Princess Private Equity Holding Ltd Publication of May NAV (9388I)
June 23 2017 - 1:00AM
UK Regulatory
TIDMPEY
RNS Number : 9388I
Princess Private Equity Holding Ltd
23 June 2017
News Release
Guernsey, 23 June 2017
Princess publishes May NAV
-- Princess Private Equity Holding Limited's ("Princess") net
asset value was flat for the month, net of the interim dividend of
EUR 0.28 per share
-- Currency movements (-0.3%) were negative while overall
portfolio developments (+0.5%) were positive
-- Princess received distributions of EUR 28.3 million and
invested EUR 22.4 million over the reporting period
Princess received distributions of EUR 28.3 million during the
month, including a total of EUR 21.3 million from a dividend
payment and a placing of shares in VAT Group AG, the global market
leader in the production of high-end vacuum valves. Princess also
received a dividend payment of EUR 0.6 million from Global Blue,
the global leader in tax refund and currency transfer services for
international travelers. The company took advantage of its strong
cash generation to return excess balance sheet cash representing
0.1x invested capital in May, bringing the total distributions
to-date to 0.8x invested capital. The company continues to report
strong financial performance as a result of greater purchase
volumes in the tax-free shopping business, driven by tourists
originating from China, Russia and the US. EUR 1.6 million stemmed
from the sale of shares in Food company 1 (name withheld due to
confidentiality restrictions), a foodservice distributor based in
the US, which listed on the NYSE in 2016. Princess also received
EUR 1.2 million following the repayment of its debt investment in
Boyd Corporation, a US-headquartered designer and producer of
engineered components used in manufacturing high-value products.
The remaining distributions of EUR 3.6 million came predominantly
from Princess' mature legacy fund portfolio.
Princess invested a total of EUR 22.4 million during the month,
of which EUR 9.0 million was allocated to an equity co-investment
in a European security company (name withheld due to
confidentiality restrictions). Princess provided EUR 1.7 million of
follow-on equity to Voyage Care, a leading provider of support for
people with learning difficulties and associated physical
disabilities in the UK. The company successfully refinanced its
existing bonds with new senior and second lien notes and increased
its revolving credit facility. The transaction has decreased the
company's ongoing annual interest costs and grants it more
flexibility to pursue its merger and acquisition strategy. Princess
also executed two private debt investments during May. EUR 5.0
million of debt was provided to Prosol. Based in France, Prosol
operates fresh food retail brand, Grand Frais. The company's stores
are designed to resemble traditional indoor markets and cover areas
of up to 1'000 square meters. Prosol operates over 185 stores, with
growth of 15-25 new sites annually in recent years. Princess also
invested EUR 4.9 million in the debt of a European sports rights
company (name withheld due to confidentiality restrictions). The
company is an international sports management, marketing and media
company, and has several exclusive commercial and television rights
for major sporting events.
Further information is available in the monthly report which can
be accessed via:
http://www.princess-privateequity.net/financialreports.
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 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@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +41 41 784 65 26
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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