Annual General Meeting on June 24, 2010 in Zug
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Private Equity Holding AG / Annual General Meeting on June 24, 2010 in Zug processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
NEWS RELEASE
Zug, June 02, 2010
The Board of Directors proposes to the Annual General Meeting to approve a
reduction of the nominal value per share from CHF 8 to CHF 6 and to distribute
CHF 2 per share to the Company's shareholders.
At the current share price this represents a yield of 5.7%. Going forward
shareholders shall benefit from regular distributions.
Private Equity Holding AG (PEH) has published the invitation for its 13th Annual
General Meeting to be held on June 24, 2010, in Zug and the annual report for
the financial year 2009/2010 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, 2010 amounts to EUR
53.09 (CHF 75.95), which represents an increase of 12.3% (in EUR) since April
1, 2009. The audited NAV is 3.9% lower than the preliminary value that was first
published on April 8, 2010 and in the shareholder letter dated April 30, 2010.
In May, PEH received new fund reports for two large buyout investments, which
showed material differences from the previous reports. The net effect of these
two reports was negative. Therefore, the Manager and the Board of Directors
decided to reflect this effect already in the audited financial statements as of
March 31, 2010, rather than in the June report only. The adjustment had a
positive effect on the Company's expense ratio and net current assets.
The revised NAV as of April 30, 2010, is EUR 53.43 (CHF 76.64). The NAV for the
end of May will be published on June 4, 2010 and is expected to show a
significant increase.
As already previously published, Stuart Frankel will not stand for election for
another term as director of the Company. Dr. Hans Baumgartner and Dr. Chris
Tanner will stand for re-election. In addition, Martin Eberhard and Patrick
Schildknecht are proposed to the Annual General Meeting for election to the
Board of Directors (short CVs attached).
In agenda item 6, the Board of Directors proposes to the Annual General Meeting
to cancel 40,500 shares that were purchased in the share buyback program in
2005/2006 and to reduce the share capital accordingly. Furthermore, the Board of
Directors proposes to approve a reduction of the nominal value per share from
CHF 8 to CHF to CHF 6 and to distribute CHF 2 per share to the Company's
shareholders.
The proposed distribution amounts to 5.7% of the current share price and is part
of a policy change. The Board of Directors has decided to let shareholders
participate in PEH's growth also through regular distributions in the future.
Distributions representing a reduction in the nominal value per share are
tax-exempt for private individuals residing in Switzerland. The implementation
of a distribution policy is part of a long-term plan to increase the
attractiveness of the PEH share. Reducing the discount between NAV per share and
share price has a high priority for the Manager and the Board of Directors.
***
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(at)peh.ch
Basis of the Net Asset Value Calculation and Disclaimer
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. 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.
Short CVs of proposed new Board Members
Martin Eberhard, 1958, Swiss citizen
From 2000 until 2009 Martin Eberhard served as founder and CEO of NZB Neue
Zürcher Bank Ltd. Prior to founding NZB, Mr. Eberhard held various senior
positions at Bank Julius Baer; his last position at JB was member of the
Executive Board Brokerage Europe. Before joining JB, he worked for Swiss Bank
Corporation in Zurich, Geneva and New York. Mr. Eberhard completed the Swiss
Banking School and an Advanced Executive Program at Kellogg Graduate School of
Management, USA.
Patrick Schildknecht, 1972, Swiss citizen
Patrick Schildknecht is the Chairman of the Board of Directors of two investment
companies, Sk Holding AG and SFM & Associés SA; a real estate development
company Sk Real Estates AG; and Hinno AG, a specialist for innovative curtain
systems. Mr. Schildknecht graduated from the University of Zurich with a degree
in economics in 1998 and started his career at timber company Portico S.A. in
San Jose, Costa Rica. Returning to Switzerland in 1999, Mr. Schildknecht worked
for five years for strategy consultants Arthur D. Little. He then took over,
together with other investors, All Wireless AG, Bern, a leading company in the
field of paging.
[HUG#1421266]
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Private Equity Holding AG
Innere Güterstrasse 4 Zug null
WKN: 906781;ISIN: CH0006089921;
News Release: http://hugin.info/130308/R/1421266/370598.pdf
Unternehmensinformation / Kurzprofil:
Datum: 02.06.2010 - 21:00 Uhr
Sprache: Deutsch
News-ID 21897
Anzahl Zeichen: 0
contact information:
Town:
Zug
Kategorie:
Business News
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