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31 Jul 2009 13:15
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News Release
Guernsey,Β 31Β JulyΒ 2009
Princess publishes first half 2009 resultsΒ
PrincessΒ Private Equity Holding Limited ("Princess") today announces the publication of its half-yearly report for the six months endedΒ 30 June 2009.Β Against the background of aΒ continuous recessionary macroeconomic environment,Β Princess'Β net asset value ("NAV")Β declinedΒ by 14.59% to EUR 7.06 per share during the first half of the year.
Notable events during the first half of 2009 included:
Valuation adjustments in the first half of the yearΒ had a negative impact of 11.89% on theΒ NAV,Β reflecting the global recessionary macroeconomic environment, the weakening operating results of certain underlying portfolio companies and the decline in public comparables within the first months of the year.
Currency movements caused a further decline inΒ NAVΒ of 1.63% duringΒ the six monthΒ period.
As part of its active portfolio managementΒ approach, the investment manager selectively reduced unfunded commitments by EUR 42.6 million in recent months with an overall negative impact onΒ theΒ NAVΒ of less than 1%.
Urs Wietlisbach, Director ofΒ Princess, comments:Β "WhileΒ Princess hasΒ witnessedΒ a narrowing funding gap between drawdowns and distributionsΒ over the first six months of the year,Β weΒ currentlyΒ expect the funding gap toΒ widen againΒ in the coming quarters.Β In order toΒ reduce the amount of future drawdowns, PrincessΒ hasΒ in recent monthsΒ divested certain veryΒ lowly funded commitmentsΒ with minimal impact onΒ itsΒ NAV.Β InΒ a secondΒ measure toΒ further strengthenΒ Princess'Β healthy balance sheet,Β the investment manager is,Β on the Board's behalf,Β currentlyΒ in the final stages ofΒ theΒ negotiationΒ ofΒ a new credit facility.Β Based on these active measuresΒ andΒ Princess' broadly diversified and high quality portfolio, we are confident thatΒ PrincessΒ isΒ well positioned in this challenging environment."
A detailed analysis and commentary on the first half 2009 developments atΒ PrincessΒ are presented in theΒ half-yearly reportΒ published today, which can be accessed viaΒ
http://www.princess-privateequity.net/en/investor_relations/reports.php?ml.
About Princess
PrincessΒ is an investment holding company founded in 1999 and domiciled inΒ GuernseyΒ that invests in privateΒ equity and private debtΒ investments.Β The Company is advised in its investment activities by Partners GroupΒ AG, a global alternative asset management firmΒ listed on the SIX Swiss Exchange (ticker symbol: PGHN)Β withΒ overΒ CHFΒ 24Β billionΒ assets under managementΒ in private equity, private debt, private real estate,Β private infrastructure,Β absolute return strategies andΒ listed alternatives.Β PrincessΒ aims to provide shareholders with long-term capital growth and an attractive dividendΒ yield.Β PrincessΒ isΒ traded on the Frankfurt Stock Exchange (tickerΒ symbol:Β PEY1)Β and on the London Stock Exchange (ticker symbol: PEY).Β Further information:Β www.princess-privateequity.net
ContactsΒ
Princess Private Equity Holding Limited:
princess@princess-privateequity.net
www.princess-privateequity.net
Registered Number: 35241
MediaΒ enquiries:
Partners Group AG
Tamara Krebs
CommunicationsΒ
Tel.: +41 41 768 85 26
tamara.krebs@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 theΒ United States of America,Β Canada,Β AustraliaΒ orΒ Japan.Β
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 theΒ United Kingdom.
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