3rd Quarter Results

RNS Number : 5527H

CT Private Equity Trust PLC

25 November 2022

 

To: Stock Exchange	For immediate release:
	25 November 2022

CT Private Equity Trust PLC

Quarterly results for the three months ended 30 September 2022 (unaudited)

 

· Net asset value of 711.75p per Ordinary Share reflecting a total return for the three months of 9.3 per cent for the Ordinary Shares

· Quarterly dividend of 6.62p per Ordinary Share to be paid on 31 January 2023

· Dividend yield of 6.3 per cent based on the period end share price (1).

· As at 30 September 2022 net debt was £23.7 million equivalent to a gearing level of 4.4%.

· Since the period end San Siro has been sold realising £34.9 million for the Company representing 8.9x cost and 90% IRR.

(1)  Calculated as dividends of 5.65p paid on 29 April 2022, 6.05p paid on 29 July 2022, 6.31p paid on 31 October 2022 and 6.62p payable on 31 January 2023, divided by the Company's share price of 390.00p as at 30 September 2022.

Manager's Review

Introduction

As at 30 September 2022 the net assets of the Company were £518.5 million giving a Net Asset Value ("NAV") per share of 711.75p, which taking into account the dividend of 6.05p paid on 29 July 2022, gives a total return of 9.3% for the quarter. The NAV total return over the nine-month period ended 30 September 2022 was 14.0%.

The share price total return for the quarter was -9.7% and -17.2% for the nine-month period ended 30 September 2022. The Company's shares have traded on a large discount to NAV which fails to reflect the underlying valuations.

At 30 September 2022 the Company had net debt of £23.7 million. The current net debt is around £32 million prior to the receipt of the proceeds from the sale of San Siro. The outstanding undrawn commitments are £192.8 million of which £25.7 million is to funds where the investment period has expired. The valuation has the usual time lag and is composed of approximately 20% September 2022 valuations and 80% June 2022 valuations.

A dividend of 6.31p was paid on 31 October 2022. In accordance with the Company's dividend policy the next dividend will be 6.62p which will be paid on 31 January 2023 to shareholders on the register on 6 January 2023, with an ex-dividend date of 5 January 2023.

New Investments

During the quarter two fund commitments, one secondary investment and three co-investments were made.

We have increased our commitment to healthcare specialist Apposite Healthcare III by £5 million bringing the total committed up to £10 million. The fund is half invested and progressing well. We have committed €8 million to Volpi III, which is the second of this Pan-European mid-market specialist's funds we have backed. £2.6 million was invested via a secondary purchase in Kurma Biofund, a life sciences fund managed from France. We have co-invested £7.9 million alongside The Rohatyn Group in Leader96, the Bulgaria based assembler of e-bikes. We have co-invested £5.1 million with Peloton in 123Dentist, a Canada based chain of dental practices. We have also co-invested £2.3 million with MVM in Neurolens, a US developer of an innovative prismatic lens technology to diagnose and treat digital vision syndrome. There were two follow-on investments in co-investments this quarter both of which were to fund add-on acquisitions. £0.8 million was added to complex care company Orbis and £0.7 million was added to payments company Aurora Payment Solutions.

There were a number of new investments made by the funds in quite an active quarter. In the UK, August Equity V has been active, drawing £1.8 million for veterinary chain Medivet, a follow-on for high acuity care provider Orbis and cyber security specialist Cyber 360. FPE Fund III called £0.9 million for Dynamic Planner a leading software provider to the UK wealth management sector. Apiary called £0.4 million for MediaSense (technology enabled adviser to global corporations) and £0.3 million for LearnPro (virtual reality e-learning solutions for emergency services such as police, fire and rescue, health services, etc.). In Germany, DBAG VIII and VIIIB have together called £0.7 million for Freiheit, a pioneer in agile software development and an additional £0.7 million for Dantherm (climate control solutions) which we previously had exposure to through Procuritas V. In France and Italy, Chequers Capital XVII has been active with £1.3 million called for three new investments and one partial reinvestment; My Mobility (transportation for disabled children and adults in France), Somacis (complex printed circuit boards in Italy), Selini (equipment rental in Italy) and reinvestment of part of the proceeds from Serma (electronics testing).

Med Platform II called £0.8 million for California based Natus Medical (screening and diagnostics for neurological conditions).

