13th May 2014 16:34
News Release
Guernsey, 13 May 2014
Princess announces dividend payment and publishes first quarter 2014 report
The Board of Directors of Princess Private Equity Holding Limited (Princess or the
Company) is pleased to announce a first interim dividend of EUR 0.27 per share for the 2014 calendar year. This translates into a dividend yield of 6.6% on the net asset value
(NAV) per share as of 31 March 2014 and a yield of 8.4% on the share price, based on the first interim dividend of 2014 and the second interim dividend of 2013, as well as
30 April's closing price on the London Stock Exchange.
In addition, Princess today published its first quarter report for the period ended 31
March 2014. The key items were:
n The NAV of Princess increased by 1.6% to EUR 8.22 per share.
n Positive valuation developments, in the form of successful exits and operational improvements by underlying portfolio companies, proved to be the main performance driver (+2.0%) in NAV terms.
n Partners Group as Investment Advisor completed seven new direct private equity transactions. The most recent was MultiPlan, a provider of comprehensive healthcare cost management solutions.
n Princess deployed EUR 71.7 million in capital to new investments, of which EUR 68.8 million has been used for direct investments and EUR 2.9 million for calls from third party funds.
n Princess received distribution proceeds from exited investments (EUR 11.4 million) and secondary sales (EUR 51.4 million).
Brian Human, Chairman, comments: "The Princess portfolio has made a good start to the year. Following the dilution of last year's positive portfolio performance by the cash drag, it is encouraging to see that the portfolio is gaining traction with strong performance of underlying portfolio companies feeding through to the NAV. Based on the planned investment activity, the Investment Manager expects to reduce the net liquidity by over 50% by the end of 2014 compared to today's EUR 49.5 million."
The first interim dividend for the year will be paid on 18 June 2014. The relevant date for the entitlement to the dividend (record date) will be 30 May 2014 and the corresponding ex-dividend date will be 28 May 2014. The Company intends to pay dividends semiannually 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 three months of 2014 will be presented in a quarterly report published today. The report can be accessed via:
http://www.princessprivateequity.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 31 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 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
George Crowe
Phone: +44 (0)20 7575 2771
E-mail: [email protected]
Media relations contact
Partners Group AG
Alexander von Wolffradt
Phone: +41 41 784 66 45
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 Holdings. 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