17th May 2018 14:02
LONDON (Alliance News) - Princess Private Equity Holding Ltd said Thursday its net asset value increased in the first quarter of the year.
Princess' net asset value per share increased 1.8% for the period ended March 31 to EUR10.93 from EUR10.77 the year before. The company declared an interim dividend of EUR0.28 per share - flat on the previous year.
The 2.9% increase in valuations were the reasons for the net asset value growth. In particular, the investments in Action, Permotio and KinderCare Education were the largest contributors.
Princess invested a total of EUR19.5 million in the quarter, with realisation of EUR60.4 million - including the EUR19.4 million sale of Trimco.
Chairman Brian Human said: "After an active year in 2017, Princess is now firmly established as a leading direct investment fund focused on investing in companies in the mid-cap buyout segment with value generation potential. The first quarter of 2018 saw further evidence of the evolution of Princess with 85% of distributions received being generated by direct investments, which now account for 82% of the portfolio. Princess took advantage of the supportive exit market environment in the quarter to realize assets and crystallize value on behalf of shareholders. It continues to be our intention to pay an attractive dividend of 5%-8% of net asset value per annum and the board is pleased to announce a first interim dividend of EUR 0.28 per share."
Shares in Princess were up 0.3% Thursday afternoon to 10.26 pence each.
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