2nd Nov 2009 16:38
News Release
Guernsey, 2 November 2009
Princess publishes third quarter 2009 interim report
Princess Private Equity Holding Limited ("Princess") published its interim report for the nine months ended 30 September 2009 today. Over the nine month reporting period, the net asset value ("NAV") of Princess fell by 15.5% to EUR 6.99 per share. However, with the recently improving macroeconomic environment, the NAV stabilized in the third quarter of 2009, easing overall by just 1.1%.
Notable events during the first three quarters of 2009 include:
The NAV development during the full nine month reporting period is mainly attributed to valuation adjustments on the portfolio, which had an adverse impact on the NAV of 9.8%, while foreign exchange movements had a negative impact on the NAV of 3.9%.
The investment manager selectively reduced unfunded commitments by EUR 42.6 million in mid-2009 with an overall negative impact on the NAV of less than 1%.
The Board of Directors of Princess completed the signing of a new three-year credit facility of initially EUR 40 million, with the potential to increase to EUR 90 million.
Brian Human, Chairman of Princess' Board of Directors, comments: "The NAV of Princess showed a positive performance in August and September, driven by positive developments of underlying portfolio companies. Based on a continued stabilizing of the market environment and given the soundness of Princess' balance sheet in combination with the broadly diversified and high quality portfolio, we are confident that Princess is well positioned in the current environment."
A detailed analysis and commentary on the first three quarters' developments at Princess are presented in the interim report published today, which can be accessed via
http://www.princess-privateequity.net/en/investor_relations/reports.php?ml
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 SIX Swiss Exchange (ticker symbol: PGHN) with over CHF 24 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. 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
Tamara Krebs
Communications
Tel.: +41 41 768 85 26
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., authorised and regulated by the Financial Services Authority in the United Kingdom.
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