Princess Private Equity Holding Ltd Dividend announcement and Q1 report (0292G)
May 24 2017 - 2:00AM
UK Regulatory
TIDMPEY
RNS Number : 0292G
Princess Private Equity Holding Ltd
24 May 2017
News Release
Guernsey, 24 May 2017
Princess announces a dividend increase and publishes first
quarter 2017 report
The Board of Directors of Princess Private Equity Holding
Limited ("Princess" or the "Company") announces the increase of its
first interim dividend to EUR 0.28 per share for the 2017 calendar
year. This translates into a dividend yield of 5.1% on the net
asset value (NAV) per share as of 31 March 2017 and an annualized
yield of 5.8% on the 31 March 2017 closing share price.
In addition, Princess today published its first quarter report
for the period ended 31 March 2017. The key items were:
-- The NAV of Princess increased by 5.9% to EUR 10.77 per share.
-- Positive valuation developments, in the form of operational
improvements by underlying portfolio companies, proved to be the
main performance driver (+7.0%) in NAV terms, while currency
effects (-0.1%) were slightly negative. The largest contributors to
Princess' NAV growth over the reporting period were the direct
investments in VAT Group AG, Action and Dynacast.
-- Overall, the total investment activity amounted to EUR 7.5
million with the investment level slightly increasing to 94.1% of
NAV, from 92.6% at the start of the year.
-- During the reporting period, Princess made a follow-on
investment in Dynacast, a global manufacturer of precision
engineered metal components. Furthermore Princess invested in two
new debt investments, namely Morpho and Tricor Holdings
Limited.
-- Distribution proceeds to Princess from exited investments
totaled EUR 18.5 million for the first quarter of 2017, compared to
EUR 20.7 million in the corresponding period last year.
Brian Human, Chairman, comments: "After a successful 2016,
Princess continued to develop positively over the first three
months of 2017, mainly due to the successful implementation of
value creation strategies at company level which continued to
generate solid revenue and EBITDA growth. In particular, the Board
is delighted to announce the increase of its first interim dividend
to EUR 0.28 per share. It continues to be our intention to generate
a healthy dividend yield between 5-8% of NAV per annum. Overall we
believe that shareholder value continues to be enhanced by the
Company's attractive dividend yield, strong balance sheet and the
robust trading performance of its global portfolio of mid-cap
companies."
The first interim dividend for the year will be paid on 30 June
2017. The relevant date for the entitlement to the dividend (record
date) will be 9 June 2017 and the corresponding ex-dividend date
will be 8 June 2017. The Company intends to pay dividends
semi-annually following the publication of the quarterly reports as
of 31 March and 30 September.
Detailed analysis and commentary on the developments and
performance of Princess' portfolio over the first three months of
2017 will be presented in a quarterly report published today. The
report can be accessed via:
http://www.princessprivateequity.net/financialreports
A copy of the above document has been submitted to the National
Storage Mechanism and will shortly be available for inspection at:
http://www.Hemscott.com/nsm.do
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 over EUR 54.2 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 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
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
E-mail: george.crowe@partnersgroup.com
Media relations contact
Partners Group AG
Jenny Blinch
Phone: +41 41 784 65 26
E-mail: 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
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. 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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