Standard Life Private Eqty Trst PLC Quarterly Trading Statement (1924R)
20 September 2017 - 4:00PM
UK Regulatory
TIDMSLPE
RNS Number : 1924R
Standard Life Private Eqty Trst PLC
20 September 2017
Standard Life Private Equity Trust PLC
1. Investment update for the quarter ended 30 June 2017
-- The Company's net asset value ("NAV") per ordinary share
increased by 5.9% to 390.6 pence for the quarter ended 30 June
2017
-- Realised gains and income during the quarter ended 30 June
2017 were GBP16.0 million (2.8% of NAV). The unrealised gains on
the portfolio on a constant exchange rate basis were GBP10.0
million (1.8% of NAV); in addition, there were unrealised foreign
exchange gains of GBP8.3 million (1.5% of NAV)
-- 93.2% by value of the portfolio was valued by the respective
underlying managers at 30 June 2017
-- NAV total return was 13.7% for the nine months from 1 October 2016 to 30 June 2017.
-- Outstanding commitments were GBP331.2 million at 30 June 2017
-- Liquid resources were GBP111.6 million at 30 June 2017
For the quarter ended 30 June 2017 the Company's NAV increased
by 5.9% to 390.6 pence per share, from 368.9 pence per share at 31
March 2017. At 30 June 2017 the Company's net assets were GBP600.5
million (31 March 2017 - GBP567.2 million). NAV total return was
13.7% for the nine months from 1 October 2016 to 30 June 2017.
The closing value of the Company's portfolio, which, included 50
private equity fund interests, was GBP488.2 million at 30 June 2017
(31 March 2017 - GBP470.2 million and 49 private equity fund
interests). The total unrealised gains on the portfolio for the
quarter ended 30 June 2017 were GBP18.3 million, comprising GBP10.0
million of unrealised gains on a constant exchange rate basis and
GBP8.3 million of unrealised foreign exchange gains. The MSCI
Europe Index (in sterling) and the FTSE All Share Index (in
sterling) rose by 3.7% and 1.4% respectively during the quarter.
The unrealised foreign exchange gains were driven by the euro
appreciating by 2.6% relative to sterling over the quarter, offset
by the US dollar depreciating 3.9% relative to sterling.
During the quarter ended 30 June 2017 the Company received
GBP32.1 million of distributions (six months ended 31 March 2017 -
GBP73.5 million) and funded GBP13.2 million of drawdowns (six
months ended 31 March 2017 - GBP46.1 million). The distributions
received during the quarter generated GBP16.0 million of net
realised gains and income, which was equivalent to a return of 2.1
times the acquisition cost of the realised investments. Total
distributions and drawdowns for the nine months ended 30 June 2017
were GBP105.6 million and GBP59.3 million, respectively.
The Company made one new fund commitment of EUR35.0 million to
CVC Capital Partners VII. The Company had total outstanding
commitments to its 50 private equity fund interests of GBP331.2
million at 30 June 2017 (31 March 2017 - GBP312.2 million and 49
private equity fund interests). The Manager continues to believe
that around GBP60 million of the Company's existing outstanding
commitments are unlikely to be drawn.
At 30 June 2017 the Company had liquid resources of GBP111.6
million comprised of cash and cash equivalents (31 March 2017 -
liquid resources of GBP97.7 million). The Company continues to have
an undrawn GBP80 million syndicated revolving credit facility
provided by Citibank and Societe Generale that expires in December
2020.
2. Activity since 30 June 2017
On 21 July 2017 the Company paid an interim dividend for the
year ended 30 September 2017 of 6.0 pence per ordinary share. The
cost of the interim dividend was GBP9.2 million.
During the period from 1 July to 8 September 2017 the Company
funded GBP24.0 million of drawdowns and received GBP21.1 million of
distributions.
A new commitment of EUR30.0 million was made to Nordic Capital
Fund IX on 29 August. At 8 September 2017 the Company had liquid
resources of GBP101.9 million. The Company also had total
outstanding commitments of GBP344.9 million.
The Company's estimated NAV at 31 August 2017 is also being
announced today. It is anticipated that the Company will release
its preliminary announcement for the financial year ending 30
September 2017 on or around 4 December 2017.
For further information please contact:-
Roger Pim at SL Capital Partners LLP (0131 245 0055)
Note:-
Standard Life 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 Private Equity
Trust PLC is independent of Standard Life Aberdeen plc.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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