Last checked at 
2 Jul 2010 10:13
News Release
Guernsey, 2 July 2010
Reiteration of intention to contemplate measures to address Princess' discount
The Board and the Investment Manager of Princess Private Equity Holding Limited ("Princess" or "the Company") wish to respond to recent shareholder inquiries regarding the Company's future measures to increase shareholder value. They reiterate their joint intention to review opportunities to reduce the structural discount within the current corporate structure as a listed closed-ended company. The Board expects to announce in due course further portfolio-based measures to reduce the discount, once these have been finalized with the Investment Manager.
During the month of June, Princess received around EUR 12 million in distributions from portfolio exits compared to around EUR 10 million in drawdowns to fund new investment opportunities. Thus, both distributions and drawdowns have seen a significant uptick since the beginning of the year. The average monthly level of distributions has nearly doubled, from EUR 3.5 million in 2009 to EUR 6.5 million in the first half of 2010, while average drawdowns increased from EUR 3.9 million to EUR 5.4 million, resulting in a natural reduction of unfunded commitments amounting to 11.4% overall. As of 31 May 2010, unfunded commitments amounted to EUR 290.0 million or 49.3% compared to the May-end NAV. Princess continues to have access to its credit facility, which is currently EUR 59.5 million, with the potential to increase this to EUR 90 million, and had outstanding debt drawn under this credit facility of EUR 39.5 million as of 30 June 2010.
Dr. Stephan Schäli, Partner and Head Private Equity at Princess' investment advisor Partners Group, comments: "Following the cash flow positive fourth quarter of 2009, distributions to Princess again exceeded drawdowns during the first six months of this year. Thanks to the long-term credit line and the recent strong exit activity in the portfolio, we regard Princess as well positioned for an expected further increase in private equity deal activity in the coming months."
Princess expects to release its monthly report as of 30 June 2010 on 26 July 2010 and will hold a conference call on 27 July 2010 to discuss recent results and the current portfolio setup.
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 AG, a global private markets investment management firm with over CHF 25 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 Frankfurt Stock Exchange (ticker symbol: PEY1) and on the London Stock Exchange (ticker symbol: PEY). Further information: www.princess-privateequity.net
Contacts
Princess Private Equity Holding Limited:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
Media enquiries:
Partners Group AG
Philip Sauer
Communications
Tel.: +41 41 768 86 60
philip.sauer@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 Holding Limited. 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.
Approved by Partners Group (UK) Ltd., authorized and regulated by the Financial Services Authority in the United Kingdom.