26th Jul 2010 17:22
News Release
Guernsey, 26 July 2010
Princess NAV increases by 1.11% in June; quarterly update conference call to be held on 27 July 2010
The net asset value ("NAV") of Princess increased in June for the seventh consecutive month with a gain of 1.11% to EUR 8.49 per share. Positive operational developments of the portfolio companies in the Princess portfolio were the main contributor to the favorable NAV development in the past month and overall had a positive impact on the NAV of 1.05%. Particularly, portfolio companies in the small and mid-cap buyout segment were developing well and thus contributed strongly to the increase in NAV. The US dollar continued to appreciate against the euro in June and also had a favorable effect on the NAV development.
In June, Princess received EUR 12.1 million in distributions from exited portfolio companies compared to EUR 10.0 million in drawdowns for new investments. Additionally, Princess partnerships Permira Europe II and SV Life Sciences Fund II announced the sale of Cognis, a German food and cosmetics ingredients producer, to German chemicals company BASF for an enterprise value of EUR 3.1 billion. The exit is expected to generate a return of about 3x the original investment and should close by November 2010.
Dr. Stephan Schäli, Partner and Head Private Equity at Princess' investment advisor Partners Group, comments: "The recently announced sale of Cognis further underlines the high quality and maturity of the Princess portfolio. Due to the high number of mature portfolio companies which have been developed over the past years in preparation for a successful exit, Princess should be well positioned to capitalize from a further re-opening of the exit window in the coming months."
Princess will hold a conference call tomorrow, 27 July 2010 at 9.30am BST in English and at 8.30am BST in German to update interested parties on the recent developments of the Princess portfolio. The information disclosed will refer to unaudited figures as at 30 June 2010.
Date: Tuesday, 27 July 2010
Time: English:
9:30-10:15am (Dublin, London)
10:30-11:15am (Zurich, Frankfurt)
German:
8:30-9:15am (Dublin, London)
9:30-10:15am (Zurich, Frankfurt)
Phone number: +44 207 107 0611 (from the UK)
+41 (0)91 610 5600 (from Continental Europe)
+1 (1) 866 291 4166 (from the US)
All lines will be open ten minutes prior to the beginning of the conference call.
The result presentation will be available at:
http://www.princess-privateequity.net/en/investor_relations/web_cast_live-events.php?ml ahead of the conference call.
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 20 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
Media enquiries:
Partners Group AG
Philip Sauer
Communications
Tel.: +41 41 768 86 60
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.
Approved by Partners Group (UK) Ltd., authorized and regulated by the Financial Services Authority in the United Kingdom.
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