Standard Life Private Eqty Trst PLC Estimated NAV at 31 May 2021 (3702D)
29 June 2021 - 4:05PM
UK Regulatory
TIDMSLPE
RNS Number : 3702D
Standard Life Private Eqty Trst PLC
29 June 2021
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
29 June 2021
Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 31 May
2021
-- Estimated NAV at 31 May 2021 was 567.0 pence per share
(actual NAV at 31 March 2021 was 568.4 pence per share)
-- SLPET received GBP19.5 million of distributions and paid
GBP6.0 million of drawdowns during the month of May
-- Outstanding commitments of GBP447.9 million at 31 May 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 31 May 2021,
excluding new investments, 99.6% by value of the portfolio
valuations were dated 31 March 2021. This is an update from the
estimated NAV at 30 April 2021, which was based on valuations dated
31 December 2020.
Estimated NAV
At 31 May 2021, SLPET's estimated NAV was 567.0 pence per share
(estimated net assets GBP871.8 million), representing a 0.2% per
share decrease from the actual NAV at 31 March 2021 of 568.4 pence
per share (actual net assets GBP873.9 million). The 1.4 pence
decrease in NAV per share reflected the first interim dividend
payment of 3.4 pence per share, paid on 23 April 2021, which was
partially offset by gains arising primarily from a 1.0%
appreciation in the euro versus sterling during April and May.
Drawdowns and distributions
SLPET received GBP19.5 million of distributions and paid GBP6.0
million of drawdowns during the month of May. The distributions
received generated realised gains and income of GBP14.9
million.
Commitments
The Company had GBP447.9 million of outstanding commitments at
31 May 2021. The Manager believes that around GBP44.9 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 GBP66.2 million at
31 May 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 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 estimated NAV at 30
June 2021 on 14 July 2021.
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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END
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