1st Quarter Results and Dividend Announcement

CT Private Equity Trust PLC

29 May 2024

 

To: Stock Exchange	For immediate release:
	29 May 2024

CT Private Equity Trust PLC

Quarterly results for the three months ended 31 March 2024 (unaudited)

 

·      Net asset value of 685.46p per share as at 31 March 2024 reflecting a total return for the three-month period of -1.4%.

·      Quarterly dividend of 7.01p per Ordinary Share payable on 31 July 2024.

·      Dividend yield of 6.4% based on the period end share price. ∞

·      Strong realisations completed post quarter end.

∞ Calculated as dividends of 7.01p paid on 31 October 2023, 7.01p paid on 31 January 2024, 7.01p paid on 30 April 2024 and 7.01p payable on 31 July 2024 divided by the Company's share price of 440.00p as at 31 March 2024.

Manager's Review

Introduction

As at 31 March 2024 the net assets of the Company were £498.7 million giving a Net Asset Value ("NAV") per share of 685.46p, which taking into account the dividend of 7.01p paid on 31 January 2024 gives a total return of -1.4% for the first quarter. This valuation comes only a few weeks after the full year valuation and is largely composed of 31 December 2023 valuations with only approximately 6% of valuations struck at 31 March 2024. This is in line with the proportions in previous years. There has been minimal influence of currency on the valuation this quarter.

The share price total return over the quarter was -4.6%.

At 31 March 2024 the Company had net debt of £99.1 million. The outstanding undrawn commitments are £205 million of which £23 million is to funds where the investment period has expired.

A dividend of 7.01p was paid on 30 April 2024. In accordance with the Company's dividend policy the next dividend will be 7.01p which will be paid on 31 July 2024 to shareholders on the register on 5 July 2024 with an ex-dividend date of 4 July 2024.

New Investments

Four new fund commitments were made during the quarter.

£6 million has been committed to Corran Environmental II, a UK lower mid-market growth fund with a focus on clean energy and environmental companies. Corran is led by former SEP partner Gary Le Sueur and continues with a similar strategy to SEP's Environmental Energies Fund which he led. Indeed the initial asset for the fund, Vital Energi, has been acquired from the Environmental Energies Fund. Vital is a district heating and energy efficiency specialist which also owns and operates an energy-from-waste plant at Drakelow in Derbyshire. The initial drawdown covering Vital was £2.8 million.

€5.0 million has been committed to the Agilitas Human Investment Fund. We have invested with Agilitas both through funds and co-investments several times over the years. The Human Investment Fund has an explicit investment objective of helping people that are disadvantaged or in need. It is an article 9 fund under the Sustainable Finance Disclosure Regulation.

€4.0 million has been committed to ARCHIMED MED Rise. ARCHIMED is the leading France based healthcare specialist with whom we have invested several times. This fund targets buy-outs of small healthcare businesses operating within attractive niches.

Lastly, we have finalised our commitment to August Equity VI, the latest in a series of commitments to this accomplished lower mid-market UK buy-out specialist. We have committed £10 million to this fund.

There have been no new co-investments this quarter but there were three significant follow-on investments to existing investments.

£4.1 million has been added to Contained Air Solutions, the Manchester based manufacturer of microbiological safety cabinets. The new investment is to fund two complementary acquisitions. Amercare is a UK based designer and supplier of isolators for medical and pharmaceutical applications, including products which address higher growth subsectors including cell therapy and radiopharmacy. Biospherix is a US based niche provider of cleanroom grade containment solutions aimed at the cell therapy market. These products control the environmental conditions to optimise cell health and reproducibility.

£2.2 million has been called by deal leader Persistence Capital for Medspa, the Canada based chain of aesthetics clinics to finance three acquisitions.

£0.7 million has been added to Aurora Payments Solutions, the US based digital payments solution provider for over 20,000 merchants across the USA in sectors including hospitality, transport and hotel sectors. This additional amount is our share of a deferred consideration agreement and will be used to fund several add-on acquisitions that are well progressed.

The funds in the portfolio were active over the period with a number of interesting new investments initiated internationally.

