the
Financial Markets Supervision Act (Wet op het financieel toezicht).
All investments are subject to risk. Past performance is no guarantee
of future returns. Prospective investors are advised to seek expert
legal, financial, tax and other professional advice before making any
investment decision. The value of investments may fluctuate. Results
achieved in the past are no guarantee of future results.
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