Princess Private Equity Holding Ltd Princess - statement on impact of Covid-19 (6381H)
March 26 2020 - 2:00AM
UK Regulatory
TIDMPEY TIDMPEYS
RNS Number : 6381H
Princess Private Equity Holding Ltd
26 March 2020
News Release
Guernsey, 26 March 2020
Princess Private Equity Holding Limited - statement on impact of
Covid-19
Princess Private Equity Holding Limited ("Princess" or the
"Company") today provides a statement on the impact of
COVID-19.
Portfolio
Partners Group, the Investment Advisor to Princess, continues to
monitor the situation closely and to support portfolio companies
during this period. The spread of the virus, government policy
responses and changing demand patterns are expected to have a
negative impact on the operations and earnings of portfolio
companies. At this early stage it is not possible to quantify the
impact, but further updates will be provided as more information
becomes available.
The extent of the impact will depend on the length and severity
of the crisis and is expected to vary widely between sectors and
companies. Partners Group's investment approach targets investments
in sub-sectors which benefit from long-term growth drivers such as
demographics and technology, with limited exposure to companies in
cyclical industries. A sector breakdown of the portfolio as of 29
February 2020 is provided below.
Sector % portfolio
Education Services 16.4%
Health Care 15.0%
Information Technology 14.0%
Retail* 13.1%
Financials 8.9%
Industrials 8.5%
Consumer Staples 7.9%
Materials 5.5%
Consumer Discretionary 5.1%
Energy 3.2%
Utilities 1.6%
Telecommunication Services 0.8%
*Includes Action which represented 10.2% of portfolio (11.2% of
NAV) as of 29 February. An exit has been agreed and is expected to
close in May 2020.
The Company's NAV as of 29 February 2020 does not reflect the
impact of the declines in equity markets witnessed during March.
These declines are expected to put downward pressure on the
valuation multiples used to value the Company's portfolio companies
and will be reflected in the NAV as of 31 March 2020.
Liquidity position
Partners Group continues to closely monitor the Company's
liquidity position and remains confident that the Company has
access to sufficient liquid resources to meet all liabilities as
they fall due.
As of 29 February 2019, the Company held cash of EUR 12.3
million having drawn EUR 48.5 million of its EUR 50 million
committed credit facility which it maintains to manage short-term
liquidity requirements. As part of its ongoing review of liquidity
management, the Company had initiated a renewal of the credit
facility in January 2020 and on 18 March 2020 announced an increase
in the size of the facility from EUR 50 million to EUR 80 million,
and a term extension to December 2024. Liquidity will be
significantly enhanced by the EUR 88.6 million of proceeds from the
realisation of Princess' stake in Action which is expected to be
received by the end of May.
The Investment Advisor
Partners Group has a long track record of investing in private
markets and has deployed over USD 66 billion in private equity
across market cycles. Partners Group's business continuity plans
have been implemented and have enabled the firm to continue with no
interruptions to its operations.
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 USD 94 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 Main Market of the London Stock Exchange (ticker:
PEY for the Euro Quote; PEYS for the Sterling Quote).
Contacts
Princess Private Equity Holding Limited:
princess@partnersgroup.com
www.princess-privateequity.net
Registered Number: 35241
LEI: 54930038LU8RDPFFVJ57
Investor relations contact
George Crowe
Phone: +44 (0)20 7575 2771
Email: george.crowe@partnersgroup.com
Media relations contact
Jenny Blinch
Phone: +44 207 575 2571
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDKKPBQDBKBKNB
(END) Dow Jones Newswires
March 26, 2020 03:00 ET (07:00 GMT)
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From Apr 2024 to May 2024
Princess Private Equity (LSE:PEY)
Historical Stock Chart
From May 2023 to May 2024