15th Aug 2012 14:51
News Release
Guernsey, 15 August 2012
Princess announces consolidation of its listing on the London Stock Exchange
The Board and the Investment Manager of Princess Private Equity Holding Limited (Princess or the Company) have proposed a number of initiatives aimed at enhancing value for Princess' shareholders over the past years, including the repositioning of Princess towards a high yielding direct investment company. In line with this aim of enhancing shareholder value, the Board announces a consolidation of the Company's listing into a single listing on the London Stock Exchange.
Princess reviewed its current dual listing on the Frankfurt and London Stock Exchanges. The Company believes that moving to a single listing of the Company's shares on the London Stock Exchange will be beneficial for shareholders, as it will consolidate all secondary market trading through a single and therefore more liquid quotation, and will further raise the profile of Princess in the listed private equity investment companies market. The Board has therefore resolved to cancel the listing of the Company's shares on the Frankfurt Stock Exchange. The listing of the Company's shares on the London Stock Exchange shall be maintained unchanged.
The Company has made the application with the Frankfurt Stock Exchange to revoke the admission to trading of the Company's shares on the Frankfurt Stock Exchange which is expected to take effect three months after the formal decision by the Frankfurt Stock Exchange has been published on www.deutsche-boerse.com. The Company anticipates that the Frankfurt Stock Exchange will grant and publish its approval for the de-listing in Frankfurt within two weeks of the submission of the application for the de-listing. The Company will make a further announcement when the approval is granted. Holders of Princess' shares listed in Frankfurt in the form of Co-ownership Interests are asked to instruct Clearstream through their depositary banks in due course to exchange their Frankfurt listed Co-ownership Interests into the Company's London listed Ordinary Shares.
Brian Human, Chairman, comments: "A consolidation of the listing in London, the major market for listed private equity investment companies in Europe, will focus trading on a single quotation which should, in turn, help to enhance liquidity and increase the attractiveness of Princess to investors. Overall, we are confident that this initiative together with the ongoing repositioning of Princess towards a high yielding direct investment company will create further value for our shareholders."
Consolidation of the Company's listing on the London Stock Exchange
The Board of Princess has resolved to cancel the listing of the Company's shares on the Frankfurt Stock Exchange (deliverable in the form of Co-ownership Interests in a global bearer certificate issued by Clearstream Banking AG, Frankfurt (Clearstream) each representing one Ordinary Share). The listing of the Company's Ordinary Shares on the London Stock Exchange shall be maintained unchanged. The Company has therefore applied for Deutsche Börse AG to revoke the admission of the Company's shares to trading on the Frankfurt Stock Exchange on the regulated market (General Standard) and on the section of the regulated market with additional transparency requirements (Prime Standard). The Company expects the revocation of admission to trade to take effect three months after the decision of the Frankfurt Stock Exchange to revoke the admission to trade is published on www.deutsche-boerse.com. The Company anticipates that the Frankfurt Stock Exchange will grant and publish its approval for the de-listing in Frankfurt within two weeks of the submission of the application for the de-listing. The Company will make a further announcement when the approval is granted. As a consequence of the de-listing from the Frankfurt Stock Exchange, the global bearer certificate issued by Clearstream will be wound up approximately two months after the last day of trading in the Company's shares on the Frankfurt Stock Exchange. Delivery of the Ordinary Shares to holders of Co-ownership Interests can be effected free of Clearstream settlement charges until this date.
Shareholders of Princess' Frankfurt listed shares are asked to provide Clearstream through their depositary banks in due course with instructions stating the relevant account and contact details for the delivery and registration of the Ordinary Shares. Clearstream will deliver the original Ordinary Shares according to the instructions provided in the instruction. In case such instruction is not received approximately two months after the last day of trading in the Company's shares on the Frankfurt Stock Exchange, the respective Co-ownership Interests will be subject to a compulsory conversion into Ordinary Shares by Clearstream.
Ends.
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey. It invests, inter alia, in private equity and private debt investments. Princess is advised in its investment activities by Partners Group AG, a global private markets investment management firm with over EUR 25 billion in investment programs under management in private equity, private debt, private real estate and private infrastructure. Princess aims to provide shareholders with long-term capital growth and an attractive dividend yield. Princess is traded on the Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net
Contacts
Princess Private Equity Holding Limited:
www.princess-privateequity.net
Registered Number: 35241
Investor relations contact:
Jan-Frederik Modell
Phone: +44 (0)20 7575 2753
E-mail: [email protected]
Media enquiries:
Partners Group AG
Dr. Anna Hollmann
Communications
Tel.: +41 41 768 83 72
www.partnersgroup.com
This document does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities and neither is it intended to be an investment advertisement or sales instrument of Princess Private Equity Holding Limited. The distribution of this document may be restricted by law in certain jurisdictions. Persons into whose possession this document comes must inform themselves about, and observe any such restrictions on the distribution of this document. In particular, this document and the information contained therein is not for distribution or publication, neither directly nor indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in the books and records of the product described herein as of the reporting date. This information is believed to be accurate but has not been audited by any third party. This document may describe past performance, which may not be indicative of future results. No liability is accepted for any actions taken on the basis of the information provided in this document. Neither the contents of Princess' website nor the contents of any website accessible from hyperlinks on Princess' website (or any other website) is incorporated into, or forms part of, this announcement.
Related Shares:
Partners Grp E