Princess publishes June NAVSource: RNS
Guernsey, 29 July 2022
Princess publishes June NAV
· Princess Private Equity Holding Limited's ("Princess" or the "Company") net asset value decreased by 5.8% to EUR 13.76 per share
· Portfolio developments were negative (-6.0%) and currency movements were positive (+0.1%)
· Princess invested EUR 10.7 million and received distributions of EUR 0.5 million
In June, the net asset value of Princess fell by 5.8%, reflecting the volatility experienced by public markets during the month. The Investment Manager has been preparing for a period of volatility and has progressively increased the scale of multiple contraction in its underwriting process to account for rising rates. Although economic challenges are unlikely to dissipate in the short term, Partners Group maintains high conviction in its disciplined approach to investment underwriting and portfolio construction, which has helped prepare the Company's portfolio to navigate the potentially uncertain times ahead.
Princess invested a total of EUR 10.7 million during the month, of which EUR 9.8 million was invested in a joint investment in Precisely (formerly known as Syncsort), a global leader in data integrity software. Headquartered in the US, Precisely provides comprehensive software, data, and strategic services to help companies access and analyze data from complex processes and build trust in their enterprise data. Alongside its investment partners, Partners Group will support Precisely's buy-and-build strategy, while extending the company's strong market position through product innovation.
Post-period end, Princess has agreed an increase in the size of its senior revolving credit facility ("the Facility") with Lloyds Bank. The Facility will be increased to EUR 110 million and the term remains to 13 December 2024. The margins remain unchanged at +2.95% over EURIBOR on drawn amounts of between 0%-15% loan-to-value and at +3.25% over EURIBOR between 15%-25% loan-to-value based on the Company's net asset value. The Facility has a non-utilization fee of 0.9% p.a. on undrawn amounts and an arrangement fee of EUR 120'000 payable upon closing. The Company takes a conservative approach to balance sheet management, while aiming to maintain a high investment level. The Facility supports these objectives and provides the Company with the flexibility to manage short-term funding requirements.
Princess will hold a quarterly investor update on 16 August 2022 at 10:00 BST / 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 30 June 2022. Please find the registration details on the Company's webpage or register directly here.
Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/en/investor-relations/financial-reports/.
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 131 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).
Princess Private Equity Holding Limited:
Registered Number: 35241
Investor relations contact
Media relations contact
Phone: +44 207 575 2571
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.