Standard Life Private Eqty Trst PLC Estimated Net Asset Value as at 30 April 2019 (0160Z)
15 May 2019 - 4:00PM
UK Regulatory
TIDMSLPE
RNS Number : 0160Z
Standard Life Private Eqty Trst PLC
15 May 2019
15 May 2019
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 30
APRIL 2019
-- ESTIMATED NAV AT 30 APRIL 2019 WAS 407.3 PENCE PER SHARE
(ESTIMATED NAV AT 31 MARCH 2019 WAS 410.7 PENCE PER SHARE)
-- DIVIDEND OF 3.2 PENCE PER SHARE PAID ON 26 APRIL 2019
-- SLPET PAID GBP8.2 MILLION OF DRAW DOWNS AND RECEIVED GBP6.6
MILLION OF DISTRIBUTIONS DURING THE MONTH OF APRIL
-- OUTSTANDING COMMITMENTS OF GBP432.1 MILLION AT 30 APRIL 2019
SLPET's valuation policy for private equity funds and
co-investments is based on the latest valuations reported by the
managers of the funds and co-investments in which the Company has
interests. In the case of SLPET's valuation at 30 April 2019, 99.0%
by value of the portfolio valuations were dated 31 December
2018.
Estimated NAV
At 30 April 2019, SLPET's estimated NAV was 407.3 pence per
share (estimated net assets GBP626.3 million), representing a 0.8%
per share decrease from the estimated NAV at 31 March 2019 of 410.7
pence per share (estimated net assets GBP631.5 million). The 3.4
pence decrease in NAV per share reflected the dividend payment of
3.2 pence per share on 26 April 2019 and unrealised foreign
exchange losses arising primarily from a 0.2% depreciation in the
euro versus sterling during April. The cash cost of the dividend
was GBP4.9 million.
Draw downs and distributions
SLPET paid GBP8.2 million of drawdowns and received GBP6.6
million of distributions during the month of April. The
distributions received generated realised gains and income of
GBP5.6 million.
Commitments
New commitments were made to American Industrial Partners
Capital Fund VII L.P. ($20.0 million), Investindustrial VII
(EUR25.0 million) and Seventh Cinven Fund (EUR25.0 million). The
Company had GBP432.1 million of outstanding commitments at 30 April
2019. 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 resources available for investment of GBP78.9
million at 30 April 2019. 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 interim results on 19
June 2019 and will announce its estimated NAV at 31 May 2019 at the
same time.
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 and Phoenix
Group Holdings.
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 or co-investment lead 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
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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