Standard Life Private Eqty Trst PLC Month End Net Asset Value(s) (6556Z)
15 January 2020 - 6:00PM
UK Regulatory
TIDMSLPE
RNS Number : 6556Z
Standard Life Private Eqty Trst PLC
15 January 2020
15 January 2020
Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value per share ("NAV")
at 31 December 2019
-- Estimated NAV at 31 December 2019 was 438.8 pence (estimated
NAV at 30 November 2019 was 441.3 pence)
-- SLPET received GBP16.9 million of distributions and paid
GBP8.1 million of drawdowns during December
-- Outstanding commitments of GBP394.6 million at 31 December 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 December 2019,
99.7% by value of the portfolio valuations were dated 30 September
2019.
Estimated NAV
At 31 December 2019, SLPET's estimated NAV was 438.8 pence
(estimated net assets GBP674.7 million), representing a 0.6% per
share decrease from the estimated NAV at 30 November 2019 of 441.3
pence (estimated net assets GBP678.5 million). The 2.5 pence per
share decrease in the NAV reflected unrealised foreign exchange
losses arising primarily from a 0.6% depreciation in the euro
versus sterling during December.
The 23.1 pence per share decrease in the NAV from 30 September
actual NAV of 461.9p reflected the dividend paid in October and
unrealised foreign exchange losses arising primarily from a 4.4%
depreciation in the euro versus sterling during the last three
months of calendar year 2019.
Draw downs and distributions
SLPET received GBP16.9 million of distributions and paid GBP8.1
million of drawdowns during December. The distributions received
generated realised gains and income of GBP9.3 million.
Fund activity
On 3 December 2019, a new commitment of EUR8m was made to PAI
Strategic Partnerships SCSp, a continuation fund of PAI V.
Commitments
The Company had GBP394.6 million of outstanding commitments at
31 December 2019. The Manager continues to believe 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 GBP43.2
million at 31 December 2019. In addition, the Company has an
undrawn GBP100 million syndicated revolving credit facility,
provided by Citibank and Societe Generale that expires in December
2024.
Future announcements
The Company is expecting to announce its estimated NAV at 31
January 2020 on 14 February 2020. As reported in the Company's
Annual Report, the Company's Quarterly Update to 31 December 2019
and actual NAV will be issued in April, rather than March as has
previously been the case, in order to ensure that the Quarterly
Update contains the latest available valuations from the managers
of its investments.
Additional detail about SLPET's NAV and investment
diversification can be found on SLPET's website (www.slpet.co.uk).
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 Alan Gauld 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 updates. 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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