11th May 2009 17:56
News Release
Guernsey, 11 May 2009
Publication of April NAV
In April, the net asset value ("NAV") of Princess eased by 2.26% to EUR 7.65 per share. This result is mainly attributable to revaluations reported by general partners of which close to 70% have now published their 2008 year-end accounts. However, these revaluations, which had a negative impact of 3.45% on Princess's NAV, were already reflected to a certain extent in previous months' NAVs as Princess values its portfolio in accordance with IFRS valuation and accounting principles to reflect "fair values". Furthermore, "fair valuations" reflect to a significant extent the price development of comparable public companies which have risen recently as equity markets rallied in April. Overall, IFRS adjustments for this month had a positive impact of 1.59% on the NAV. With the US dollar depreciating against the Euro during April, the foreign exchange movements had a negative impact of 0.45% on the NAV.
Dr. Stephan Schäli, Partner and Head Private Capital at Princess's Investment Advisor Partners Group, comments: "Despite the fact that the macroeconomic environment remains challenging, global stock markets showed a very strong rebound in April, leading to a positive impact on our IFRS revaluations which to a certain extent reflect the development of public equity markets. With close to 70% of all general partner valuations already based on 2008 year-end reports and the additional IFRS revaluations as of end April 2009, we believe the current NAV is a fair and accurate reflection of the current value of the portfolio. However, there remains a certain risk of possible further valuation declines due to uncertainties around the impact of the macroeconomic environment on operational performances of the underlying companies."
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:
princess@princess-privateequity.net
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.
Related Shares:
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