8th Jul 2008 10:31
News Release
Guernsey, 8 July 2008
Princess NAV up 0.1% in June
Notwithstanding a hostile market environment in June, the net asset value (NAV) of Princess increased by 0.1% to EUR 9.20 per share. While both the listed private equity portion in the Princess portfolio - which could not counteract the general market movement - and the further depreciating US dollar had an unfavorable impact of -0.8% on the net asset value, the unlisted private equity investments showed a positive performance in June, adding stability to the Princess portfolio. Overall, partnerships reported increases in value for their underlying portfolio companies, confirming once again the general partners' confidence in the development of their investments. However, the main performance contributor was the IFRS adjustments, applied to reflect fair market value in the NAV, which added 0.9% to the June NAV. These increases in value were mainly due to announced exits of non-public portfolio companies, at valuations which significantly exceeded the values reported so far. This exemplifies the substantial underlying value inherent in the Princess portfolio, and demonstrates that, irrespective of short term market volatility, highly successful exits can still be realised.
Urs Wietlisbach, a Director of Princess, comments: "In the light of the current very challenging market environment, we are pleased regarding the development of the Princess NAV. In particular, we are satisfied with the increase in valuations that have resulted from the announced exits of portfolio companies, which reflects the high quality assets within the Princess portfolio. Once again this indicates that good private equity deals can still be carried out, even in markets which are struggling with the liquidity crunch and inflationary pressures."
Princess will hold a conference call on 9 July 2008 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 2008 released today. Dial-in details can be received on the Investor Relations section of www.princess-privateequity.net (Web cast & live events).
About Princess
Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SWX Swiss Exchange (ticker symbol: PGHN) with over CHF 25 billion assets under management in private equity, private debt, private real estate, listed alternative investments, hedge funds and alternative beta strategies. 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:
Ken Ball
General Manager
Phone: +44 1481 730 946
princess@princess-privateequity.net
www.princess-privateequity.net
Media enquiries:
Partners Group AG
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
www.partnersgroup.net
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., authorised and regulated by the Financial Services Authority in the United Kingdom.
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