19th Nov 2014 10:03
News Release
Guernsey, 19 November 2014
Princess announces dividend payment and publishes 2014 nine-month report
The Board of Directors of Princess Private Equity Holding Limited (Princess or the
Company) is pleased to announce a second dividend of EUR 0.27 per share for the 2014 calendar year. The total dividend due to shareholders is therefore EUR 0.54 per share for the year, including the interim dividend of EUR 0.27 per share distributed in June. This translates into a dividend yield of 6.2% on NAV per share (as of 30 September 2014) and a yield of 7.7% 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 2014. The key points were:
n Princess' net asset value (NAV) increased by 11.0% to EUR 8.68 per share over the year-to-date, adjusted for the interim dividend of EUR 0.27 per share distributed in June.
n Princess' strong performance was predominantly driven by its direct investments, reflecting encouraging progress with the repositioning of the portfolio. Overall, the positive valuation developments during the reporting period amounted to +10.7% and were based on solid earnings results of the Company's underlying portfolio companies.
n Partners Group as Investment Advisor completed thirteen new direct transactions in the first nine months of 2014. The most recent was Voyage Care, a provider of specialist care and support services to people with learning disabilities and acquired brain injuries in the UK.
n Princess deployed EUR 83.7 million in capital to new investments, of which EUR 75.6 million has been used for direct investments.
n Distribution proceeds to Princess from exited investments totaled EUR 56.9 million for the first three quarters of 2014, compared to EUR 47.8 million in the corresponding period last year. The main contributor to the distributions over the reporting period was Princess' legacy third party fund portfolio.
Brian Human, Chairman, comments: "We are pleased to announce a second dividend of EUR 0.27 per share, bringing the total dividend for 2014 to EUR 0.54 per share, representing a yield of 7.7%, based on yesterday's closing share price. The Board recognizes the importance of the dividend for Princess' shareholders and remains fully committed to the current policy to distribute to 5-8% of NAV annually. We believe the attractive dividend yield, the encouraging progress with the repositioning of the portfolio and the successful implementation of operational and strategic initiatives within Princess' direct portfolio continue to enhance shareholder value."
The second interim dividend for the year will be paid on 17 December 2014. The relevant date for the entitlement to the dividend (record date) will be 28 November 2014 and the corresponding ex-dividend date will be 27 November 2014. 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 2014 will be presented in an 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 over EUR 33 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 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
Media enquiries:
Partners Group AG
Jenny Blinch
Phone: +41 41 784 65 26
E-mail: [email protected]
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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