Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 31 July 2018 (5245X)
14 August 2018 - 4:01PM
UK Regulatory
TIDMSLPE
RNS Number : 5245X
Standard Life Private Eqty Trst PLC
14 August 2018
14 August 2018
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31
JULY 2018
-- ESTIMATED NAV AT 31 JULY 2018 WAS 391.8 PENCE PER SHARE
(ESTIMATED NAV AT 30 JUNE 2018 WAS 392.2 PENCE PER SHARE)
-- SECOND QUARTER DIVIDEND OF 3.1 PENCE PER SHARE PAID ON 27 JULY 2018
-- SLPET PAID GBP17.4 MILLION OF DRAW DOWNS AND RECEIVED GBP10.7
MILLION OF DISTRIBUTIONS DURING THE MONTH OF JULY
-- OUTSTANDING COMMITMENTS OF GBP382.8 MILLION AT 31 JULY 2018
SLPET'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 SLPET's valuation
at 31 July 2018, 83.8% by value of the portfolio valuations were
dated 31 March 2018.
Estimated NAV
At 31 July 2018, SLPET's estimated NAV was 391.8 pence per share
(estimated net assets GBP602.4 million), representing a 0.1% per
share decrease from the estimated NAV at 30 June 2018 of 392.2
pence per share (estimated net assets GBP602.9 million). The 0.4
pence decrease in NAV per share reflected the second quarter
dividend payment of 3.1 pence per share on 27 July 2018 partially
offset by unrealised foreign exchange gains arising primarily from
a 0.9% appreciation in the euro versus sterling during July. The
cash cost of the second quarter dividend was GBP4.8 million.
Draw downs and distributions
SLPET paid GBP17.4 million of drawdowns and received GBP10.7
million of distributions during the month of July. The
distributions received generated realised gains and income of
GBP6.2 million.
Commitments
The Company had GBP382.8 million of outstanding commitments at
31 July 2018. After undertaking a detailed review, the Manager
continues to believe that around GBP60.0 million of the Company's
existing outstanding commitments are unlikely to be drawn.
Balance sheet and credit facility
The Company had liquid resources of GBP88.2 million at 31 July
2018. 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
August 2018 on 1 October 2018.
Additional detail about SLPET's NAV and investment
diversification can be found on SLPET'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 Merrick McKay at SL
Capital Partners LLP (0131 225 2345)
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.
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 SLPET's
portfolio can be obtained in the latest monthly factsheet, which is
published on SLPET's website at
https://www.slpet.co.uk/IT_European_Private_Equity.pdf
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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