Standard Life Private Eqty Trst PLC Quarterly Trading Statement (7798T)
25 March 2019 - 6:00PM
UK Regulatory
TIDMSLPE
RNS Number : 7798T
Standard Life Private Eqty Trst PLC
25 March 2019
Standard Life Private Equity Trust PLC
1. Investment update for the quarter ended 31 December 2018
-- The net asset value ("NAV") per ordinary share of Standard
Life Private Equity Trust PLC ("the Company") decreased by 0.5% to
428.2 pence for the quarter ended 31 December 2018
-- Realised gains and income on the unquoted portfolio during
the quarter ended 31 December 2018 totalled GBP11.3 million (1.7%
of NAV). The unrealised loss on a constant exchange rate basis was
11.4 million (1.7% of NAV). In addition, there were unrealised
foreign exchange gains of GBP4.9 million (0.7% of NAV)
-- The final quarter dividend for the financial year ending 30
September 2018 of 3.1 pence per share was paid on 25 January
2019
-- 99.0% by value of the portfolio was valued by the respective
underlying managers at 31 December 2018
-- NAV total return was 0.1% for the three months from 1 October 2018 to 31 December 2018
-- Outstanding commitments were GBP385.6 million at 31 December 2018
-- Resources available for investment were GBP95.6 million at 31 December 2018
For the quarter ended 31 December 2018, the Company's NAV
decreased by 0.5% to 428.2 pence per share, from 430.2 pence per
share at 30 September 2018. At 31 December 2018, the Company's net
assets were GBP658.3 million (30 September 2018 - GBP661.4
million). NAV total return was 0.1% for the three months from 1
October 2018 to 31 December 2018.
The closing value of the Company's unquoted portfolio, which,
included 55 private equity fund interests, was GBP562.1 million at
31 December 2018 (30 September 2018 - GBP574.7 million and 55
private equity fund interests). The total unrealised loss on the
unquoted portfolio for the quarter ended 31 December 2018 was
GBP6.5 million, comprising GBP11.4 million of unrealised loss on a
constant exchange rate basis and GBP4.9 million of unrealised
foreign exchange gains. The MSCI Europe Index (in sterling) and the
FTSE All Share Index (in sterling) both fell by 11% during the
quarter. The unrealised foreign exchange gains were driven by the
euro and the US Dollar appreciating by 0.8% and 2.3% respectively,
relative to sterling over the quarter.
During the quarter ended 31 December 2018, the unquoted
portfolio generated GBP28.7 million of distributions (quarter ended
30 September 2018 - GBP24.4 million). The Company funded GBP11.4
million of drawdowns (quarter ended 30 September 2018 - GBP31.0
million) into the unquoted portfolio. The distributions received
during the quarter generated GBP11.3 million of net realised gains
and income. The net realised gains and income include the realised
loss on written-off investments which were previously already
recognised within unrealised losses. Excluding the realised loss on
written-off investments, the net realised gains and income was
GBP17.1 million. This was equivalent to a return of 2.5 times the
acquisition cost of the realised investments.
The Company made one new fund commitment of EUR30.0 million to
Triton V. The Company had total outstanding commitments to its 55
private equity fund interests of GBP385.6 million at 31 December
2018 (30 September 2018 - GBP369.3 million to 55 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 31 December 2018, the Company had resources available for
investment of GBP95.6 million (30 September 2018 - resources
available for investment of GBP86.5 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 31 December 2018
On 25 January 2019, the Company paid the final dividend for the
year ended 30 September 2018 of 3.1 pence per ordinary share. The
cost of the final dividend was GBP4.8m. In addition, the Company
declared a first quarter dividend for the year ending 30 September
2019 of 3.2 pence per share, to be paid on 26 April 2019, to
shareholders on the Company's share register as at 22 March 2019.
The ex-dividend date is 21 March 2019.
During the period from the 1 January 2019 to the 8 March 2019
the Company funded GBP14.2 million of drawdowns and received
GBP11.8 million of distributions.
A new commitment of EUR35m was made to Altor V on 6 February
2019, and a new co- investment commitment of EUR6m was made to
Mademoiselle Desserts, alongside IK Investment Partners, on 15
February 2019.
At 8 March 2019, the Company had resources available for
investment of GBP90.6 million. The Company also had total
outstanding commitments of GBP394.0 million.
The Company's estimated NAV at 28 February 2019 is also being
announced today. It is anticipated that the Company will release
its results for the six months ending 31 March 2019 on or around 19
June 2019.
For further information please contact:-
Merrick McKay at SL Capital Partners LLP (0131 245 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 and Phoenix
Group Holdings.
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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