On April 5, 2007, Private Equity Holding AG published the preliminary
fair value per share as of March 31, 2007. In the meantime, Private
Equity Holding AG has received the valuation of the portfolio sold in
2003 with regard to which Private Equity Holding AG is entitled to an
incremental contingent purchase price. A short version of the annual
results for the financial year 2006/2007 will be published on April
24, 2007. The full annual report will be available by the end of May
2007.
The final fair value of one registered share as of March 31, 2007 is
herewith published in advance. It stands at EUR 45.66 (CHF 74.14) per
share. In the financial year 2006/2007, the fair value rose (in EUR)
by over 60% (+65% in CHF). During the same period, the share price
(in CHF) increased by close to 22%.
The development of the fair value, share price and discount (share
price versus fair value) per share in the reporting year 2006/2007 is
shown below:
Datum Fair Fair Share Share Discount Exchange
Value Value Prices Price (basis CHF) Rate
(CHF) (EUR) (CHF) (EUR)
31.03.06 45.01 28.52 37.75 23.92 16% 1.57803
31.12.06 65.62 40.84 42.00 26.14 36% 1.60668
31.03.07 74.14 45.66 46.00 28.33 38% 1.62364
ALPHA Associates and the new Board of Directors of Private Equity
Holding AG (elected on December 7, 2006) initiated the implementation
of a long-term growth strategy with the objective of reducing the
discount between the share price and the fair value.
Private Equity Holding AG (SWX: PEHN), managed by ALPHA Associates,
offers investors the opportunity to invest, within a simple legal and
tax optimized structure, in a broadly diversified and professionally
managed private equity portfolio.
For further information, please contact:
Claudine Birbaum, Investor Relations, claudine.birbaum@peh.ch, phone
+41 41 726 79 80.
or http://www.peh.ch
Basis of the fair value calculation and disclaimer
The number of outstanding shares used for calculation of fair value
per share amounted to 4,009,590 as of March 31, 2007 (March 31, 2006:
4,125,000). The calculations are prepared in accordance with
International Financial Reporting Standards (IFRS) and pursuant to
the guidelines of the European Venture Capital Association (EVCA).
The fair values of the fund investments are based on the most recent
report of the latest NAV (net asset values) as reported by the funds.
Unlisted direct investments are rated at fair values. The fair value
of listed direct investments is the market value. Based on a
composite assessment of all appropriate and applicable indicators of
fair value, Private Equity Holding AG makes a good faith estimate of
the fair value as of the valuation date. The fair values are
calculated under a going concern assumption. The fair value of
Private Equity Holding AG is computed as of the end of each month and
published four trading days after the cut-off date. The different
reporting cut-off dates of the individual companies and funds in
which participations are held can lead to short-term distortions and
cause discrepancies between the published fair value and the actual
total value of Private Equity Holding AG's net assets.
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Private Equity Holding AG
Innere Güterstrasse 4 Zug
WKN: 906781;
ISIN: CH0006089921; Index: IGSP;
Listed: Investment Companies in SWX Swiss Exchange;
