Partners Grp E Regulatory News (PEY)

31 Oct 2008 15:58



News Release

Guernsey, 31 October 2008

Princess publishes third quarter 2008 interim report 

Princess Private Equity Holding Limited ("Princess") today announces the publication of its interim report for the nine months ended 30 September 2008. As per end of September 2008, the net asset value ("NAV") of Princess stands at EUR 9.52 per share, translating into a total return to shareholders (NAV plus dividend) of 2.1% during the first nine months of the year, demonstrating the portfolio's stability even against the backdrop of the challenging current market environment. Notable events during the first three quarters of 2008 included:

Overall, portfolio partnerships reported increases in value, stressing their confidence in the quality and future prospects of their investments, whereas the valuation adjustments under IFRS as well as corrections in the listed portion of the portfolio, irrespective of the quality of the underlying companies, had a negative impact on the NAV, reflecting the high levels of volatility prevalent in the markets.

The change from forward contracts to options for currency hedging in the third quarter of 2008 has allowed Princess to benefit from the appreciation of the US dollar against the Euro while providing protection in a scenario where the US dollar would depreciate.

Princess made one secondary, two direct investments and six primary commitments, bringing total commitments for the year to EUR 79 million as of 30 September 2008.

In consideration of the uncertain financial market environment and based on the prudent forecasting of future portfolio cashflows by the investment advisor, the Princess Board of Directors has decided upon the precautionary suspension of the dividend payment for the second half of 2008. This decision has been made independent of the stable NAV development and is to be considered as a measure to manage short-term working capital requirements, which the Board believes is in the best interests of shareholders. The Company however retains its long-term dividend policy which targets an annual dividend yield of 5-8% p.a. on the NAV.

Urs Wietlisbach, Director of Princess, comments: "Given current market conditions, short term negative impacts on the product performance can clearly not be ruled out, however, in the mid to long term we remain confident about the development of the NAV based on the broad diversification and maturity of the portfolio."

A detailed analysis and commentary on the first three quarters 2008 developments at Princess are presented in the interim report published today, which can be accessed via 

http://www.princess-privateequity.net 

About Princess

Princess is an investment holding company founded in 1999 and domiciled in Guernsey that invests in private equity and private debt investments. The Company is advised in its investment activities by Partners Group AG, a global alternative asset management firm listed on the SWX Swiss Exchange (ticker symbol: PGHN) with over CHF 25 billion assets under management in private equity, private debt, private real estate, private infrastructure, absolute return strategies and listed alternatives. 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:

Ken Ball

General Manager

Phone: +44 1481 730 946

princess@princess-privateequity.net

www.princess-privateequity.net

Registered Number: 35241

Media enquiries:

Partners Group AG

Dr. Cyrill Wipfli

Head Communications

Tel.: +41 41 768 85 71

cyrill.wipfli@partnersgroup.net

www.partnersgroup.net

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., authorised and regulated by the Financial Services Authority in the United Kingdom.