The total of new investment drawn for co-investments and funds in the quarter was £32.5 million. Total new investment for the first nine months of the year is £69.8 million.  This is well balanced by total realisations of £79.6 million for the same period.

Realisations

There were a number of significant realisations during the quarter from both the funds and co-investment elements of the portfolio.

The largest realisation was from European buyout fund Volpi where we received a distribution of £7.4 million which was the proceeds from the sale of Irish IT managed services provider Version 1. This represents an excellent 5.9x cost and an IRR of 39%.

GCP Europe II, managed by Kester Capital, achieved a strong exit of contract research organisation Avania Clinical which specialises in medical devices. £6.7 million was received representing 8.4x and an IRR of 46%. Our co-investment in RGI, the Italy based provider of software to the Insurance sector, was sold returning £3.6 million. This investment was led by Corsair Capital and achieved 1.6x and an IRR of 12%. There is scope for the return to improve through deferred consideration depending on the final exit proceeds when new owner CVC sells.

Part of our holding in energy services company Ashtead Technology, which is now listed on AIM, was sold down during the quarter returning £2.8 million.

Inflexion has had another active period for exits. From the various funds we have received £2.3 million from the sale of wealth management company Succession (3.4x, 20% IRR), £1.2 million from IT recruitment specialist K2 (5.0x, 36% IRR) and £0.9 million from Virgin Experience Days (23.7x, 64% IRR).

In the Nordics, Verdane Edda has returned £1.7 million from the sale of vitamin K2 producer Kappa Bioscience (4.3x, 80% IRR). Summa II also sold chemicals management software company EcoOnline returning £0.5 million. In France, Chequers Capital XVII exited electronics testing company Serma returning £0.8 million (2.4x, 32% IRR). Chequers rolled over some of the proceeds into the new Ardian led deal as noted above.

Lastly in Poland, Avalon MBO Fund II exited engineering and technical building services company Stangl Technik through a sale to Astorg returning £0.5 million (5.8x, 50% IRR).

This has been a strong quarter for realisations with a total of £31.9 million of proceeds, including associated income, received. This brings the total for the first nine months of the year to £79.6 million.

There have been further realisations following the quarter end most notably the exit of Italian funeral homes company San Siro which was sold by Augens Capital to French Infrastructure fund Antin on 10 November 2022. This exit was at a value of £34.9 million for the Company, 75% of this will be received in cash and 25% rolled into the new deal. This represents an uplift of £23.3 million on the previous carrying value and a return of 8.9x cost and an IRR of circa. 90%. The investment thesis of building a chain of funeral homes and adding other facilities such as crematoria has been followed very well and this has resulted in this exceptional outcome.

Valuation Changes

There have been numerous valuation changes over the quarter. These are mostly positive but there has been a sizeable minority of downgrades reflecting a range of pressures on the businesses internationally.

The largest uplift as noted above was the £23.3 million uplift for San Siro. There was a £3.9 million uplift for the holding in F&C European Capital Partners LP, which reflects the removal of the discount on purchase earlier in the year. The Company as the sole remaining LP will hold the assets until realisation and hence a discount to reflect an immediate liquidation value is no longer appropriate. August Equity Partners IV (+£2.7 million) is up reflecting an imminent realisation of ISO compliance services company AMTIVO at an excellent 8.0x cost. GCP Europe II (+£3.1 million) records a gain reflecting the sale of Avania Clinical. Other good uplifts have been recorded by Coretrax (+£0.9 million), Rosa Mexicano (+£0.9 million) and Corpfin IV (+£0.8 million).

Downgrades include Ambio Holdings (-£1.8 million) where despite an exit being widely anticipated in the press, MVM have used a lower valuation. Alessa (formerly known as Tier I CRM) has been reduced by £1.4 million as the company has had a major change of focus with the exit of the original CRM business. Amethyst Radiotherapy is down by £0.6 million with the manager using a lower valuation multiple. Other downgrades include Agilitas 2015 (-£0.9 million), Procuritas IV (-£0.8 million) and DBAG VII (-£0.5 million).

Financing

The Company is currently modestly geared and this will reduce significantly on receipt of the San Siro proceeds. Most of the borrowing facility remains available and the facility is in place until June 2024. The cost of borrowing is increasing but moderate gearing should still enhance shareholder returns over the medium and longer term. The total of outstanding commitments remains within a manageable band. Realisations are likely to come in below the record-breaking total for 2021 but given the continuing strong run of exits the total will be very healthy.

