Princess Priv E Share Price (PEY)

Did anyone notice this financial highlight in the annual results announcement on 25th March:

"To align Princess with the broader listed private equity universe, the Board agreed for the Company to discontinue the hedging of currency exposures from 1 April 2023."

Oh right, so it didn't have anything to do with the fact the board were responsible for losing 60m Euros of shareholder capital. What was it may father once told me about leopards and spots....

Nice looking trend since the beginning of the year, but what on earth is going on with 700 odd tiny trades today ??

The half year report is satisfactory with NAV increasing to Euro 14.77, and the share price creeping up during the period. The following comment made by interim chair, Fionnuala Carvill:

"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. "

has a conciliatory tone that will offer some appeasement to those shareholders willing to forget/forgive the inept foreign currency trades that destroyed a large amount of shareholder capital.

I am not willing to forgive/forget, but it appears they did at least listen.

Evening Guitarsolo,
I believe we both may be suffering from the same ambivalence. Whilst I am disgusted with the managers over the FOREX debacle, the decision to cease hedging does put a different complexion on things. Further, like you say, they do have a history of investing in some fairly decent companies. My position remains the same in that I have lost too much for it to
be worth selling my holding, so I'll see what unfolds over the next 24 months.

This is not to say I will ever trust the managers again, though!

Cheers
DM.

Afternoon Damien,
Just checking in here (although currently not a holder) and I see there have been a few developments! NAV is about where it was when I bowed out in December (c.EUR 14.5) but they have ditched the F/X hedging! Good! Cash flow dependecy is more important (imo) than "smoothing" out the NAV (which it didn't do either!). No sign of contrition by management you say? Huh, doesn't surprise me. That was what p***** me off more than anything else, the fact they thought they should play F/X games with my dividend and then not say sorry when they ******ed it up.
Did I bow out too soon PCPunter? Well, the share price is about where I left it (I know it has recently been higher), but I invested the money in MNG which is also about where I bought, but I've earned about 7% in dividends since. So, I'm happy enough with that.
I did well enough out of PEY between 2015-2022 and am pleased to see they've reinstated the dividend. They aren't bad at picking investments and have a nice geographical spread. Without the F/X risk (unnecessary imo) the NAV should do OK from now on.
I will keep an eye on it and would buy again now that the F/X risk has gone and at least one of the execs responsible has gone. I'll probably wait to see having funds available coincides with a short term mis-valuation by the market.
Glad to see PEY is on a better path!
GLA
Guitarsolo