Partners Grp E Regulatory News (PEY)

Princess Private Equity Holding Limited - update on dividend guidance and declaration of first interim dividend

Further to the announcement on 1 May 2020, Princess Private Equity Holding Limited ("Princess" or "the Company") today provides an update on the Company's FY 2020 dividend guidance and declares a first interim dividend.

The Company has a long-term objective to distribute 5-8% p.a. of opening NAV via semi-annual payments. In FY 2019 it paid a total dividend of EUR 0.58 per share. Under normal market conditions, a first interim dividend would be declared in May with a payment date in June.

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, with the timing of dividend payments to be determined based on the Investment Advisor's ongoing assessment of the potential capital required to support the Company's portfolio companies.

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 as required and to protect long-term value for shareholders.

During the intervening period, the Investment Advisor has worked closely with portfolio company management teams on measures to mitigate the impact of COVID-19. From an operational perspective these measures have focused on the health and safety of employees and customers, business continuity and preparations to re-open businesses as governments gradually relax lockdown measures. From a financial perspective, measures have been successfully implemented across the portfolio companies to preserve liquidity, including cost reduction initiatives and a freeze on non-essential capex, as well as securing additional sources of financing.

As a result of these measures, the Investment Advisor's assessment of the potential equity requirement to support the Company's portfolio companies has reduced substantially. Based on its latest assessment the Investment Advisor is confident that the Company has access to sufficient liquidity to support its portfolio companies as required and to recommence dividend payments in line with the revised guidance of not less than EUR 0.29 per share for FY 2020.

Liquidity position

As of 19 June 2020, the Company's cash position stands at EUR 113.5 million, having received EUR 80.9 million of proceeds from the previously announced sale of the Company's stake in Action. This balance includes EUR 80 million which has been drawn under the Company's EUR 80 million credit facility.

First interim dividend declaration

The Board of Directors today declare a first interim dividend of EUR 0.145 per share for FY 2020.

The first interim dividend will be paid on 24 July 2020. The relevant date for the entitlement to the dividend (record date) will be 3 July 2020 and the corresponding ex-dividend date will be 2 July 2020. The last dates for the currency election and the dividend re-investment plan will be 3 July 2020 and 17 July 2020 respectively.

Shareholders wishing to make a currency election should complete the form available in the Dividend Information section on the Company's website:

www.princess-privateequity.net/en/investor_relations/dividend_information.php

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 personalised dividend reinvestment plan election form.

The Company intends to pay a second interim dividend in December such that the total dividend for the year is not less than EUR 0.29 per share, representing a prospective yield of 3.2% on the closing share price of EUR 9.00 on 19 June 2020.

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 advised in its investment activities by Partners Group, a global private markets investment management firm with USD 94 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.