(Alliance News) - Princess Private Equity Holding Ltd on Wednesday said its performance improved over the first nine months of 2019, allowing it to increase its payout.
The investment company said it has achieved net asset value total return of 14% in the first nine months of 2019, with NAV per share at EUR12.16 as at September 30, driven by valuation developments.
The company reported a share price total return of 19% over the same period.
The largest contributors to Princess' NAV growth were the investments in Permotio, Action, Foncia and KinderCare, it said.
The company said it has received proceeds from exited investments totalling EUR59.7 million during the first nine months of 2019. Post period-end, the full realizations of Action and Vermaat were agreed, the company noted.
Princess said it invested a total of EUR42.0 million over the nine-month period.
"In the first nine months of 2019 Princess continued to develop positively, with the company's largest portfolio companies being the key drivers of performance," said Chair Richard Battey.
"Following the positive NAV performance, and reflecting its confidence in the prospects for the portfolio, the Board announced an increased second interim dividend for the year," added battley.
Princess declared a second interim dividend of EUR0.29 per share compared to EUR0.28 per share paid a year earlier. The company said it maintains its objective to distribute between 5% and 8% of opening NAV per annum.
Princess shares were trading 0.7% higher in London on Wednesday afternoon at 890.04p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Princess Priv E (PEY)