Standard Life Private Eqty Trst PLC Month End Net Asset Value(s) (7274W)
13 December 2019 - 6:00PM
UK Regulatory
TIDMSLPE
RNS Number : 7274W
Standard Life Private Eqty Trst PLC
13 December 2019
13 December 2019
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 30
NOVEMBER 2019
-- ESTIMATED NAV AT 30 NOVEMBER 2019 WAS 441.3 PENCE PER SHARE
(ESTIMATED NAV AT 31 OCTOBER 2019 WAS 431.3 PENCE PER SHARE)
-- SLPET PAID GBP16.4 MILLION OF DRAW DOWNS AND RECEIVED GBP4.5
MILLION OF DISTRIBUTIONS DURING THE MONTH OF NOVEMBER
-- OUTSTANDING COMMITMENTS OF GBP404.7 MILLION AT 30 NOVEMBER 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 30 November 2019,
97.1% by value of the portfolio valuations were dated 30 September
2019.
Estimated NAV
At 30 November 2019, SLPET's estimated NAV was 441.3 pence per
share (estimated net assets GBP678.5 million), representing a 2.3%
per share increase from the estimated NAV at 31 October 2019 of
431.3 pence per share (estimated net assets GBP663.0 million). The
10.0 pence increase in NAV per share reflected primarily a 4.0%
uplift in the valuation of investments as at 30 September 2019,
partially offset by a 1.0% depreciation in the euro versus sterling
during November.
Draw downs and distributions
SLPET paid GBP16.4 million of drawdowns and received GBP4.5
million of distributions during the month of November. The
distributions received generated realised gains and income of
GBP1.6 million.
Commitments
The Company had GBP404.7 million of outstanding commitments at
30 November 2019. The Manager believes that around GBP62.0 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 GBP36.1
million at 30 November 2019. In addition, the Company had an
undrawn GBP80 million syndicated revolving credit facility,
provided by Citibank and Societe Generale. Following the month end,
the Board has agreed with the existing lenders an expansion of this
facility to GBP100m and has extended the expiry date to December
2024.
Future announcements
The Company is expecting to announce its Annual Results to 30
September 2019 on or around 9 January 2020. Historically, the
Annual Results were published in December each year but, following
consultation with the Manager and the Company's Broker, the Board
has reviewed its valuation cycle and in future intends to release
its annual report to 30 September in January each year. The Board
has agreed to this change to ensure that the Annual Report contains
the latest available valuations at 30 September each year from the
managers of its investments. More details will be included in the
Annual Results to 30 September 2019.
The Company is also expecting to announce its estimated NAV at
31 December 2019 on 15 January 2020.
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 372 2200)
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, for example, where sales proceeds are available. 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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