Our UK based funds made a number of new investments with a technology or scientific theme.

SEP VI invested a combined £1.6 million in Braincube, the France based internet of industrial things software company which specialises in optimising manufacturing processes, and Cora, an Irish software company specialising in project management software for the aerospace, defence, healthcare and life sciences sectors.

Kester Capital III called £0.7 million mainly for GXP Exchange, a leading provider of good clinical/pharmacovigilance practice audit and related consulting services to the pharmaceutical and biotech sectors.

FPE called £0.5 million for Vanda a provider of research and data to hedge funds and investment banks.

MVM IV called £1.4 million for three healthcare companies with innovative products; Bioprotect (biodegradable products which help with the treatment of prostate cancer), Gynesonics (minimally invasive medical devices for the treatment of uterine fibroids) and Isotec (carbon composite implants for the treatment of cancer of the spine).

In Continental Europe and the USA there were also some interesting new investments.

Corsair VI, the financial services specialists called £1.1 million for MJM, a leading independent commercial insurance broker in Poland. Also in Poland Avallon III called £0.6 million for MPPK a dog and cat food company.

In Germany and Sweden Verdane Edda III called £0.6 million for two companies; Hornet Security (B2B cloud-based email security products) and Verified Global (B2B SaaS for digitising business processes around identification and authorisation).

In Italy Wisequity VI called £0.7 million for Serbios a leading Italian biocontrols company (providing biological alternatives to pesticides and agrochemicals). This is the first acquisition within Greenexta, a newly established buy-and-build platform for natural solutions for agriculture.

Lastly in the USA MidOcean VI called £0.5 million for two companies; MPearlRock (consumer products) and Re-Sourcing (staffing and consulting for the finance, compliance and IT sectors).

The total drawn for new investments by funds and co-investments in the quarter was £23.4 million.

Realisations

Despite the market having slowed down considerably there were a number of realisations and associated distributions. These came from a wide range of sectors and geographies.

August Equity IV returned £3.5 million through the sale of Agilio the healthcare compliance software company achieving an exceptional return of 9.2x cost and an IRR of 72%.

Graycliff IV returned £2.4 million through the sale of EMC, a switches and transformers manufacturer, achieving another exceptional outcome of 8.2x cost and an IRR of 146%. This was a relatively short hold of only two and a half years.

Bencis V returned £1.9 million with the sale of Kooi, the mobile security systems company. This also represented an exceptional return of 13.9x cost and 61% IRR.

Summa I returned £1.7 million through the sale of Pagero, a procure to pay software as a service company, to Thomson Reuters. This represented 5.6x cost.

Montefiore IV returned £2.5 million with the sale to a continuation vehicle of two of its holdings; EDG (digital services for French companies) and Groupe Premium (life and pension insurance broker).          

Avallon MBO II Fund made a final distribution of £1.4 million with the sale of ORE (consulting and IT solutions for purchasing managers) and escrows from Novotech (Polymer products).

The total for realisations and associated income in the quarter was £16.1 million.

Following the quarter end the proceeds from the sale of Jollyes, the large format pet retailer, which has been acquired by TDR Capital were received. These amounted to £18.3 million which represented an excellent 3.9x cost and an IRR of 27%. During the six year hold the deal lead, Kester Capital, worked with the company's management to transform the business with a doubling of EBITDA to £11 million and an increase in the store estate from 64 to 100, firmly establishing the company as the clear number 2 pet retailer in the UK.

Also following the quarter end we received the proceeds for the sale of well bore plug and abandonment business Coretrax which has been sold to listed energy services group Expro. The consideration for the company is a combination of shares in Expro and cash. The cash component is 24% (£3.4 million) of the £13.9 million exit value. Whilst there is further upside potential through the Expro shares, the current multiple of cost is 1.8x and the IRR is 12%. Given the turbulence in the Energy sector in recent years this is a fair outcome.

Valuation Changes

There was minimal impact from currency movements during the quarter with the negative influence at the portfolio level from weaker European currencies relative to Sterling substantially offset by the largely Euro denominated debt reducing in value.

