Net Asset Value as of October 31, 2012
The Net Asset Value (intrinsic value) of one registered share of Private Equity Holding AG stood at EUR 55.79 (CHF 67.34) as of October 31, 2012. This represents a decrease of -0.7% (in EUR) since September 30, 2012.
On November 6, 2012, Enanta Pharmaceuticals Inc., PEH's largest direct investment, announced that it has publicly filed a registration statement with the SEC relating to the proposed IPO of its common stock on NASDAQ. Neither the size and valuation of the offering nor the timing of the listing have been fixed. PEH will not sell any shares in the planned IPO, but may reduce its position in Enanta and realize value over the medium term.
The enclosed monthly newsletter shows the development of the NAV and of the share price as well as certain balance sheet data and portfolio key figures.
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.
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 3,451,241 as of October 31, 2012 (September 30, 2012: 3,503,537). 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 within six 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.