Standard Life Private Eqty Trst PLC Estimated NAV at 30 November (6010I)
15 December 2020 - 2:01AM
UK Regulatory
TIDMSLPE
RNS Number : 6010I
Standard Life Private Eqty Trst PLC
14 December 2020
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
14 December 2020
-- Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 30
November 2020
-- Estimated NAV at 30 November 2020 was 490.6 pence per share
(estimated NAV at 31 October 2020 was 459.6 pence per share)
-- SLPET paid GBP10.3 million of drawdowns and received GBP9.5
million of distributions during the month of November
-- Outstanding commitments of GBP473.4 million at 30 November 2020
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 November 2020,
excluding new investments, 99.0% by value of the portfolio
valuations were dated 30 September 2020. This is an update from the
estimated NAV at 31 October 2020, which was based on valuations
dated 30 June 2020.
Estimated NAV
At 30 November 2020, SLPET's estimated NAV was 490.6 pence per
share (estimated net assets GBP754.4 million), representing a 6.7%
per share increase from the estimated NAV at 31 October 2020 of
459.6 pence per share (estimated net assets GBP706.6 million). The
31.0 pence increase in NAV per share reflected primarily a 8.1%
uplift in the valuation of investments as at 30 September 2020,
partially offset by a 0.5% depreciation in the euro versus sterling
during November.
Drawdowns and distributions
SLPET paid GBP10.3 million of drawdowns and received GBP9.5
million of distributions during the month of November. The
distributions received generated realised gains and income of
GBP4.9 million.
Commitments
A new commitment of EUR25 million was made to Triton Smaller
Mid-Cap Fund II. The Company had GBP473.4 million of outstanding
commitments at 30 November 2020. The Manager believes that around
GBP68.2 million of the Company's existing outstanding commitments
are unlikely to be drawn.
Balance sheet and credit facility
The Company had cash and cash equivalents of GBP32.7 million at
30 November 2020 . In addition, it is due GBP15.1 million of
deferred consideration during the year from investments sold in
2019. It also has an undrawn GBP200 million syndicated revolving
credit facility, provided by Citi, Societe Generale and State
Street Bank International, that expires in December 2024.
Update on COVID-19
The Manager continues to be mindful of the impact of COVID-19
and maintains regular communication with the private equity
managers of the Company's investments.
The latest update from the Manager, which provides responses to
frequently asked questions in relation to COVID-19, is available
within the Latest News section of the Company website;
www.slpet.co.uk.
Future announcements
The Company is expecting to announce its Annual Results to 30
September 2020 on or around 25 January 2021 and will announce its
estimated NAV at 31 December 2020 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 Alan Gauld at SL Capital
Partners LLP (0131 528 4424)
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 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
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END
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