TIDMPEY TIDMPEYS
RNS Number : 2111R
Princess Private Equity Holding Ltd
28 February 2023
(LSE: PEYS/PEY)
Princess Private Equity Holding Limited
Princess Q4 2022 results presentation
Hedging to cease from 1 April 2023
Extension and increase to the revolving credit facility
Dividend objective reconfirmed
Changes to board composition
Princess Q4 2022 results presentation
Princess will hold a quarterly investor update today Tuesday, 28
February 2023, at 10:00 GMT / 11:00 CET. During the webcast,
Partners Group, the Investment Manager to Princess, will give an
update on the recent developments of the Princess portfolio based
on unaudited figures as of 31 December 2022. Please find the
registration details below or on the Company's webpage.
Date: Tuesday, 28 February 2023
Time: 10:00 - 11:00 GMT (Dublin, London)
11:00 - 12:00 CET (Zürich, Frankfurt)
Webcast: To access the live webcast please use this
LINK
Phone numbers: +44 (0)207 107 06 13 (from the UK)
+41 (0)58 310 50 00 (from Continental Europe)
All lines will be open 10 minutes prior to
the beginning of the conference call.
Other international numbers available HERE
The results presentation is now available at:
https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/
.
Discontinuation of hedging
The foreign exchange ("FX") hedging strategy of the Investment
Manager prioritized net asset value ("NAV") stability in times of
more significant changes in exchange rates against the Euro. To
align with the investment company universe, the board has agreed
for Princess to discontinue with the hedging of currency exposures
from 1 April 2023. The contracts which are currently in place are
of a short duration and will be closed out as of 31 March. The
Company will report the underlying investment currencies, to allow
investors who prefer a hedged exposure to apply their own hedging
overlay. Ceasing hedging will reduce the volatility of cash flows
while increasing NAV volatility as a result of changing FX
rates.
Extension and increase to the revolving credit facility
The Company has entered into an extension and a modest increase
in the size of its senior revolving credit facility ("facility")
with Lloyds Bank Corporate Markets plc. The previous facility of
EUR 110m was due to expire on 14 December 2024. The facility will
be increased to EUR 140 million and the term extended to 13
December 2026. The terms of the extension and increase were made at
substantially similar terms.
The Company takes a conservative approach to balance sheet
management, while aiming to maintain a high investment level at
approximately 95% - 100%. The facility supports these objectives as
well as providing the Company with the flexibility to manage
short-term funding requirements.
Dividend reconfirmed
The dividend objective to pay 5% of opening NAV through
semi-annual payments is reconfirmed, with the first payment for
FY23 expected to be EUR 0.36 payable in June 2023. The prospective
dividend yield for FY23 is in excess of 7% at the current share
price.
Changes to board composition
After serving as Chair since August 2018 and a Princess board
member for 13 years, Richard Battey will be stepping down from the
board and the role of Chair by not standing for re-election at the
annual general meeting ("AGM") in June 2023. All other board
members will stand for re-election. Subject to the members'
re-election, Steve Le Page will assume the role of Chair from the
date of the AGM, Merise Wheatley will become Chair of the Audit
& Risk Committee, Fionnuala Carvill will become Chair of the
Management Engagement Committee, and Felix Haldner, as Advisory
Partner for Partners Group will remain as the Investment Manager
representative on the Princess board.
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 managed in its investment
activities by Partners Group, a global private markets investment
management firm with USD 135 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
Investor relations contact: Media relations contact:
Sarah Page Jenny Blinch
Phone: +44 20 7575 2695 Phone: +41 41 784 65 26
Email: sarah.page@partnersgroup.com E-mail: jenny.blinch@partnersgroup.com
Registered Number: 35241 LEI: 54930038LU8RDPFFVJ57
1. Note that references in this announcement to Princess Private
Equity Holding Limited have been abbreviated to "Princess" or
"Company". References to Partners Group AG have been abbreviated to
"Partners Group " or "Investment Manager".
2. 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 Holdings. 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.
3. 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.
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END
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