Private Equity Holding AG / Premilinary Net Asset Value as of March 31, 2010 processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Zug, 8. April 2010
Preliminary Net Asset Value as of March 31, 2010
The preliminary Net Asset Value (intrinsic value) of one registered share of
Private Equity Holding AG stood at EUR 55.25 (CHF 79.04) as of March 31, 2010.
It increased by EUR 2.02 compared to February 2010. In the second half of the
financial year 2009/2010, the Company could show an increase of NAV in five out
of six months. Since April 1, 2009, the NAV per share increased by 17% (in EUR).
The development of the Net Asset Value, Share Price and Discount (Share Price
versus Net Asset Value) of one registered share of Private Equity Holding AG in
the reporting year is shown below:
+-----------------+---------+--------+--------+--------+-----------+-----------+
| Date |NAV (CHF)| NAV | Share | Share | Discount | Exchange |
| | | (EUR) | Price | Price |(basis CHF)| Rate |
| | | | (CHF) | (EUR) | | |
+-----------------+---------+--------+--------+--------+-----------+-----------+
| 31.03.2010 | 79.04 | 55.25 | 37.00 | 25.86 | 53% | 1.4306 |
| (preliminary) | | | | | | |
+-----------------+---------+--------+--------+--------+-----------+-----------+
| 28.02.2010 | 77.90 | 53.23 | 34.45 | 23.54 | 56% | 1.4635 |
+-----------------+---------+--------+--------+--------+-----------+-----------+
| 31.03.2009 | 71.76 | 47.28 | 15.40 | 10.15 | 79% | 1.5177 |
+-----------------+---------+--------+--------+--------+-----------+-----------+
In March 2010, PEH completed the first investment since October 2008. PEH
acquired a secondary position in Renaissance Venture. As this transaction
happened at a significant discount to the reported book value, this transaction
had already a positive effect on the March Net Asset Value of PEH.
The final Net Asset Value will be published on April 30, 2010. Until then, the
majority of underlying fund investments will have published their annual
reports. Year end reports received so far mostly compare favorably to September
values. In the first quarter of 2010, the wider economic environment improved
further, with an increasing number of IPOs and M&A transactions. These
developments are positively influencing the conditions for private equity
investments. PEH should benefit from this disproportionally given its relatively
mature portfolio.
The chart on the next page illustrates the development of NAV and share price
since January 1, 2007. The NAV per share increased by 35.3% in Euro. In the same
period, the share price in CHF decreased by 11.9% (-1.1% in Euro). Consequently,
the discount widened from 36% to 53%. Reducing the discount between share price
and Net Asset Value per share is of utmost importance for PEH and is a key
priority for both the board of directors and Alpha Associates, the manager of
PEH.
Monthly NAV-Return 01.01.2007 - 31.03.2010
The following table displays the monthly net returns of PEH's portfolio since
January 1, 2007. It can be seen that the portfolio managed to get through the
crisis years 2008 and 2009 almost without losses. Since November 2009 the NAV
per share has continually increased.
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
|monthly| | | | | | | | | | | | | | |
| net | | | | | | | | | | | | | | since |
|returns| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug| Sep | Oct | Nov | Dec | YTD |1.1.2007 |
|(NAV in| | | | | | | | | | | | | | |
| Euro) | | | | | | | | | | | | | | |
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
| 2010 |2.4% |2.7% |3.8% | | | | | | | | | |9.2% | 35.3% |
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
| 2009 |3.4% |-1.7%|-8.0%|-0.1%|-3.6%|-1.2%|-0.1%|0.5%|3.5% |-0.6%|4.7% |4.0% |0.1% | 23.9% |
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
| 2008 |-0.8%|-0.7%|6.3% |0.6% |-0.1%|0.2% |0.2% |0.4%|1.2% |1.7% |-1.5%|-7.3%|-0.3%| 23.8% |
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
| 2007 |0.6% |-0.5%|11.7%|0.4% |0.1% |4.7% |0.9% |2.6%|6.5% |-1.5%|-0.2%|-2.7%|24.1%| 24.1% |
+-------+-----+-----+-----+-----+-----+-----+-----+----+-----+-----+-----+-----+-----+---------+
| |
number of positive | 23 biggest monthly|11.7% (March
months: | increase :| 2007)
--------------------+------ -----------------------+------------------
number of negative | 16 maximum monthly|-8.0% (March
months: | drawdown:| 2009)
| |
Private Equity Holding AG (SIX: 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:
Peter Wolfers, Investor Relations,peter.wolfers@peh.ch
, phone +41 41 726 79 80
orhttp://www.peh.ch
The number of outstanding shares used for calculation of the Net Asset Value per
share amounted to 3,865,129 as of March 31, 2010 (February
28, 2010: 3,872,7007). 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 Net Asset
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 Net Asset Values. The Net Asset Value of listed direct investments is
the market value. Based on a composite assessment of all appropriate and
applicable indicators of the Net Asset Value, Private Equity Holding AG makes a
good faith estimate of the Net Asset Value as of the valuation date. The Net
Asset Values are calculated under a going concern assumption. The Net Asset
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 Net Asset Value and the actual total value of Private Equity Holding
AG's net assets.
[HUG#1401600]
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Private Equity Holding AG
Innere Güterstrasse 4 Zug null
WKN: 906781;ISIN: CH0006089921;
News Release: http://hugin.info/130308/R/1401600/356608.pdf
