Princess Private Equity Holding Ltd NAV increases by 2.7% (3232D)
April 26 2017 - 2:00AM
UK Regulatory
TIDMPEY
RNS Number : 3232D
Princess Private Equity Holding Ltd
26 April 2017
News Release
Guernsey, 26 April 2017
NAV increases by 2.7%
-- Princess Private Equity Holding Limited's ("Princess") net
asset value ("NAV") increased by 2.7% to EUR 10.77 per share
-- Currency movements (-0.2%) were slightly negative while
overall portfolio developments (+3.4%) were positive
-- Princess received distributions of EUR 8.8 million and
invested EUR 5.5 million over the reporting period
Princess' NAV benefited from the quarterly revaluation of its
direct investment portfolio. The portfolio companies VAT Group AG
("VAT"), Dynacast and Permotio International Learning ("Permotio")
were the three largest value drivers. VAT recorded a positive share
price development during March (+11.9% in CHF), closing the month
at CHF 109.10 per share, compared to CHF 45.00 at IPO in April
2016. For the full-year 2016, VAT's net sales rose 23.6% year on
year to CHF 507.9 million coupled with a 31.3% increase in order
intakes. For the twelve months ended 31 December 2016, Dynacast's
revenue grew by 12.8% year on year to USD 733.0 million, driven by
strong growth in demand from key customers in Asia. Permotio
reported positive financial figures for the first quarter of 2017.
Since Partners Group's initial investment in March 2014, Permotio
has acquired six schools in five countries, and continues to
execute its business plan to create a leading international private
schools group through a "buy and build" strategy.
During the reporting period, Princess invested a total of EUR
5.5 million, of which EUR 2.9 million was allocated to Dynacast, a
global manufacturer of precision engineered metal components, in
support of the company's acquisition of Signicast, a US-based
precision component manufacturer in the investment casting
industry. The add-on investment is well-aligned with Dynacast's
strategy to expand its client, end market and technological reach
through strategic acquisitions that broaden existing capabilities.
Signicast's complementary manufacturing technology, product
offering and similar culture provide for strong strategic
compatibility. The resulting synergies will allow for increased
design freedom and greater choices of material, part complexity and
volume for customers. This addition will expand Dynacast's
footprint to more than 9,500 employees across 27 locations,
bolstering the company's position as the foremost global
manufacturer of precision metal components.
Distributions during March amounted to EUR 8.8 million, mainly
stemming from the legacy fund portfolio (EUR 6.9 million). EUR 0.5
million was received from Global Blue, a Switzerland-based company
that provides tax refund and currency transfer services for
tourists. The company took advantage of its strong financial
performance and re-priced its existing credit facilities, which
facilitated a distribution to investors via a dividend payment. The
company's management remains focused on driving organic growth and
expanding Global Blue's geographical footprint through several
value creation projects. For instance, the company has added
multiple new merchants, renewed major contracts with key clients
and plans on expanding into new markets. Furthermore, a number of
cost efficiency programs are being reviewed to further enhance
Global Blue's operational efficiency.
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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