Several of the positive influences associated with the exits noted above were already in the previous valuation. In addition there were healthy positives based on strong trading from our co-investments in Utimaco (secure tokens and cybersecurity) +£1.4 million and Cyberhawk (+£0.7 million). On the negative side the larger downgrades were related to co-investments. Notably Rosa Mexicano was down by £1.4 million with weaker trading necessitating a refinancing, which has now been completed. Tier I CRM (now known as Alessa) the provider of cloud-based software for KYC and AML compliance has struggled with a substantial change in business model and market conditions since we invested and is down by £1.3 million. There were a number of other minor downgrades but as noted above many of the valuations remain based on 31 December marks.

Financing

At the quarter end net debt was £99.1 million.  This is a perfectly manageable level and leaves us with over £45 million of headroom on our recently renewed banking facility. Following receipt of the Jollyes proceeds and payment of dividends, performance fee, share buy-backs and completion of drawdowns and further realisations the net debt at the time of writing is around £95 million.

Following the quarter end the Company has bought back shares in two stages totalling 1.25 million shares at 460p per share. This is 1.7% of the shares in issue and cost £5.75 million. Based on the current NAV (31 March 2024) this equates to a discount of 33% which means that there is an enhancement to NAV for continuing shareholders of £2.8 million or 0.56% of NAV.

The combination of the dividends paid and these buybacks mean that shareholders have received substantial benefits in terms of cash and NAV enhancement which should eventually be reflected in a stronger share price. The Company regularly reviews its capital allocation balancing the immediate enhancement of buybacks against the longer term returns possible from new investments with a paramount objective of maintaining and growing the dividend. All of this must be done mindful of the need to maintain an efficient balance sheet and to meet any drawdowns from funds comfortably.

 Your Company has great experience in its 25-year history of managing such parameters successfully.

Outlook

At this stage in the year it is only possible to form a preliminary view of how the Company's portfolio will progress through the year. As noted before the flow of realisations slowed notably in the second half last year. So far this year exits have been healthy as exemplified by the Jollyes and Coretrax sales. There are several other portfolio companies which are at different stages of planning exits and where a realisation is expected this year. Usually exits average over 30% above latest carrying value and so contribute considerably to NAV growth. The other key driver of NAV is the fundamental progress of the investee companies with advancing revenues and profits driving long term gains.

2024 is an election year in both the USA and UK and in several other countries. Historically changes in government on either side of the Atlantic have not impeded the increased adoption of private equity but it is a factor that will attract increasing focus.

The international business environment in recent months has shown some signs of improvement and this has been reflected in the increased confidence shown by our investment partners. It is therefore logical to expect an uptick in deal activity as we progress through the year. Our portfolio is highly diversified and it contains considerable exposure to sectors which have long term growth characteristics.

Deal flow for new investment in funds and co-investments remains excellent and we intend to judiciously deploy capital in the best of these opportunities building the foundations for continuing growth in shareholder value.

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

Portfolio Summary

Portfolio Distribution at 31 March 2024	% of Total 31 March 2024	% of Total 31 December 2023
Buyout Funds - Pan European*	10.6	10.5
Buyout Funds - UK	16.3	16.2
Buyout Funds - Continental Europe†	16.9	18.2
Secondary Funds	0.1	0.1
Private Equity Funds - USA	4.7	5.0
Private Equity Funds - Global	1.8	1.7
Venture Capital Funds	4.2	3.7
Direct - Quoted	-	-
Direct Investments/Co-investments	45.4	44.6
	100.0	100.0
* Europe including the UK. † Europe excluding the UK.

Ten Largest Individual Holdings As at 31 March 2024	Total Valuation £'000	% of Total Portfolio
Jollyes *	18,912	3.1
Sigma	15,894	2.6
Inflexion Strategic Partners	15,052	2.5
Coretrax*	13,915	2.3
Aliante Equity 3	11,374	1.9
TWMA	11,120	1.8
ATEC (CETA)	10,631	1.8
August Equity Partners V	10,408	1.7
Aurora Payment Solutions	10,327	1.7
San Siro	10,230	1.7
127,863		21.1