Outlook

Reports from the funds and co-investments are increasingly reflecting the pressures which many investee companies are facing. These include general inflation, energy price rises and supply chain issues to name a few. Demand in most areas, outside certain consumer facing sectors, remains robust and many companies are continuing to benefit from some post Covid catch up. Confidence levels within the private equity sector and most of their underlying companies remains good and this is manifested in strong deal pipelines. In the tech-enabled area, which has proved very popular with private equity in recent years, there has been a shift in buying interest towards fast growing companies which are already profitable in preference to those with revenue growth but without current profitability. In this regard our portfolio is well positioned. The high degree of diversification across the portfolio, which spans the mid-market sector across Europe and further afield, also continues to be a distinct strength. As we approach the end of 2022, we have confidence that the Company will continue to build value for shareholders over the medium and longer term.

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

Portfolio Summary

Ten Largest Holdings As at 30 September 2022	Total Valuation £'000	% of Total Portfolio
San Siro	34,907	6.4
Inflexion Strategic Partners	19,295	3.5
Sigma	18,006	3.3
TWMA	14,154	2.6
Coretrax	12,950	2.4
Aliante Equity 3	11,225	2.0
Weird Fish	10,770	2.0
August Equity Partners IV	10,657	2.0
Bencis V	10,352	1.9
Aurora Payment Solutions	9,673	1.8
151,989		27.9

Portfolio Holdings

	Investment	Geographic Focus		Total Valuation £'000			% of Total Portfolio
	Buyout Funds - Pan European
	Apposite Healthcare II	Europe		8,625			1.6
	F&C European Capital Partners	Europe		8,474			1.6
	Stirling Square Capital II	Europe		6,747			1.2
	Apposite Healthcare III	Europe		5,834			1.1
	Volpi Capital	Northern Europe		5,808			1.1
	Agilitas 2015 Fund	Northern Europe		4,754			0.9
	ArchiMed II	Western Europe		4,384			0.8
	Astorg VI	Western Europe		3,535			0.6
	Silverfleet European Dev Fund	Europe		1,860			0.3
	Med Platform II	Global		869			0.2
	TDR II Annex Fund	Western Europe		235			-
	TDR Capital II	Western Europe		211			-
	ArchiMed MED III	Global		201			-
	Agilitas 2020 Fund	Europe		29			-
	Total Buyout Funds - Pan European			51,566			9.4
	Buyout Funds - UK
	Inflexion Strategic Partners	United Kingdom		19,295			3.5
	August Equity Partners IV	United Kingdom		10,657			2.0
	August Equity Partners V	United Kingdom		5,280			1.0
	Apiary Capital Partners I	United Kingdom		5,046			0.9
	Piper Private Equity VI	United Kingdom		4,611			0.8
	Inflexion Supplemental V	United Kingdom		4,508			0.8
