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Princess Private Equity annual NAV up 10%
StockMarketWire.com
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Private equity investor Princess Private Equity posted a positive annual performance and raised its second-half dividend compared to the first half.
The company's net asset value increased to €13.35 per share, representing a total return of 10.0% year-on-year.
Princess paid a total dividend of €0.435 per share, equivalent to 3.5% of opening NAV.
It guided that rom 2021 onwards it intended to distribute 5% of opening NAV via semi-annual payments.
'Reflecting the uncertain outlook in the first half of the year the board, acting on the advice of the Investment manager, took the decision to pay a reduced first interim dividend in order to preserve liquidity,' chairman Richard Battey said.
'Ultimately, the majority of portfolio companies proved to be resilient and were able to grow earnings despite the imposition of government restrictions on the economy.'
'The robust performance of the portfolio and the re-opening of capital markets in the second half of the year gave the board confidence to increase the second interim dividend to its prior level and to provide dividend guidance for 2021.'
At 9:49am: (LON:PEY) Princess Private Equity Holding Ltd share price was 0p at 10.5p
Story provided by StockMarketWire.com
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