14th Nov 2012 08:27
News Release
Guernsey, 14 November 2012
Princess announces dividend payment and publishes 2012 nine-month report
The Board of Directors of Princess Private Equity Holding Limited (Princess or the Company) is pleased to announce a second interim dividend of EUR 0.25 per share for the 2012 calendar year. The total dividend due to shareholders is therefore EUR 0.49 per share or EUR 34.0 million for the year, including the interim dividend of EUR 0.24 per share distributed in June. This translates into a dividend yield of 5.6% on NAV per share (as of 30 September 2012) and a yield of 7.3% on Princess' share price, based on yesterday's closing price on the London Stock Exchange.
In addition, Princess today published its interim report for the nine-month period ended 30 September 2012. The key points were:
n Princess' net asset value (NAV) increased by 2.7% to EUR 8.81 per share over the year-to-date, adjusted for the interim dividend of EUR 0.24 per share distributed in June.
n Over the nine months, share price gains outpaced NAV growth, thereby narrowing the NAV discount by 9.5 percentage points to 24.2%, its lowest level since June 2008.
n Positive valuation developments, in the form of successful exits and operational improvements by underlying portfolio companies, proved to be the main performance driver (+4.3% over the period) in NAV terms.
n Princess received distribution proceeds from realized portfolio companies of EUR 118.2 million at the nine-month point, well in excess of the EUR 80.2 million received in the corresponding period last year.
n In August, the Company signed a binding agreement to sell a portfolio of 17 large-cap buyout fund positions to a third-party buyer, at a small discount to NAV. The sale is expected to generate cash in excess of EUR 160 million, which will be paid in instalments over the next three years.
n To accelerate the phased transition to direct investments, Princess allocated EUR 100 million to the Partners Group Direct Investments 2012 program in May 2012, with a further USD 50 million allocated to the Partners Group Direct Mezzanine 2011 program in early October.
n A standard management fee of 1.5% per annum has been introduced across the Company's entire portfolio to lower operational expenses. This will become effective from 1 January 2013.
n As of 5 December 2012 the Company's dual London-Frankfurt listing will be consolidated into a single listing on the London Stock Exchange, to concentrate liquidity and further raise the profile of Princess in the listed private equity investment market.
Brian Human, Chairman, comments: "We are delighted to announce a second interim dividend, which will provide our shareholders with a total dividend yield for the year of 7.3%, based on yesterday's closing share price on the London Stock Exchange. Overall, we believe shareholder value continues to be enhanced by the Company's attractive dividend yield, strong balance sheet and repositioning towards direct investments, with new initiatives to lower operating expenses and boost market liquidity also providing further support."
The second interim dividend for the year will be paid on 19 December 2012. The relevant date for the entitlement to the dividend (record date) will be 23 November 2012 and the corresponding ex-dividend date will be 21 November 2012. The Company intends to pay dividends semi-annually following the publication of the quarterly reports as of 31 March and 30 September.
Detailed analysis and commentary on the developments and performance of Princess' portfolio over the first nine months of 2012 will be presented in the interim report published today. The report can be accessed via: http://www.princess-privateequity.net/financialreports
A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: http://www.Hemscott.com/nsm.do
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 EUR 27 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:
Markus Pimpl
Tel: +41 41 784 65 86
Media enquiries:
Partners Group AG
Dr. Anna Hollmann
Communications
Tel.: +41 41 784 63 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.
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