9th Nov 2011 08:30
News Release
Guernsey, 9 November 2011
Princess announces dividend payment and publishes interim report 2011
The Board of Directors of Princess Private Equity Holding Limited (Princess or the Company) is pleased to announce a second interim dividend of EUR 0.23 per share for the 2011 calendar year. The total dividend due to shareholders therefore equates to EUR 0.45 per share or EUR 31.4 million for the year, including the first interim dividend of EUR 0.22 per share. This translates into a dividend yield of 5.0% on the net asset value (NAV) per share (as of 30 September 2011) and a yield of 7.4% on the share price, based on yesterday's closing price on the Frankfurt Stock Exchange (Xetra).
In addition, Princess today published its interim report for the nine-month period ended 30 September 2011. The key items were:
n The NAV of Princess increased by 6.9% to EUR 9.06 per share over the first nine months of 2011, adjusted for the first interim dividend.
n Portfolio company revaluations made a 10.1% contribution to Princess' NAV as a combination of positive operating developments and successful exits drove performance higher.
n Distribution proceeds increased to EUR 80.2 million from EUR 61.3 million for the corresponding period last year. Notable realizations that added to performance over the nine-month reporting period included the UK credit card provider SAV Credit, the German maker of outdoor clothing Jack Wolfskin and the Swedish medical diagnostics company Phadia Group.
n Princess further advanced the redirection of its portfolio towards direct investments by concluding a EUR 4.5 million mezzanine investment into Securitas Direct, the Swedish alarm solutions company in September.
Brian Human, Chairman, comments: "We are delighted to announce a second interim dividend for 2011, which will provide our shareholders with a total dividend yield for the year of 7.4% on yesterday's closing share price. The current portfolio is cash flow positive which, together with its strong net liquidity position of EUR 19.0 million, should support the completion of further direct investments over the coming quarters. Overall, we believe that the attractive dividend yield on offer, the strong balance sheet position and the gradual portfolio repositioning towards direct investments will create further value for shareholders."
The second interim dividend for the year will be paid on 23 December 2011. The relevant date for the entitlement to the dividend (record date) will be 18 November 2011 and the corresponding ex-dividend date will be 16 November 2011. The Company remains committed to paying 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 nine months to the end of September 2011 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 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
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.
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