Standard Life Private Eqty Trst PLC Estimated NAV at 30 April 2021 (7004Y)
17 May 2021 - 4:00PM
UK Regulatory
TIDMSLPE
RNS Number : 7004Y
Standard Life Private Eqty Trst PLC
17 May 2021
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
17 May 2021
Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 30
April 2021
-- Estimated NAV at 30 April 2021 was 526.8 pence per share
(estimated NAV at 31 March 2021 was 522.4 pence per share)
-- Interim dividend of 3.4 pence per share paid on 23 April 2021
-- SLPET paid GBP19.9 million of drawdowns and received GBP9.1
million of distributions during the month of April
-- Outstanding commitments of GBP460.6 million at 30 April 2021
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 2021,
excluding new investments, 100.0% by value of the portfolio
valuations were dated 31 December 2020.
Estimated NAV
At 30 April 2021, SLPET's estimated NAV was 526.8 pence per
share (estimated net assets GBP810.0 million), representing a 0.8%
per share increase from the estimated NAV at 31 March 2021 of 522.4
pence per share (estimated net assets GBP803.2 million). The 4.4
pence increase in NAV per share reflected gains arising primarily
from a 2.0% appreciation in the euro versus sterling during April,
partially offset by the first interim dividend payment of 3.4 pence
per share, which was paid on 23 April 2021. The cash cost of the
first interim dividend was GBP5.2 million.
Drawdowns and distributions
SLPET paid GBP19.9 million of drawdowns, including funding for
secondary purchases, and received GBP9.1 million of distributions
during the month of April. The distributions received generated
realised gains and income of GBP4.8 million.
Secondary activity
In April 2021, the Company acquired through secondary purchase,
original commitments of EUR3.0 million and EUR8.0 million to
Capiton IV and Capiton V respectively. The Company assumed
outstanding commitments of EUR0.2 million and EUR1.2 million on
acquisition.
Commitments
The Company had GBP460.6 million of outstanding commitments at
30 April 2021. The Manager believes that around GBP45.5 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 GBP52.1 million at
30 April 2021 . In addition, the Company 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 from the Manager
The Manager notes that the impact of COVID-19 on the portfolio
continues to evolve and maintains regular communication with the
private equity managers of the Company's investments.
The latest update from the Manager is available within the
Latest News section of the Company website; www.slpet.co.uk.
Future announcements
The Company is expecting to announce its interim results on or
around 23 June 2021 and will announce its estimated NAV at 31 May
2021 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
an 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
manager 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.
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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