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:
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 Value (CHF) |
Fair Value (EUR) |
Share Prices (CHF) |
Share Price (EUR) |
Discount (basis CHF) |
Exchange Rate |
|
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
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.
