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PEY Princess Private Equity Holding News Story

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REG - Princess Private Eq. Princess Priv E-PEYS - NAV increases by 3.1% in November




 



RNS Number : 5745J
Princess Private Equity Holding Ltd
23 December 2020
 

News Release

                       

Guernsey, 23 December 2020

 

NAV increases by 3.1% in November

 

·    Princess Private Equity Holding Limited's (Princess or the Company) net asset value increased by 3.1% to EUR 12.96 per share

·    Portfolio developments were positive (+3.5%) and currency movements were negative (-0.2%)

·    Princess invested EUR 2.0 million during the month and received distributions of EUR 2.0 million

 

In November, Princess' NAV increased by 3.1%. Valuation increases were underpinned by positive news around the development of COVID-19 vaccines and a general positive market sentiment. Amongst the largest contributors to performance was GlobalLogic. The company provides outsourced software product engineering services for businesses globally, supporting clients' digital transformation and strengthening their digital capabilities, products, and end-customer experiences. During November, GlobalLogic acquired ECS Group, a London-based cloud digital solutions provider with a focus on digital engineering, data analytics, and customer experience. ECS strengthens GlobalLogic's footprint in the U.K. and expands the company's financial services customer base and capabilities.

 

Princess invested a total of EUR 2.0 million in November, of which EUR 1.9 million was invested in the merger of portfolio company Curvature and Park Place Technologies (Park Place). During the month Partners Group, on behalf of its clients, closed the sale of Curvature's maintenance, services, and hardware businesses to Park Place, a global third-party maintenance (TPM) provider of post-warranty data center maintenance services to small-to-medium sized enterprises. Park Place's acquisition of Curvature will further strengthen its leading position as the number-one player in the IT maintenance and services business with a global footprint and complementary service offerings. As part of the transaction, Princess and other Partners Group clients invested capital to participate in the future growth of the combined business. Going forward, Park Place will continue to consolidate the US TPM market via tuck-in acquisitions, and to execute on its international acquisition strategy.

 

Princess received distributions of EUR 2.0 million during the month, with the majority stemming from Princess' mature legacy fund portfolio.

 

Princess declared a second interim dividend of EUR 0.29 per share in November, with the shares trading ex-dividend during the month. In aggregate with the first interim dividend of EUR 0.145 per share, this represents a total dividend for FY 2020 of EUR 0.435 per share. The Company also provided guidance for FY 2021 that it intends to pay a total dividend of 5% of opening net asset value via semi-annual payments.

 

Further information is available in the monthly report, which can be accessed via: http://www.princess-privateequity.net/en/investor-relations/financial-reports/.

 

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 96 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.

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