*Sold following the period end

Portfolio Holdings

Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Buyout Funds - Pan European
Stirling Square Capital II	Europe	8,894	1.5
F&C European Capital Partners	Europe	8,832	1.5
Apposite Healthcare II	Europe	8,663	1.4
Apposite Healthcare III	Europe	7,830	1.3
Magnesium Capital 1	Europe	5,739	0.9
MED II	Western Europe	4,215	0.7
Agilitas 2015 Fund	Northern Europe	3,416	0.6
Astorg VI	Western Europe	3,011	0.5
Volpi III	Northern Europe	2,511	0.4
Summa III	Northern Europe	1,365	0.2
Verdane XI	Northern Europe	1,226	0.2
TDR Capital II	Western Europe	1,183	0.2
Agilitas 2020 Fund	Europe	1,144	0.2
ArchiMed MED III	Global	1,060	0.2
TDR II Annex Fund	Western Europe	1,019	0.2
Med Platform II	Global	923	0.2
KKA II	Europe	887	0.1
Wisequity VI	Italy	787	0.1
Silverfleet European Dev Fund	Europe	712	0.1
Verdane Edda III	Northern Europe	631	0.1
Agilitas 2024 HIF	Europe	241	-
Volpi Capital	Northern Europe	45	-
Total Buyout Funds - Pan European		64,334	10.6
Buyout Funds - UK
Inflexion Strategic Partners	United Kingdom	15,052	2.5
August Equity Partners V	United Kingdom	10,408	1.7
Inflexion Supplemental V	United Kingdom	7,427	1.2
Axiom 1	United Kingdom	6,580	1.1
Apiary Capital Partners I	United Kingdom	6,303	1.0
Inflexion Buyout Fund V	United Kingdom	5,768	0.9
August Equity Partners IV	United Kingdom	4,631	0.8
Kester Capital II	United Kingdom	4,270	0.7
Piper Private Equity VI	United Kingdom	3,919	0.6
Inflexion Partnership Capital II	United Kingdom	3,443	0.6
Inflexion Enterprise Fund IV	United Kingdom	3,413	0.6
FPE Fund II	United Kingdom	3,344	0.5
FPE Fund III	United Kingdom	3,204	0.5
Inflexion Enterprise Fund V	United Kingdom	2,985	0.5
Corran Environmental II	United Kingdom	2,773	0.5
Inflexion Buyout Fund IV	United Kingdom	2,646	0.4
Inflexion Buyout Fund VI	United Kingdom	2,464	0.4
Piper Private Equity VII	United Kingdom	1,875	0.3
Inflexion Supplemental IV	United Kingdom	1,442	0.2
GCP Europe II	United Kingdom	1,352	0.2
Kester Capital III	United Kingdom	1,189	0.2
RJD Private Equity Fund III	United Kingdom	1,130	0.2
Horizon Capital 2013	United Kingdom	1,067	0.2
Inflexion Partnership Capital I	United Kingdom	1,063	0.2
Primary Capital IV	United Kingdom	1,042	0.2
Piper Private Equity V	United Kingdom	313	0.1
Inflexion 2012 Co-Invest Fund	United Kingdom	28	-
Inflexion 2010 Fund	United Kingdom	18	-
Dunedin Buyout Fund II	United Kingdom	12	-
Total Buyout Funds - UK		99,161	16.3
Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Buyout Funds - Continental Europe
Aliante Equity 3	Italy	11,374	1.9
Bencis V	Benelux	9,128	1.5
Avallon MBO Fund III	Poland	5,824	1.0
DBAG VII	DACH	5,562	0.9
Capvis III CV	DACH	5,350	0.9
Vaaka III	Finland	5,255	0.9
Summa II	Nordic	4,770	0.8
Chequers Capital XVII	France	4,680	0.8
DBAG VIII	DACH	4,654	0.8
Montefiore V	France	4,096	0.7
Procuritas VI	Nordic	3,869	0.6
Verdane Edda	Nordic	3,774	0.6
ARX CEE IV	Eastern Europe	3,177	0.5
Italian Portfolio	Italy	3,114	0.5
Corpfin V	Spain	2,758	0.5
Procuritas Capital IV	Nordic	2,746	0.5
Corpfin Capital Fund IV	Spain	2,536	0.4
NEM Imprese III	Italy	2,364	0.4
Procuritas VII	Nordic	2,068	0.3
Capvis IV	DACH	2,029	0.3
Montefiore IV	France	2,011	0.3
Aurica IV	Spain	1,647	0.3
Vaaka II	Finland	1,368	0.2
Vaaka IV	Finland	1,279	0.2
Portobello Fund III	Spain	1,270	0.2
Summa I	Nordic	1,059	0.2
DBAG VIIB	DACH	1,027	0.2
DBAG VIIIB	DACH	718	0.1
Chequers Capital XVI	France	716	0.1
DBAG Fund VI	DACH	679	0.1
PineBridge New Europe II	Eastern Europe	485	0.1
Ciclad 5	France	384	0.1
Procuritas Capital V	Nordic	206	-
Montefiore Expansion	France	139	-
Gilde Buyout Fund III	Benelux	91	-
N+1 Private Equity Fund II	Iberia	90	-
Capvis III	DACH	51	-
DBAG Fund V	DACH	5	-
Total Buyout Funds - Continental Europe		102,353	16.9
Private Equity Funds - USA
Blue Point Capital IV	North America	7,825	1.3
Camden Partners IV	United States	3,202	0.5
Graycliff IV	North America	2,967	0.5
Graycliff III	United States	2,890	0.5
Stellex Capital Partners	North America	2,835	0.5
Level 5 Fund II	United States	2,406	0.4
Purpose Brands (Level 5)	United States	2,300	0.4
Blue Point Capital III	North America	2,069	0.3
MidOcean VI	United States	1,831	0.3
Blue Point Capital II	North America	151	-
Healthpoint Capital Partners III	United States	51	-
Total Private Equity Funds - USA		28,527	4.7

