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Lehman Brothers Private Equity Partners Limited 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.
