First half 2009 results / Restatement of June-NAV
04 August 2009 - 7:13PM
UK Regulatory
TIDMPGGO
RNS Number : 8254W
Partners Group Global Opportunities
04 August 2009
News Release
Guernsey, 4 August 2009
PGGO publishes first half 2009 results and restates June NAV
Partners Group Global Opportunities Limited ("PGGO") publishes its half-yearly
report for the six months ended 30 June 2009 today. Against the background of a
continuous recessionary macroeconomic environment, PGGO's net asset value
("NAV") declined by 35.2% to EUR 5.02 per share during the first half of the
year.
Since the preparation of the June monthly report and the results presentation on
17 July 2009, the investment manager of PGGO has, during the preparation of the
half-yearly report, adjusted the valuation of one listed direct investment to
reflect a lower market price in local currency than previously reported. This
has resulted in a
-1.6% adjustment in the June net asset value of PGGO from
EUR 5.10 to EUR 5.02 per share.
Notable events during the first half of 2009 included:
* PGGO's decision to strengthen its liquidity position and to reduce gearing over
the short to mid-term to a more moderate level of EUR 30-50 million.
* The sale of certain listed holdings and 50% of its US dollar put option,
generating EUR 6 million in cash; PGGO also sold 5 mezzanine direct investments
at relatively small discounts for a total consideration of EUR 29 million. In
addition, 21 fund investments were sold reducing unfunded commitments by EUR
43.5 million and negatively impacting the NAV by 12.5% compared to the 31
December 2008 valuations.
* Following the settlement of all the secondary transactions mentioned above, net
debt is expected to decline to approximately EUR 50 million and unfunded
commitments to EUR 12 million.
John Hallam, Chairman of PGGO, comments: "The Board of Directors is convinced
that following the successful portfolio repositioning with a reduction of net
gearing to around EUR 50 million, PGGO's balance sheet is well positioned to
withstand short-term volatility. In light of the advanced stage of the
negotiations for a new credit line, which is expected to be signed and announced
in the coming weeks, the Board of Directors is confident that the current
balance sheet structure is healthy and sustainable. In addition, with the
significant reduction of unfunded commitments, PGGO will have an even stronger
focus on direct investments, which should lead to a higher portfolio visibility
and could potentially result in a quicker NAV recovery once public markets and
the wider economy rebound."
A detailed analysis and commentary on the first half 2009 developments at PGGO
are presented in the half-yearly report published today, which can be accessed
via http://pgdatahotel.net/pdf/pg-go_qrt_2009_2_en.pdf?ml
About Partners Group Global Opportunities Limited
Partners Group Global Opportunities Limited is a closed-ended investment company
with limited liability domiciled in Guernsey and traded on the London Stock
Exchange (Main Market) (Ticker symbol: PGGO). Partners Group Global
Opportunities Limited is designed to provide public market investors access to
direct private equity and private debt investments alongside leading private
equity firms and advised by Partners Group AG, a global alternative asset
management firm listed on the SIX Swiss Exchange (ticker symbol: PGHN) with over
CHF 24 billion assets under management in private equity, private debt, private
real estate, private infrastructure, absolute return strategies and listed
alternatives.
Contacts
Partners Group Global Opportunities Limited
info@pg-globalopportunities.net
www.pg-globalopportunities.net
Registered Number: 45101
Media enquiries
Partners Group AG
Tamara Krebs
Communications
Phone: +41 41 768 85 26
tamara.krebs@partnersgroup.com
www.partnersgroup.com
Corporate broker
JPMorgan Cazenove
20 Moorgate
London EC2R 6DA
United Kingdom
This document does not constitute an offer to sell or a solicitation of an offer
to buy or subscribe for any securities and neither is it intended to be an
investment advertisement or sales instrument of Partners Group Global
Opportunities Limited. The distribution of this document may be restricted by
law in certain jurisdictions. Persons into whose possession this document comes
must inform themselves about, and observe any such restrictions on the
distribution of this document. In particular, this document and the information
contained therein is not for distribution or publication, neither directly nor
indirectly, in or into the United States of America, Canada, Australia or Japan.
This document may have been prepared using financial information contained in
the books and records of the product described herein as of the reporting date.
This information is believed to be accurate but has not been audited by any
third party. This document may describe past performance, which may not be
indicative of future results. No liability is accepted for any actions taken on
the basis of the information provided in this document.
Issued and approved by Partners Group (UK) Ltd., authorised and regulated by the
Financial Services Authority in the United Kingdom.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MGGGRLDGGLZG
Partners Grp (LSE:PGGO)
Historical Stock Chart
From May 2024 to Jun 2024
Partners Grp (LSE:PGGO)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Partners Grp (London Stock Exchange): 0 recent articles
More Partners Grp News Articles