Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 31 July 2019 (8850I)
14 August 2019 - 4:02PM
UK Regulatory
TIDMSLPE
RNS Number : 8850I
Standard Life Private Eqty Trst PLC
14 August 2019
14 August 2019
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31
JULY 2019
-- ESTIMATED NAV AT 31 JULY 2019 WAS 440.0 PENCE PER SHARE
(ESTIMATED NAV AT 30 JUNE 2019 WAS 437.1 PENCE PER SHARE)
-- SECOND QUARTERLY DIVIDEND OF 3.2 PENCE PER SHARE PAID ON 26 JULY 2019
-- SLPET RECEIVED GBP10.1 MILLION OF DISTRIBUTIONS AND PAID
GBP5.8 MILLION OF DRAWDOWNS DURING THE MONTH OF JULY
-- OUTSTANDING COMMITMENTS OF GBP419.6 MILLION AT 31 JULY 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-investment in which the Company has
interests. In the case of SLPET's valuation at 31 July 2019, 84.5%
by value of the portfolio valuations were dated 31 March 2019.
Estimated NAV
At 31 July 2019, SLPET's estimated NAV was 440.0 pence per share
(estimated net assets GBP676.5 million), representing a 0.7% per
share increase from the estimated NAV at 30 June 2019 of 437.1
pence per share (estimated net assets GBP672.1 million). The 2.9
pence increase in NAV per share reflected unrealised foreign
exchange gains arising primarily from a 1.6% appreciation in the
euro versus sterling during July, partially offset by the second
quarterly dividend payment of 3.2 pence per share on 26 July 2019.
The cash cost of the second quarterly dividend was GBP4.9
million.
Draw downs and distributions
SLPET received GBP10.1 million of distributions and paid GBP5.8
million of drawdowns during the month of July. The distributions
received generated realised gains and income of GBP5.4 million.
Commitments
The Company had GBP419.6 million of outstanding commitments at
31 July 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 GBP67.9
million at 31 July 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 actual NAV at 30 June
2019 on 30 September 2019 and will announce its estimated NAV at 31
August 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 or co-investment 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:
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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