First half 2009 results / Restatement of June-NAV


 

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)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024