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Bankleitzahlen - online.de


Settlement of Earn-out: Positive Impact on Net Asset Value and Significant Increase of Liquidity

Corporate news announcement processed and transmitted by Hugin AS.
The issuer is solely responsible for the content of this
announcement.
----------------------------------------------------------------------
--------------




In connection with the restructuring of Private Equity Holding Ltd
(PEH) in 2003, PEH retained a profit participation right ('Earn-out')
in respect of 12 private equity funds, which had been sold to CSFB
Strategic Partners II ('CSFB SP II'). Up to September 30, 2009, PEH
has received total cash distributions of EUR 45.4 million from this
Earn-out.
Today, PEH and CSFB SP II entered into an agreement for an early
settlement of the Earn-out. The agreement stipulates that the 12 fund
interests, which were the basis for the calculation of the Earn-out,
shall be retransferred to PEH; thus PEH will enjoy 100% of all
distributions from these funds in the respective fund currencies from
October 1, 2009. Given that a large portion of the value in the 12
funds is stated in USD whereas the Earn-out was denominated in EUR at
a USD/EUR rate, which had been favorable for PEH over the last years,
CSFB SP II also agreed to compensate PEH with a cash payment of EUR
15.1 Mio for the value of the FX option that had been built into the
Earn-out.
As at September 30, 2009, the Earn-out had a value of EUR 64.2 Mio on
PEH's balance sheet. Based on the settlement agreement with CSFB SP
II, the pro forma value of the Earn-out as of November 30, 2009 is
EUR 73 Mio, thereof EUR 15.1 million in cash.
The early termination of the 2003 earn-out arrangement has two
important advantages for PEH. First, PEH and its adviser, Alpha
Associates AG, have now full transparency over the 12 earn-out funds.
PEH will hold these participations on its balance sheet again and
will receive 100% of all future distributions. Second, PEH will
receive EUR 15.1 million in cash. PEH does not have any bank debt on
its balance sheet and has kept a solid liquidity position throughout
the financial crisis. The EUR 15.1 million payment means a
significant increase of PEH's liquidity and hence will improve the
company's flexibility.
***
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:
Claudine Birbaum, Investor Relations, claudine.birbaum@peh.ch, phone
+41 41 726 79 80
or http://www.peh.ch



--- End of Message ---

Private Equity Holding AG
Innere Güterstrasse 4 Zug

WKN: 906781;
ISIN: CH0006089921; Index: IGSP;
Listed: Investment Companies in SIX Swiss Exchange;
Copyright © Hugin AS 2009. All rights reserved.



 
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