Investment	Geographic Focus	Total Valuation £'000	% of Total Portfolio
Private Equity Funds - Global
Corsair VI	Global	7,127	1.2
Hg Saturn 3	Global	2,691	0.4
PineBridge GEM II	Global	675	0.1
F&C Climate Opportunity Partners	Global	525	0.1
AIF Capital Asia III	Asia	92	-
PineBridge Latin America II	South America	58	-
Warburg Pincus IX	Global	9	-
Total Private Equity Funds - Global		11,177	1.8
Venture Capital Funds
SEP V	United Kingdom	9,497	1.6
MVM V	Global	4,400	0.7
Kurma Biofund II	Europe	3,500	0.6
SEP VI	Europe	3,062	0.5
MVM VI	Global	1,548	0.3
Northern Gritstone	United Kingdom	1,500	0.2
SEP IV	United Kingdom	1,188	0.2
Pentech Fund II	United Kingdom	386	0.1
SEP II	United Kingdom	273	-
Life Sciences Partners III	Western Europe	244	-
Environmental Technologies Fund	Europe	56	-
SEP III	United Kingdom	36	-
Total Venture Capital Funds		25,690	4.2
Secondary Funds
The Aurora Fund	Europe	590	0.1
Total Secondary Funds		590	0.1
Direct Investments/Co-investments
Jollyes	United Kingdom	18,912	3.1
Sigma	United States	15,894	2.6
Coretrax	United Kingdom	13,915	2.3
TWMA	United Kingdom	11,120	1.8
ATEC (CETA)	United Kingdom	10,631	1.8
Aurora Payment Solutions	United States	10,327	1.7
San Siro	Italy	10,230	1.7
Contained Air Solutions	United Kingdom	9,470	1.6
Weird Fish	United Kingdom	9,351	1.5
Cyclomedia	Netherlands	8,912	1.5
Cyberhawk	United Kingdom	8,490	1.4
Utimaco	DACH	8,446	1.4
Amethyst Radiotherapy	Europe	8,016	1.3
Velos IoT (JT IoT)	United Kingdom	6,723	1.1
Asbury Carbons	North America	6,538	1.1
Prollenium	North America	6,381	1.0
Swanton	United Kingdom	6,273	1.0
Orbis	United Kingdom	5,731	1.0
Family First	United Kingdom	5,676	0.9
Rosa Mexicano	United States	5,124	0.9
Cybit (Perfect Image)	United Kingdom	4,983	0.8
CARDO Group (Sigma II)	United Kingdom	4,920	0.8
StarTraq	United Kingdom	4,858	0.8
AccuVein	United States	4,824	0.8
123Dentist	Canada	4,805	0.8
Braincube	France	4,592	0.8
MedSpa Partners	Canada	4,390	0.7
1Med	Switzerland	4,338	0.7
Habitus	Denmark	4,256	0.7
Dotmatics	United Kingdom	4,186	0.7
Omlet	United Kingdom	4,019	0.7
LeadVenture	United States	3,830	0.6
Agilico (DMC Canotec)	United Kingdom	3,740	0.6
Walkers Transport	United Kingdom	3,645	0.6
Educa Edtech	Spain	3,213	0.5
PathFactory	Canada	3,003	0.5
Leader96	Bulgaria	2,990	0.5
Collingwood Insurance Group	United Kingdom	2,671	0.4
Vero Biotech	United States	2,640	0.4
Neurolens	United States	2,228	0.4
Alessa (Tier1 CRM)	Canada	2,070	0.3
GT Medical	United States	1,895	0.3
OneTouch	United Kingdom	1,863	0.3
Rephine	United Kingdom	1,505	0.3
Ambio Holdings	United States	1,494	0.2
Bomaki	Italy	1,268	0.2
Avalon	United Kingdom	1,234	0.2
TDR Algeco/Scotsman	Europe	256	0.1
Babington	United Kingdom	88	-
Total Direct  Investments/Co-investments		275,964	45.4
Total Portfolio		607,796	100.0

