Princess Private Equity

[Welshmidget]

Hello all. Does anyone have any idea why Princess Private Equity (PEY) has dropped 8% in the last week? I see they sold out of the VAT Group AG, but don’t see how that could drive the price down 8%... (The wife thought it might be to do with Carillion, but I can’t see how.) I noticed that a couple of other Private Equity ITs aren’t doing so well either. Any information gratefully received.

[richfool]

Hello all. Does anyone have any idea why Princess Private Equity (PEY) has dropped 8% in the last week? I see they sold out of the VAT Group AG, but don’t see how that could drive the price down 8%... (The wife thought it might be to do with Carillion, but I can’t see how.) I noticed that a couple of other Private Equity ITs aren’t doing so well either. Any information gratefully received.

I note HAST sold some of its holding of PEY. See here:

viewtopic.php?f=54&t=9638&p=112063#p112063

[Vince56]

I don't know why it would drop 8% in a week, but I seem to remember that Witan also trimmed its stake. I started a thread re PE a little while back on here, and I thought at the time that I'd continue to hold Princess because of its yield. However, when it got to par I decided to sell, and as it went to a premium, perhaps others thought the same? I will continue to monitor it though, and may buy back in at some point

[UncleEbenezer]

Looks to me like a small glitch in an upward trend. The size is probably affected by relatively low liquidity,

Time will tell if there's anything more to it. I hope not: it's hitherto been a happy entry in my portfolio.

(Though I hadn't realised it had moved up to NAV/Price parity before the fallback).

[UncleEbenezer]

Heh! It seems they've been overstating NAV! RNS about the sale of Trimco states it in USD, which (depending on the dates concerned) could well mean they're understating it.

Princess will receive proceeds of approximately USD 24.4 million subject to closing adjustments. This compares to a carrying value of USD 24.9 million (EUR 20.9 million) at 30 November 2017.

[mickeypops]

I hold PEY too, and have done rather well out of it. Part of the recent fall may be down to the improving fortunes of the £ v. EUR?

MP

[Longtermyieldman]

Whatever caused the drop it seemed to reverse quickly. I don't have access to volume trading data but wonder whether there were some big sales that day. It's not particularly liquid.