	Inflexion Buyout Fund V	United Kingdom		4,039			0.7
	Inflexion Buyout Fund IV	United Kingdom		3,501			0.6
	Kester Capital II	United Kingdom		3,118			0.6
	Inflexion Partnership Capital II	United Kingdom		2,744			0.5
	RJD Private Equity Fund III	United Kingdom		2,733			0.5
	Inflexion Enterprise Fund IV	United Kingdom		2,519			0.5
	FPE Fund II	United Kingdom		2,474			0.5
	Dunedin Buyout Fund II	United Kingdom		2,310			0.4
	Horizon Capital 2013	United Kingdom		1,938			0.4
	FPE Fund III	United Kingdom		1,799			0.3
	Inflexion Enterprise Fund V	United Kingdom		1,773			0.3
	Inflexion Partnership Capital I	United Kingdom		1,764			0.3
	Inflexion 2012 Co-Invest Fund	United Kingdom		1,734			0.3
	Inflexion Supplemental IV	United Kingdom		1,434			0.3
	Primary Capital IV	United Kingdom		1,314			0.2
	Piper Private Equity V	United Kingdom		1,108			0.2
	GCP Europe II	United Kingdom		1,001			0.2
	Inflexion 2010 Fund	United Kingdom		916			0.2
	Inflexion Buyout Fund VI	United Kingdom		168			-
	Piper Private Equity VII	United Kingdom		32			-
	August Equity Partners III	United Kingdom		2			-
	Total Buyout Funds - UK			87,818			16.0
	Investment	Geographic Focus		Total Valuation £'000			% of Total Portfolio
	Buyout Funds - Continental Europe
	Aliante Equity 3	Italy		11,225			2.0
	Bencis V	Benelux		10,352			1.9
	Chequers Capital XVII	France		5,947			1.1
	DBAG VII	DACH		5,229			1.0
	Vaaka III	Finland		5,210			0.9
	Corpfin Capital Fund IV	Spain		5,059			0.9
	Capvis III CV	DACH		5,023			0.9
	Montefiore IV	France		4,213			0.8
	Procuritas VI	Nordic		4,133			0.8
	ARX CEE IV	Eastern Europe		3,993			0.7
	Italian Portfolio	Italy		3,862			0.7
	Summa II	Nordic		3,728			0.7
	Procuritas Capital IV	Nordic		3,497			0.6
	Verdane Edda	Nordic		3,235			0.6
	DBAG VIII	DACH		2,519			0.5
	Capvis IV	DACH		2,427			0.4
	Summa I	Nordic		2,299			0.4
	Chequers Capital XVI	France		2,284			0.4
	DBAG Fund VI	DACH		2,079			0.4
	Avallon MBO Fund III	Poland		2,038			0.4
	NEM Imprese III	Italy		1,924			0.3
	Vaaka II	Finland		1,818			0.3
	Montefiore V	France		1,528			0.3
	Ciclad 5	France		1,100			0.2
	Portobello Fund III	Spain		1,075			0.2
	DBAG VIIB	DACH		1,037			0.2
	Corpfin V	Spain		874			0.2
	Ciclad 4	France		813			0.1
	Vaaka IV	Finland		761			0.1
	PineBridge New Europe II	Eastern Europe		651			0.1
	Avallon MBO Fund II	Poland		633			0.1
	DBAG VIIIB	DACH		490			0.1
	Procuritas VII	Nordic		459			0.1
	DBAG Fund V	DACH		364			0.1
	Procuritas Capital V	Nordic		360			0.1
	Gilde Buyout Fund III	Benelux		92			-
	N+1 Private Equity Fund II	Iberia		64			-
	Capvis III	DACH		51			-
	Summa III	Northern Europe		(123)			-
	Total Buyout Funds - Continental Europe			102,323			18.6
Investment			Geographic Focus		Total Valuation £'000	% of Total Portfolio