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

three months ended 31 March 2024 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Losses on investments held at fair value	-	(5,683)	(5,683)
Exchange gains	-	1,368	1,368
Investment income	570	-	570
Other income	180	-	180
Total income	750	(4,315)	(3,565)
Expenditure
Investment management fee - basic fee	(122)	(1,099)	(1,221)
Investment management fee - performance fee	-	-	-
Other expenses	(334)	-	(334)
Total expenditure	(456)	(1,099)	(1,555)
Profit/(loss) before finance costs and taxation	294	(5,414)	(5,120)
Finance costs	(218)	(1,965)	(2,183)
Profit/(loss) before taxation	76	(7,379)	(7,303)
Taxation	-	-	-
Profit/(loss) for period/ total comprehensive income	76	(7,379)	(7,303)
Return per Ordinary Share	0.10p	(10.14)p	(10.04)p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

three months ended 31 March 2023 (unaudited)

	Revenue £'000		Capital £'000	Total £'000
Income
Losses on investments held at fair value	-		(68)	(68)
Exchange gains	-		237	237
Investment income	724		-	724
Other income	220		-	220
Total income	944		169	1,113
Expenditure
Investment management fee - basic fee	(118)		(1,065)	(1,183)
Investment management fee - performance fee	-		-	-
Other expenses	(284)		-	(284)
Total expenditure	(402)		(1,065)	(1,467)
Profit/(loss) before finance costs and taxation	542		(896)	(354)
Finance costs	(79)		(709)	(788)
Profit/(loss) before taxation	463		(1,605)	(1,142)
Taxation	-		-	-
Profit/(loss) for period/ total comprehensive income	463		(1,605)	(1,142)
Return per Ordinary Share	0.63p		(2.20)p	(1.57)p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

year ended 31 December 2023 (audited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	25,226	25,226
Exchange gains	-	863	863
Investment income	2,703	-	2,703
Other income	689	-	689
Total income	3,392	26,089	29,481
Expenditure
Investment management fee - basic fee	(474)	(4,263)	(4,737)
Investment management fee - performance fee	-	(4,767)	(4,767)
Other expenses	(1,064)	-	(1,064)
Total expenditure	(1,538)	(9,030)	(10,568)
Profit before finance costs and taxation	1,854	17,059	18,913
Finance costs	(513)	(4,616)	(5,129)
Profit before taxation	1,341	12,443	13,784
Taxation	-	-	-
Profit for year/total comprehensive income	1,341	12,443	13,784
Return per Ordinary Share	1.84p	17.08p	18.92p

