Standard Life Euro Pri Eqty Tst PLC Estimated Net Asset Value as at 30 September 2016 (4688M)
14 October 2016 - 5:00PM
UK Regulatory
TIDMSEP
RNS Number : 4688M
Standard Life Euro Pri Eqty Tst PLC
14 October 2016
14 October 2016
STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR
"THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT
30 SEPTEMBER 2016
-- ESTIMATED NAV AT 30 SEPTEMBER 2016 WAS 338.9 PENCE PER SHARE
(ESTIMATED NAV AT 31 AUGUST 2016 WAS 334.6 PENCE PER SHARE)
-- SLEPET PAID GBP12.3 MILLION OF DRAW DOWNS AND RECEIVED GBP6.4
MILLION OF DISTRIBUTIONS AND DURING THE MONTH OF SEPTEMBER
-- OUTSTANDING COMMITMENTS OF GBP306.0 MILLION AT 30 SEPTEMBER 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 30 September 2016, 100% by value of the portfolio valuations
were dated 30 June 2016.
Estimated NAV
At 30 September 2016, SLEPET's estimated NAV was 338.9 pence per
share (estimated net assets GBP521.1 million), representing a 1.3%
per share increase from the estimated NAV at 31 August 2016 of
334.6 pence per share (estimated net assets GBP514.5 million). The
4.3 pence increase in NAV primarily reflected unrealised foreign
exchange gains arising from a 1.7% appreciation in the euro versus
sterling during September.
Draw downs and distributions
SLEPET paid GBP12.3 million of draw downs and received GBP6.4
million of distributions and during the month. The distributions
received generated net realised gains and income of GBP2.8
million.
Commitments
The Company had GBP306.0 million of outstanding commitments at
30 September 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 GBP105.9 million at 30
September 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 31
October 2016 on 14 November 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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