TIDMPEY TIDMPEYS
RNS Number : 9220F
Princess Private Equity Holding Ltd
19 November 2020
News Release
Guernsey, 19 November 2020
Declaration of second interim dividend and future dividend
guidance
Princess Private Equity Holding Limited ("Princess" or "the
Company") today declares a second interim dividend for FY 2020 and
provides guidance on the Company's future dividend objective.
On 1 May 2020, the Company published revised guidance that it
intended to pay a reduced total dividend of not less than EUR 0.29
per share for FY 2020 (FY 2019: EUR 0.58 per share). This decision
reflected a lack of visibility at that time over the impact of
COVID-19 on the Company's portfolio companies, in light of which it
was determined that the preservation of liquidity was the most
prudent course of action to enable the Company to support its
portfolio companies if required, and to protect long-term value for
shareholders. In line with this revised guidance, the Company paid
a first interim dividend of EUR 0.145 per share in August, with
potential to increase the second interim dividend should conditions
improve.
During the intervening period, the Investment Manager has worked
closely with portfolio company management teams on measures to
mitigate the impact of COVID-19, both from an operational and
financial perspective. The majority of portfolio companies have
proved to be resilient and are expected to continue to grow
earnings, even in the event of renewed government restrictions.
Consequently, the Investment Manager's assessment of the potential
capital requirement to support the Company's portfolio companies is
no longer considered material.
Reflecting the positive outlook for the portfolio, the Board has
determined to increase the second interim dividend, and to return
to a normal level of dividend payments from FY 2021 onwards.
Second interim dividend declared for FY 2020
The Board of Directors today declares a second interim dividend
of EUR 0.29 per share for FY 2020. The second interim dividend will
be paid on 7 January 2021. The relevant date for the entitlement to
the dividend (record date) will be 27 November 2020 and the
corresponding ex-dividend date will be 26 November 2020. The last
dates for the currency election and the dividend re-investment plan
will be 27 November 2020 and 11 December 2020 respectively.
Shareholders wishing to make a currency election should complete
the form available in the Dividend Information section on the
Company's website:
https://www.princess-privateequity.net/en/investor-relations/dividend-information/
Shareholders wishing to elect for the dividend re-investment
plan can visit www.signalshares.com and make an online election.
Alternatively, shareholders can contact Link Asset Services on +44
(0)371 664 0321 to receive a personalized dividend reinvestment
plan election form.
In aggregate with the first interim dividend of EUR 0.145 per
share, the total dividend for FY 2020 will be EUR 0.435 per share,
equivalent to 3.5% of opening net asset value. This represents a
yield of 3.9% on the closing share price of EUR 11.20 on 18
November 2020.
Future dividend guidance
Prior to FY 2020, the Company had a long-term dividend objective
to distribute 5-8% of NAV p.a. via semi-annual payments. In
practice, payments had been at the lower-end of the range in recent
years, and it was felt that greater clarity could be provided for
shareholders by removing the upper-end of the range, while
continuing to pay an attractive dividend.
From FY 2021, the Company intends to distribute 5% of opening
net asset value, via semi-annual payments.
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
E-mail: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +41 41 784 65 26
E-mail: 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 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.
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
DIVBLBITMTABBJM
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November 19, 2020 09:56 ET (14:56 GMT)
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