CT PRIVATE EQUITY TRUST PLC

Balance Sheet

	As at 31 March 2024	As at 31 March 2023	As at 31 December 2023
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Non-current assets
Investments at fair value through profit or loss	607,796	540,137	605,603
Current assets
Other receivables	3,115	1,441	841
Cash and cash equivalents	16,534	15,305	9,879
	19,649	16,746	10,720
Current liabilities
Other payables	(13,129)	(8,688)	(8,121)
Interest-bearing bank loan	(65,746)	(14,937)	(97,109)
	(78,875)	(23,625)	(105,230)
Net current liabilities	(59,226)	(6,879)	(94,510)
Total assets less current liabilities	548,570	533,258	511,093
Non-current liabilities
Interest-bearing bank loan	(49,880)	(21,547)	-
Net assets	498,690	511,711	511,093
Equity
Called-up ordinary share capital	739	739	739
Share premium account	2,527	2,527	2,527
Special distributable capital reserve	9,597	10,026	9,597
Special distributable revenue reserve	31,403	31,403	31,403
Capital redemption reserve	1,335	1,335	1,335
Capital reserve	453,089	465,681	465,492
Shareholders' funds	498,690	511,711	511,093
Net asset value per Ordinary Share	685.46p	702.47p	702.50p

CT PRIVATE EQUITY TRUST PLC

Reconciliation of Movements in Shareholders' Funds

 

	Three months ended 31 March 2024	Three months ended 31 March 2023	Year ended 31 December 2023
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Opening shareholders' funds	511,093	517,675	517,675
Buyback of ordinary shares	-	-	(429)
(Loss)/profit for the period/total comprehensive income	(7,303)	(1,142)	13,784
Dividends paid	(5,100)	(4,822)	(19,937)
Closing shareholders' funds	498,690	511,711	511,093

 

 

Notes (unaudited)

1.     The unaudited quarterly results have been prepared on the basis of the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2023.  Earnings for the three months to 31 March 2024 should not be taken as a guide to the results for the year to 31 December 2024.

2.     Investment management fee:

	Three months ended 31 March 2024 (unaudited)			Three months ended 31 March 2023 (unaudited)			Year ended 31 December 2023 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment management       fee - basic fee	122	1,099	1,221	118	1,065	1,183	474	4,263	4,737
Investment management       fee - performance fee	-	-	-	-	-	-	-	4,767	4,767
	122	1,099	1,221	118	1,065	1,183	474	9,030	9,504

3.     Finance costs:

	Three months ended 31 March 2024 (unaudited)			Three months ended 31 March 2023 (unaudited)			Year ended 31 December 2023 (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Interest payable on bank loans	218	1,965	2,183	79	709	788	513	4,616	5,129

4.     Returns and net asset values

	Three months ended 31 March 2024 (unaudited)	Three months ended 31 March 2023 (unaudited)	Year ended 31 December 2023 (audited)
The returns and net asset values per share are based on the following figures:
Revenue Return	£76,000	£463,000	£1,341,000
Capital Return	(£7,379,000)	(£1,605,000)	£12,443,000
Net assets attributable to shareholders	£498,690,000	£511,711,000	£511,093,000
Number of shares in issue at the period end	72,752,938	72,844,938	72,752,938
Weighted average number of shares in issue during the period	72,752,938	72,844,938	72,838,637

5.     The financial information for the three months ended 31 March 2024, which has not been audited or reviewed by the Company's auditor, comprises non-statutory accounts within the meaning of Section 434 of the Companies Act 2006.  Statutory accounts for the year ended 31 December 2023, on which the auditor issued an unqualified report, will be lodged shortly with the Registrar of Companies.  The quarterly report will be available shortly on the Company's website www.ctprivateequitytrust.com

Legal Entity Identifier: 2138009FW98WZFCGRN66

For more information, please contact:

Hamish Mair (Investment Manager)	0131 573 8314
Scott McEllen (Company Secretary)	0131 573 8372
[e-mail]  / [e-mail]

 

END