TIDMPEY TIDMPEYS
RNS Number : 2685K
Princess Private Equity Holding Ltd
24 August 2023
(LSE: PEYS/PEY)
Princess Private Equity Holding Limited
Princess publishes Half-Year Report 2023
Princess Q2 2023 results presentation webcast details
Princess Private Equity Holding Limited today published its
Half-Year Report for 2023. The key financial highlights are:
-- Net asset value ("NAV") developed positively and closed the
reporting period at EUR 14.77 per share, representing a NAV total
return of 3.5%, including the first interim dividend.
-- Share price total return over the same period was 27.8%.
-- The first interim dividend of EUR 0.365 per share was paid to
shareholders in June, in line with the objective to distribute 5%
of opening NAV for each financial year, via semi-annual payments in
June and December.
-- Value creation (+5.5%) was the primary driver for Princess'
NAV growth, while currency effects (-0.4%) had a minor negative
impact on performance. The largest three contributors were:
KinderCare, Ammega and Techem.
-- Princess committed EUR 30 million to Partners Group Direct
Equity V fund. The total capital invested by Princess during the
period amounted to EUR 10 million and includes drawn investments
from Partners Group Direct Equity V fund together with additional
follow-on investments in portfolio companies.
-- Princess received distributions amounting to EUR 14 million
during the first six months of 2023, of which EUR 9 million stemmed
from direct investments. The remaining balance of EUR 5 million was
predominantly received from the mature legacy fund portfolio which
continued to benefit from distributions.
Fionnuala Carvill, Interim Chair comments: "The first half of
2023 was marked by market uncertainty with higher interest rates
and stubborn inflation with consequences for all asset classes
across both private and public markets. While private equity
transaction volumes in general remained subdued, reflecting market
uncertainty, the Investment Manager continued to focus on
operational value creation initiatives in underlying portfolio
companies, which drove NAV growth and distributions.
"Post AGM, the Board has initiated the necessary measures to
identify and recruit a successor Chair and additional Non-Executive
Directors to bring the Board to full strength, appointing an
independent external search consultancy to manage this process.
"My fellow Directors and I would like to take this opportunity
to thank you for the continued confidence you have shown in
Princess during the first half of the year. Acknowledging the
sensitivity in Princess not fulfilling its dividend objective in
2022, and the impact that had on shareholders, it is our belief
that Princess offers an attractive long-term investment case within
Listed Private Equity with a well-respected Investment Manager that
is well placed to navigate the current environment. "
A detailed analysis and commentary on the developments of
Princess during H1 2023 is presented in the Half-Year Report
published today, which can be accessed via:
https://www.princess-privateequity.net/en/investor-relations/financial-reports/
A copy of the above document has been submitted to the National
Storage Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Princess will hold a quarterly investor update today Thursday,
24 August 2023, at 10:00 BST / 11:00 CEST. During the webcast,
Partners Group, the Investment Manager to Princess, will give an
update on the recent developments of the Princess portfolio based
on unaudited figures as of 30 June 2023. Please find the
registration details below or on the Company's webpage.
Date: Thursday, 24 August 2023
Time: 10:00 - 11:00 BST (Dublin, London)
11:00 - 12:00 CEST (Zürich, Frankfurt)
Webcast: To access the live webcast please use this
LINK .
Phone numbers: +44 (0)207 107 06 13 (from the UK)
+41 (0)58 310 50 00 (from Continental Europe)
All lines will be open 10 minutes prior to
the beginning of the conference call.
Other international numbers available HERE
.
The results presentation is now available at:
https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/
.
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 managed in its investment
activities by Partners Group, a global private markets investment
management firm with USD 142 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 Main Market of the London Stock Exchange
(ticker: PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Investor relations contact: Media relations contact:
Sarah Page Jenny Blinch
Phone: +44 20 7575 2695 Phone: +41 41 784 65 26
E-mail: sarah.page@partnersgroup.com E-mail: jenny.blinch@partnersgroup.com
Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57
Notes:
1. Note that references in this announcement to Princess Private
Equity Holding Limited have been abbreviated to "Princess" or
"Company". References to Partners Group AG have been abbreviated to
"Partners Group " or "Investment Manager".
2. 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 Holdings. 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.
3. 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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END
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