Month End Net Asset Value(s)

RNS Number : 7771P

Standard Life Private Eqty Trst PLC

14 October 2019

 

14 October 2019

STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 30 SEPTEMBER 2019

·      ESTIMATED NAV AT 30 SEPTEMBER 2019 WAS 446.5 PENCE PER SHARE (ESTIMATED NAV AT 31 AUGUST 2019 WAS 454.7 PENCE PER SHARE)

·      SLPET PAID £18.1 MILLION OF DRAWDOWNS AND RECEIVED £11.0 MILLION OF DISTRIBUTIONS DURING THE MONTH OF SEPTEMBER

·      OUTSTANDING COMMITMENTS OF £463.5 MILLION AT 30 SEPTEMBER 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 30 September 2019, 100.0% by value of the portfolio valuations were dated 30 June 2019.

Estimated NAV

At 30 September 2019, SLPET's estimated NAV was 446.5 pence per share (estimated net assets £686.5 million), representing a 1.8% per share decrease from the estimated NAV at 31 August 2019 of 454.7 pence per share (estimated net assets £699.0 million). The 8.2 pence decrease in NAV per share reflected  unrealised foreign exchange losses arising primarily from a 2.2% depreciation in the euro versus sterling during September.

Draw downs and distributions

SLPET paid £18.1 million of drawdowns and received £11.0 million of distributions during the month of September. The distributions received generated realised gains and income of £10.1 million.

Secondary activity

As part of active portfolio management and to improve its exposure by vintage year, the Company agreed the future sale of 14 older vintage commitments. The sale price is equivalent to a 5% discount as at the 31 December 2018 valuation (£44.9m), adjusted for subsequent cash flows. These fund interests held outstanding commitments of £23.4m as at 30 June 2019, and the implied sale price of these interests has been reflected in the Company's 30 June 2019 NAV.

In addition, a €25.0m investment was made in a portfolio of European buyout interests (including IK VII and IK VIII) at a modest effective discount to 30 June 2019 valuation.

Commitments

The Company had £463.5 million of outstanding commitments at 30 September 2019. The Manager continues to believe that around £60.0 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had resources available for investment of £73.0 million at 30 September 2019. 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 31 October 2019 on 14 November 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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