Princess Private Equity Holding Ltd Publication of May NAV (9388I)

TIDMPEY

RNS Number : 9388I

Princess Private Equity Holding Ltd

23 June 2017

News Release

Guernsey, 23 June 2017

Princess publishes May NAV

-- Princess Private Equity Holding Limited's ("Princess") net asset value was flat for the month, net of the interim dividend of EUR 0.28 per share

-- Currency movements (-0.3%) were negative while overall portfolio developments (+0.5%) were positive

-- Princess received distributions of EUR 28.3 million and invested EUR 22.4 million over the reporting period

Princess received distributions of EUR 28.3 million during the month, including a total of EUR 21.3 million from a dividend payment and a placing of shares in VAT Group AG, the global market leader in the production of high-end vacuum valves. Princess also received a dividend payment of EUR 0.6 million from Global Blue, the global leader in tax refund and currency transfer services for international travelers. The company took advantage of its strong cash generation to return excess balance sheet cash representing 0.1x invested capital in May, bringing the total distributions to-date to 0.8x invested capital. The company continues to report strong financial performance as a result of greater purchase volumes in the tax-free shopping business, driven by tourists originating from China, Russia and the US. EUR 1.6 million stemmed from the sale of shares in Food company 1 (name withheld due to confidentiality restrictions), a foodservice distributor based in the US, which listed on the NYSE in 2016. Princess also received EUR 1.2 million following the repayment of its debt investment in Boyd Corporation, a US-headquartered designer and producer of engineered components used in manufacturing high-value products. The remaining distributions of EUR 3.6 million came predominantly from Princess' mature legacy fund portfolio.

Princess invested a total of EUR 22.4 million during the month, of which EUR 9.0 million was allocated to an equity co-investment in a European security company (name withheld due to confidentiality restrictions). Princess provided EUR 1.7 million of follow-on equity to Voyage Care, a leading provider of support for people with learning difficulties and associated physical disabilities in the UK. The company successfully refinanced its existing bonds with new senior and second lien notes and increased its revolving credit facility. The transaction has decreased the company's ongoing annual interest costs and grants it more flexibility to pursue its merger and acquisition strategy. Princess also executed two private debt investments during May. EUR 5.0 million of debt was provided to Prosol. Based in France, Prosol operates fresh food retail brand, Grand Frais. The company's stores are designed to resemble traditional indoor markets and cover areas of up to 1'000 square meters. Prosol operates over 185 stores, with growth of 15-25 new sites annually in recent years. Princess also invested EUR 4.9 million in the debt of a European sports rights company (name withheld due to confidentiality restrictions). The company is an international sports management, marketing and media company, and has several exclusive commercial and television rights for major sporting events.

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:

[e-mail]

www.princess-privateequity.net

Registered Number: 35241

Investor relations contact

George Crowe

Phone: [phone]

Email: [e-mail]

Media relations contact

Jenny Blinch

Phone: [phone]

Email: [e-mail]

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

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June 23, 2017 02:00 ET (06:00 GMT)