NEWS RELEASE
Zug, May 23, 2011
Private Equity Holding AG (PEH) has published the invitation for its 14th Annual General Meeting to be held on June 14, 2011, in Zug and the annual report for the financial year 2010/2011 on its website. Registered shareholders will receive the invitation in the course of the next days via mail.
The audited Net Asset Value (NAV) per share as of March 31, 2011 amounts to EUR 54.21 (CHF 70.35), which represents an increase of 5.0% (in EUR) since April 1, 2010 including the capital reduction of CHF 2 per share in September 2010. PEH reports a comprehensive net income of EUR 6.0 million for the financial year; both its balance sheet and off-balance sheet ratios have improved further throughout the year: the fair value of the portfolio increased by 6%, the over-commitment ratio decreased from 33% to 27%, and the new EUR 20 million revolving credit facility provides a much higher safety margin.
The share price advanced by 34.1% in EUR (21.6% in CHF) to a closing price on March 31, 2011 of EUR 34.68 (CHF 45.00); in addition, the shareholders benefitted from a distribution of CHF 2 (EUR 1.51) per share, resulting in a total performance of 27.7% in CHF and 40% in EUR, respectively. The discount between share price and NAV has narrowed significantly to currently 28.9% (May 20, 2011). Both the Board of Directors and the Manager remain committed to a strategy employing a bundle of measures to achieve long-term growth and to decrease the discount further: making selective investments into top tier private equity funds combined with a continuous distribution policy and an active market making.
As previously published, Patrick Schildknecht will not stand for election for another term as director of the Company. The Board of Directors proposes Bernhard Schürmann for election to the Board of Directors (short CV attached).
Short CV of proposed new Board Member
Bernhard Schürmann, 1947, Swiss National
Since 1997 Bernhard Schürmann is an independent asset manager and Senior Partner at a well-known asset management boutique in Zurich. Prior, Bernhard Schürmann worked for Bank Cantrade for 10 years as a Director for Client Relationship Management and in the same capacity for 10 years at Privatbank und Verwaltungsgesellschaft, Zurich. During this period, Bernhard Schürmann also led listed Allgemeine Finanzgesellschaft for seven years as a Managing Director.After a trainee program at Schweizerische Bankgesellschaft (today UBS AG) Bernhard Schürmann completed the commercial school of Lucerne and studied economics at the University of Zurich (lic. oec. publ.). Following his education, he spent a year in the USA working for several banks and brokers.
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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
or http://www.peh.ch.
Basis of NAV calculation and disclaimer
The number of outstanding shares used for calculation of the Net Asset Value per share amounted to 3,702,727 as of March 31, 2011 (February 28, 2011: 3,746,380). 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. The accuracy of the information cannot be guaranteed and no liability shall be accepted in this respect. This newsletter is for information only and does not constitute an offer to buy or sell PEH-shares.
