REG - Princess Private Eq. Princess Priv E-PEYS - Princess Q4 2022 Updates

Partners Private EquityAnnouncement

28/02/2023 07:00

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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
                 (https://media.choruscall.eu/mediaframe/webcast.html?webcastid=voR2LC1y)

 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
                 (https://services3.choruscall.ch/NUMBERS/Attended_Dial_In_Numbers.pdf)

 

The results presentation is now available
at: https://www.princess-privateequity.net/en/investor-relations/web-cast-live-events/
(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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