Princess Private Equity Holding Ltd Princess publishes Half-Year Report 2020 (2512W)
17 Agosto 2020 - 1:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 2512W
Princess Private Equity Holding Ltd
17 August 2020
News Release
Guernsey, 17 August 2020
Princess publishes Half-Year Report 2020
Princess Private Equity Holding Limited ("Princess" or "the
Company") today published its Half-Year Report for 2020. The key
items were:
-- In the first half of 2020, Princess reported a NAV total
return of -4.6% closing the period at EUR 11.99 per share. NAV
performance was mainly attributable to movements in the valuation
multiples of comparable companies used to value Princess' portfolio
companies.
-- NAV total return for the first quarter was -14.8%, reflecting
the correction observed in public markets during March. NAV
performance then partially recovered in the second quarter (+11.9%)
as public markets rallied.
-- Share price total return over the same period was -12.8%,
with share price lagging the recovery in NAV.
-- The Company provided revised guidance that it intended to pay
a reduced dividend of not less than EUR 0.29 per share in 2020
(2019: EUR 0.58 per share) in order to preserve sufficient
liquidity to ensure its ability to support portfolio companies that
may be negatively affected by the crisis.
-- On 23 June the Board of Directors declared a first interim
dividend of EUR 0.145 per share, which was paid to shareholders on
7 August. The Company intends to pay a second interim dividend in
December.
-- Princess invested a total of EUR 48.8 million during the
first half of 2020. Three new investments (EyeCare Partners,
eResearch Technology and Allied Universal) were completed in the
first quarter of 2020 before the onset of the COVID-19 crisis lead
to processes being put on hold.
-- Princess received distributions amounting to EUR 128.4
million during the first half of 2020. EUR 111.1 million stemmed
from direct investments, including a dividend payment and
subsequent full exit of Action as well as the ongoing sale of
shares in Ceridian.
-- Princess' net liquidity stood at EUR 34.3 million as of 30
June. A further EUR 80 million was available to draw under the
Company's committed credit facility, which was fully repaid during
the first half of the year following receipt of proceeds from the
sale of the Company's stake in Action.
Richard Battey, Chairman comments: "In the first six months of
2020 we have experienced the outbreak of a global pandemic. The
impact of COVID-19 remains unprecedented and Princess' portfolio as
well as public markets have seen a sharp decline in valuations
followed by a partial recovery. In order to preserve sufficient
liquidity to ensure Princess is able to support portfolio companies
that may be negatively affected by the crisis, the Company provided
revised guidance that it intended to pay a reduced dividend of not
less than EUR 0.29 per share in 2020. With Princess' robust balance
sheet and the exposure to a global portfolio of leading private
companies operating in sub-sectors benefitting from long-term,
structural growth drivers, the Board believes that the portfolio
remains well-positioned to generate further value for shareholders.
My fellow Directors and I thank you for the continued trust you
have shown in Princess even during these unprecedented times. We
believe that Princess continues to represent an attractive
investment opportunity, providing shareholders with exposure to a
global portfolio of leading private companies."
A detailed analysis and commentary on the developments of
Princess over the first half of 2020 is presented in the Half-Year
Report published today, which can be accessed via:
http://www.princess-privateequity.net/en/investor_relations/reports.php
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
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 96 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
Registered Number: 35241
LEI: 54930038LU8RDPFFVJ57
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +44 207 575 2571
Email: jenny.blinch@partnersgroup.com
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. 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
are 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR UNUSRRAUWAAR
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August 17, 2020 02:00 ET (06:00 GMT)
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