Total Private Equity Funds - USA

Blue Point Capital IV	North America	8,672	1.6
Graycliff III	United States	4,475	0.8
Camden Partners IV	United States	3,309	0.6
Blue Point Capital III	North America	3,110	0.6
Stellex Capital Partners	North America	2,853	0.5
Graycliff IV	North America	2,106	0.4
HealthpointCapital Partners III	United States	534	0.1
Blue Point Capital II	North America	269	-
Total Private Equity Funds - USA		25,328	4.6
Private Equity Funds - Global
F&C Climate Opportunity Partners	Global	868	0.2
PineBridge GEM II	Global	765	0.1
AIF Capital Asia III	Asia	101	-
PineBridge Latin America II	South America	63	-
Warburg Pincus IX	Global	21	-
Total Private Equity Funds - Global		1,818	0.3
Venture Capital Funds
SEP V	United Kingdom	8,788	1.6
MVM V	Global	4,064	0.7
Kurma Biofund II	Europe	3,450	0.6
SEP IV	United Kingdom	1,480	0.3
Northern Gritstone	United Kingdom	1,000	0.2
Pentech Fund II	United Kingdom	658	0.1
Life Sciences Partners III	Western Europe	363	0.1
SEP II	United Kingdom	276	0.1
Alta Berkeley VI	Europe	64	-
Environmental Technologies Fund	Europe	63	-
SEP III	United Kingdom	44	-
Total Venture Capital Funds		20,250	3.7
Direct - Quoted
Ashtead	United Kingdom	4,190	0.8
Antero	Global	584	0.1
Laredo Petroleum	USA	31	-
Total Direct - Quoted		4,805	0.9
Secondary Funds
The Aurora Fund	Europe	371	0.1
Total Secondary Funds		371	0.1
Direct - Investments/Co-investments
San Siro	Italy	34,907	6.4
Sigma	United States	18,006	3.3
TWMA	United Kingdom	14,154	2.6
Coretrax	United Kingdom	12,950	2.4
Weird Fish	United Kingdom	10,770	2.0
Aurora Payment Solutions	United States	9,673	1.8
Jollyes	United Kingdom	8,646	1.6
AccuVein	United States	8,638	1.6
Leader96	Bulgaria	8,073	1.5
Ambio Holdings	United States	7,843	1.4
Swanton	United Kingdom	6,726	1.2
Rosa Mexicano	United States	6,702	1.2
Velos IoT (JT IoT)	United Kingdom	6,695	1.2
1Med	Switzerland	6,095	1.1
Avalon	United Kingdom	6,055	1.1
Orbis	United Kingdom	5,537	1.0
Amethyst Radiotherapy	Europe	5,419	1.0
Omlet	United Kingdom	5,277	1.0
123Dentist	Canada	5,216	1.0
ATEC (CETA)	United Kingdom	5,102	0.9
Cyberhawk	United Kingdom	5,016	0.9
Prollenium	North America	4,801	0.9
Contained Air Solutions	United Kingdom	4,790	0.9
Ashtead	United Kingdom	4,622	0.8
Dotmatics	United Kingdom	4,458	0.8
Alessa (Tier1 CRM)	Canada	4,110	0.7
Walkers Transport	United Kingdom	4,088	0.7
Perfect Image	United Kingdom	4,063	0.7
PathFactory	Canada	4,058	0.7
Habitus	Denmark	3,596	0.7
Agilico (DMC Canotec)	United Kingdom	3,480	0.6
Collingwood Insurance Group	United Kingdom	3,241	0.6
Bomaki	Italy	2,975	0.5
Babington	United Kingdom	2,929	0.5
Neurolens	United States	2,463	0.4
Vero Biotech	United States	1,547	0.3
Rephine	United Kingdom	1,417	0.3
Stone Computers	United Kingdom	282	0.1
Pet Network	Eastern Europe	110	-
TDR Algeco/Scotsman	Europe	62	-
Total Direct - Investments/Co-investments		254,592	46.4
Total Portfolio		548,871	100.0

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

nine months ended 30 September 2022 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	71,703	71,703
Exchange losses	-	(1,757)	(1,757)
Investment income	3,971	-	3,971
Other income	121	-	121
Total income	4,092	69,946	74,038
Expenditure
Investment management fee - basic fee	(343)	(3,084)	(3,427)
Investment management fee - performance fee	-	(5,443)	(5,443)
Other expenses	(822)	-	(822)
Total expenditure	(1,165)	(8,527)	(9,692)
Profit before finance costs and taxation	2,927	61,419	64,346
Finance costs	(182)	(1,639)	(1,821)
Profit before taxation	2,745	59,780	62,525
Taxation	-	-	-
Profit for period/total comprehensive income	2,745	59,780	62,525
Return per Ordinary Share	3.73p	81.32p	85.05p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

nine months ended 30 September 2021 (unaudited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	87,235	87,235
Exchange gains	-	2,790	2,790
Investment income	4,488	-	4,488
Other income	1	-	1
Total income	4,489	90,025	94,514
Expenditure
Investment management fee - basic fee	(283)	(2,550)	(2,833)
Investment management fee - performance fee	-	(4,427)	(4,427)
Other expenses	(744)	-	(744)
Total expenditure	(1,027)	(6,977)	(8,004)
Profit before finance costs and taxation	3,462	83,048	86,510
Finance costs	(193)	(1,738)	(1,931)
Profit before taxation	3,269	81,310	84,579
Taxation	-	-	-
Profit for period/total comprehensive income	3,269	81,310	84,579
Return per Ordinary Share	4.42p	109.97p	114.39p

CT PRIVATE EQUITY TRUST PLC

Statement of Comprehensive Income for the

year ended 31 December 2021 (audited)

