Estimated Net Asset Value at 31 August 2019

RNS Number : 0083O

Standard Life Private Eqty Trst PLC

27 September 2019

 

27 September 2019

STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31 AUGUST 2019

·     ESTIMATED NAV AT 31 AUGUST 2019 WAS 454.7 PENCE PER SHARE (ACTUAL NAV AT 30 JUNE 2019 WAS 452.8 PENCE PER SHARE)

·    SLPET RECEIVED £15.2 MILLION OF DISTRIBUTIONS AND PAID £1.9 MILLION OF DRAWDOWNS DURING THE MONTH OF AUGUST

·      OUTSTANDING COMMITMENTS OF £492.6 MILLION AT 31 AUGUST 2019

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-investment in which the Company has interests.  In the case of SLPET's valuation at 31 August 2019, 100.0% by value of the portfolio valuations were dated 30 June 2019.

Estimated NAV

At 31 August 2019, SLPET's estimated NAV was 454.7 pence per share (estimated net assets £699.0 million), representing a 0.4% per share increase from the actual NAV at 30 June 2019 of 452.8 pence per share (actual net assets £696.2 million). The 1.9 pence increase in NAV per share reflected unrealised foreign exchange gains arising primarily from a 1.0% appreciation in the euro versus sterling during July and August, offset by the dividend paid in July.  

Draw downs and distributions

SLPET received £15.2 million of distributions and paid £1.9 million of drawdowns during the month of August. The distributions received generated realised gains and income of £7.2 million.

Commitments

A new commitment of €21.5 million was made to Vitruvian I CF in August. The Company had £492.6 million of outstanding commitments at 31 August 2019, of which the Manager believes that around £85.0 million is unlikely to be drawn.

Following the portfolio sale of 18 fund commitments, of older vintages and/or managed by General Partners which are no longer core Company relationships, in early September, the Company had total outstanding commitments of £465.4 million at 13 September. The Manager believes that around £60 million of the Company's outstanding commitments at that time are unlikely to be drawn.

Balance sheet and credit facility

The Company had resources available for investment of £80.1 million at 31 August 2019. At 13 September, following the portfolio sale of 18 fund commitments outlined above, the Company had resources available for investment of £78.3 million. In addition, the Company has an undrawn £80 million syndicated revolving credit facility, provided by Citibank and Societe Generale that expires in December 2020.

Future announcements

The Company is expecting to announce its estimated NAV at 30 September 2019 on 14 October 2019. 

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 Merrick McKay at SL Capital Partners LLP (0131 225 2345)

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, for example, where sales proceeds are available. 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 trading statements. 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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