Estimated Net Asset Value at 31 March 2017

RNS Number : 2321C

Standard Life Private Eqty Trst PLC

18 April 2017

 

18 April 2017

STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31 MARCH 2017

·      ESTIMATED NAV AT 31 MARCH 2017 WAS 355.9 PENCE PER SHARE (ESTIMATED NAV AT 28 FEBRUARY 2017 WAS 356.0 PENCE PER SHARE)

·      SLPET RECEIVED £21.8 MILLION OF DISTRIBUTIONS AND PAID £11.4 MILLION OF DRAW DOWNS DURING THE MONTH OF MARCH

·      SLPET PAID $1.1 MILLION TO ACQUIRE EXISTING FUND INTERESTS IN TOWERBROOK INVESTORS III AND IV

·      OUTSTANDING COMMITMENTS OF £312.0 MILLION AT 31 MARCH 2017

SLPET's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which the Company has interests.  In the case of SLPET's valuation at 31 March 2017, 100.0% by value of the portfolio valuations were dated 31 December 2016.

Estimated NAV

At 31 March 2017, SLPET's estimated NAV was 355.9 pence per share (estimated net assets £547.2 million), a 0.1 pence decrease from the estimated NAV at 28 February 2017 of 356.0 pence per share (estimated net assets £547.4 million). The 0.1 pence decrease in NAV primarily reflected unrealised foreign exchange losses arising from a 0.5% depreciation in the US dollar versus sterling during March.

Draw downs and distributions

SLPET received £21.8 million of distributions and paid £11.4 million of draw downs during the month. The distributions received generated net realised gains and income of £12.1 million.

Secondary activity

On 31 March 2017, the Company acquired through secondary purchases, original commitments of $3.1 million and $1.6 million to TowerBrook Investors III and IV respectively. The purchase price for the fund interests was $1.1 million, equivalent to a discount of 15.9% to the most recent valuation date of 30 September 2016, adjusted for subsequent cashflows. The Company assumed outstanding commitments of $1.8 million on acquisition. The Company has existing commitments of $48.6 million and $35.0 million to TowerBrook Investors III and IV respectively.

Commitments

The Company had £312.0 million of outstanding commitments at 31 March 2017. After undertaking a detailed review, the Manager continues to believe that around £55.0 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had liquid resources of £97.7 million at 31 March 2017. 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 April 2017 on 15 May 2017.

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 Roger Pim at SL Capital Partners LLP (0131 245 0055)

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 plc.

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 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 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. 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 the Manager's website at

 www.slcapital.com/IT_European_Private_Equity/getLatest.pdf

 

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