# EDGAR Filing Document

**Accession Number:** 0001809051
**File Stem:** 0001213900-23-017266
**Filing Date:** 2023-3
**Character Count:** 5537
**Document Hash:** df2cddf21f468dcd571ec675f0421585
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-017266.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001213900-23-017266

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zell Capital
- **CENTRAL INDEX KEY:** 0001809051
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93763
- **FILM NUMBER:** 23705025

**BUSINESS ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** (937) 935-3581

**MAIL ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Zell Capital
- **CENTRAL INDEX KEY:** 0001809051
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** (937) 935-3581

**MAIL ADDRESS:**
- **STREET 1:** 175 S. THIRD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE TO**

**TENDER OFFER STATEMENT UNDER SECTION 14(d)(1) OR 13(e)(1)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**(Amendment No. 1)**

**Zell Capital**

(Name of Subject Company (Issuer))

**Zell Capital**

(Names of filing Person (Offeror and Issuer))

**Shares of Beneficial Interest, No Par Value** 

(Title of Class of Securities)

**98932L 100**

(CUSIP Number of Class of Securities)

**William L. Zell**

**Chief Executive Officer**

**Zell Capital**

**175 S. Third, Suite 200**

**Columbus, Ohio 43215**

**Phone: (888) 484-1944**

(Name, address and telephone number of person authorized to receive notices and communications on behalf of filing person)

***Copy to:*** 

**Steven B. Boehm**

**Payam Siadatpour**

**Eversheds Sutherland (US) LLP**

**700 Sixth Street, NW**

**Washington, DC 20001**

**(202) 383-0100**

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ Third-party tender offer subject to Rule 14d-1.

☒ Issuer tender offer subject to Rule 13e-4.

☐ Going-private transaction subject to Rule 13e-3.

☐ Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☒

This Amendment No. 1 relates to the Issuer Tender Offer Statement on Schedule TO originally filed on January 20, 2023, by Zell Capital, a Delaware statutory trust that operates as an internally managed registered closed-end management investment company (the "Fund"), in connection with an offer to repurchase all of its issued and outstanding common shares of beneficial interest, no par value (the "Shares"), at a price equal to $20 per Share. The Fund's offer was made upon the terms and subject to the conditions set forth in the Offer to Purchase dated January 20, 2023 (the "Offer to Purchase"), and in the related Letter of Transmittal dated January 20, 2023 (the "Letter of Transmittal," which, together with the Offer to Purchase, constitute the "Offer"). The Offer expired at 11:59 p.m. Eastern Time on February 17, 2023 (the "Expiration Date"). As of the Expiration Date, 4,599 shares of the Fund were validly tendered and not withdrawn prior to the Expiration Date. In accordance with the terms of the Offer, the Fund purchased all 4,599 shares of the Fund validly tendered and not withdrawn at a price of $20 per share, for an aggregate purchase price of approximately $91,980.

**Item 12. Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Filing Fees](ea174323ex-fee_zellcapital.htm)

**SIGNATURE**

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: March 3, 2023

**Zell Capital**

---

| | |
|:---|:---|
| By: | /s/William L. Zell |
| Name: | William L. Zell |
| Title: | Chief Executive Officer |

---

## Ex-Filing

**Exhibit 107**

**Exhibit (b)**

**FILING FEES**

---

| | | | |
|:---|:---|:---|:---|
|  | **Transaction Valuation** | **Fee Rate** | **Amount of Filing Fee** |
| **Fees to be Paid** |  |  |  |
| **Fees Previously Paid** | $713725<sup>(1)</sup> | .0001102<sup>(2)</sup> | $78.65 |
| **Total Transaction Valuation** | $713725<sup>(1)</sup> |  |  |
| **Total Fees Due for Filing** |  |  | $78.65 |
| **Total Fees Previously Paid** |  |  | $78.65 |
| **Total Fee Offsets** |  |  | - |
| **Net Fee Due** |  |  | $0 |

---

(1) The Transaction Valuation is calculated as the aggregate maximum
purchase price for shares of Zell Capital (the "Fund") that could be purchased at $20 per share. The fee of $78.65 was paid
in connection with the filing of Schedule TO-I ("Schedule TO") by the Fund on January 20, 2023. This is the final amendment
to the Schedule TO and is being filed to report the results of the offer.

(2) Based on the current fee rate, effective 10/1/2022 to 9/30/2023,
of $110.20 per $1,000,000.