	Revenue £'000	Capital £'000	Total £'000
Income
Gains on investments held at fair value	-	128,313	128,313
Exchange gains	-	3,686	3,686
Investment income	6,719	-	6,719
Other income	3	-	3
Total income	6,722	131,999	138,721
Expenditure
Investment management fee - basic fee	(394)	(3,546)	(3,940)
Investment management fee - performance fee	-	(4,502)	(4,502)
Other expenses	(993)	-	(993)
Total expenditure	(1,387)	(8,048)	(9,435)
Profit before finance costs and taxation	5,335	123,951	129,286
Finance costs	(255)	(2,298)	(2,553)
Profit before taxation	5,080	121,653	126,733
Taxation	-	-	-
Profit for year/total comprehensive income	5,080	121,653	126,733
Return per Ordinary Share	6.87p	164.53p	171.40p

CT PRIVATE EQUITY TRUST PLC

Balance Sheet

	As at 30 September 2022	As at 30 September 2021	As at 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	'000
Non-current assets
Investments at fair value through profit or loss	548,871	448,007	483,047
Current assets
Other receivables	717	1,074	230
Cash and cash equivalents	14,062	37,098	32,702
	14,779	38,172	32,932
Current liabilities
Other payables	(7,364)	(6,988)	(6,610)
Interest-bearing bank loan	(16,437)	(23,758)	(15,726)
	(23,801)	(30,746)	(22,336)
Net current (liabilities)/assets	(9,022)	7,426	10,596
Interest-bearing bank loan	(21,373)	(20,613)	(20,196)
Net assets	518,476	434,820	473,447
Equity
Called-up ordinary share capital	728	739	739
Share premium account	2,527	2,527	2,527
Special distributable capital reserve	10,037	15,040	15,040
Special distributable revenue reserve	31,403	31,403	31,403
Capital redemption reserve	1,335	1,335	1,335
Capital reserve	472,446	383,776	422,403
Shareholders' funds	518,476	434,820	473,447
Net asset value per Ordinary Share	711.75p	588.06p	640.30p

CT PRIVATE EQUITY TRUST PLC

Reconciliation of Movements in Shareholders' Funds

 

	Nine months ended 30 September 2022	Nine months ended 30 September 2021	Year ended 31 December 2021
	(unaudited)	(unaudited)	(audited)
	£'000	£'000	£'000
Opening shareholders' funds	473,447	359,483	359,483
Buyback of ordinary shares	(5,014)	-	-
Profit for the period/total comprehensive income	62,525	84,579	126,733
Dividends paid	(12,482)	(9,242)	(12,769)
Closing shareholders' funds	518,476	434,820	473,447

 

 

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 2021.  Earnings for the nine months to 30 September 2022 should not be taken as a guide to the results for the year to 31 December 2022.

2.  Investment management fee:

	Nine months ended 30 September 2022   (unaudited)			Nine months ended 30 September 2021   (unaudited)			Year ended 31 December 2021    (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment management  fee - basic fee	343	3,084	3,427	283	2,550	2,833	394	3,546	3,940
Investment management  fee - performance fee	-	5,443	5,443	-	4,427	4,427	-	4,502	4,502
	343	8,527	8,870	283	6,977	7,260	394	8,048	8,442

3.  Finance costs:

	Nine months ended 30 September 2022   (unaudited)			Nine months ended  30 September 2021   (unaudited)			Year ended 31 December 2021   (audited)
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Interest payable on bank loans	182	1,639	1,821	193	1,738	1,931	255	2,298	2,553

4.  Returns and net asset values

	Nine months ended 30 September 2022   (unaudited)	Nine months ended  30 September 2021   (unaudited)	Year ended 31 December 2021   (audited)
The returns and net asset values per share are based on the following figures:
Revenue Return	£2,745,000	£3,269,000	£5,080,000
Capital Return	£59,780,000	£81,310,000	£121,653,000
Net assets attributable to shareholders	£518,476,000	£434,820,000	£473,447,000
Number of shares in issue at end of period (excluding shares held in treasury)	72,844,938	73,941,429	73,941,429
Weighted average number of shares in issue during the period (excluding shares held in treasury)	73,509,913	73,941,429	73,941,429

5.  The financial information for the nine months ended 30 September 2022, 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 2021, on which the auditor issued an unqualified report, have been lodged with the Registrar of Companies.  The quarterly report is available on the Company's website www.ctprivateequitytrust.com

Legal Entity Identifier: 2138009FW98WZFCGRN66

For more information, please contact:

Hamish Mair (Investment Manager)	0131 718 1184
Scott McEllen (Company Secretary)	0131 718 1137
[e-mail]   / [e-mail]

 

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