Standard Life Euro Pri Eqty Tst PLC Estimated Net Asset Value as at 31 August 2016 (1261L)
29 September 2016 - 4:01PM
UK Regulatory
TIDMSEP
RNS Number : 1261L
Standard Life Euro Pri Eqty Tst PLC
29 September 2016
29 September 2016
STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR
"THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT
31 AUGUST 2016
-- ESTIMATED NAV AT 31 AUGUST 2016 WAS 334.6 PENCE PER SHARE
(ACTUAL NAV AT 30 JUNE 2016 WAS 329.3 PENCE PER SHARE)
-- SLEPET RECEIVED GBP4.2 MILLION OF DISTRIBUTIONS AND PAID
GBP2.6 MILLION OF DRAW DOWNS DURING THE MONTH OF AUGUST
-- OUTSTANDING COMMITMENTS OF GBP313.7 MILLION AT 31 AUGUST 2016
SLEPET's valuation policy for private equity funds is based on
the latest valuations reported by the managers of the funds in
which the Company has interests. In the case of SLEPET's valuation
at 31 August 2016, 100% by value of the portfolio valuations were
dated 30 June 2016.
Estimated NAV
At 31 August 2016, SLEPET's estimated NAV was 334.6 pence per
share (estimated net assets GBP514.5 million), representing a 1.6%
per share increase from the actual NAV at 30 June 2016 of 329.3
pence per share (actual net assets GBP509.7 million). The 5.3 pence
increase in NAV primarily reflected unrealised foreign exchange
gains arising from a 2.3% appreciation in the euro versus sterling
between 30 June and 31 August, partially offset by the interim
dividend payment of 1.8 pence per share on 15 July 2016.
Draw downs and distributions
SLEPET received GBP4.2 million of distributions and paid GBP2.6
million of draw downs during the month. The distributions received
generated net realised gains and income of GBP1.6 million.
Commitments
The Company had GBP313.7 million of outstanding commitments at
31 August 2016. After undertaking a detailed review, the Manager
continues to believe that around GBP55 million of the Company's
existing outstanding commitments are unlikely to be drawn.
Balance sheet and credit facility
The Company had liquid resources of GBP111.1 million at 31
August 2016. In addition, the Company has an undrawn GBP80 million
syndicated revolving credit facility, provided by Citibank and
Societe Generale that expires in December 2020.
Future announcements
The Company is expecting to announce its estimated NAV at 30
September 2016 on 14 October 2016.
Additional detail about SLEPET's NAV and investment
diversification can be found on SLEPET's website. Neither the
contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website is incorporated
into, or forms part of, this announcement.
For further information please contact Roger Pim or Peter
McKellar at SL Capital Partners LLP (0131 245 0055)
Note:-
Standard Life European Private Equity Trust PLC is an investment
company managed by SL Capital Partners LLP, the ordinary shares of
which are admitted to listing by the UK Listing Authority and to
trading on the Stock Exchange and which seeks to conduct its
affairs so as to qualify as an investment trust under sections
1158-1165 of the Corporation Tax Act 2010. The Board of Standard
Life European Private Equity Trust PLC is independent of Standard
Life plc.
Valuation Methodology
Unquoted investments are stated at the directors' estimate of
fair value and follow the recommendations of EVCA and BVCA. The
estimate of fair value is normally the latest valuation placed on a
fund by its manager at the balance sheet date. The valuation
policies used by the manager in undertaking that valuation will
generally be in line with the joint publication from EVCA and BVCA,
'International Private Equity and Venture Capital Valuation
guidelines'. Where formal valuations are not completed at the
balance sheet date the last available valuation from the fund
manager is adjusted for any subsequent cashflows occurring between
the valuation date and the balance sheet date. The Company's
Manager may further adjust such valuations to reflect any changes
in circumstances from the last manager's formal valuation date to
arrive at the estimate of fair value. Quoted investments are valued
based on quoted prices as of the last day of the relevant
period.
The Company intends to release regular estimated NAV updates
around ten business days after each month end, while continuing to
issue quarterly trading statements. A breakdown of SLEPET's
portfolio can be obtained in the latest monthly factsheet, which is
published on the Manager's website at
www.slcapital.com/IT_European_Private_Equity/getLatest.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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