Month End Net Asset Value(s)

RNS Number : 9743C

Standard Life Private Eqty Trst PLC

14 February 2020

 

14 February 2020

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value per share ("NAV") at 31 January 2020

·    Estimated NAV at 31 January 2020 was 431.0 pence per share (estimated NAV at 31 December was 438.8 pence per share)

·    Fourth quarterly dividend of 3.2 pence per share paid on 24 January 2020

·    SLPET received £28.5 million of distributions from  3i Eurofund V and reinvested £22.6 million in 3i Venice Partnership

·    SLPET paid £3.3 million of drawdowns and received £0.7 million of distributions from other funds during the month of January

·    Outstanding commitments of £389.1 million at 31 January 2020

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 January 2020, excluding new investments, 99.7% by value of the portfolio valuations were dated 30 September 2019.

Estimated NAV

At 31 January 2020, SLPET's estimated NAV was 431.0 pence per share (estimated net assets £662.6 million), representing a 1.8% per share decrease from the estimated NAV at 31 December 2019 of 438.8 pence per share (estimated net assets £674.7 million). The 7.8 pence decrease in NAV per share is net of the fourth quarterly dividend payment of 3.2 pence per share, which was paid on 24 January 2020 and unrealised foreign exchange losses arising primarily from a 0.8% depreciation in the euro versus sterling during January. The cash cost of the fourth interim dividend was £4.9 million.

Draw downs and distributions

SLPET paid £3.3 million of drawdowns and received £0.7 million of distributions, excluding 3i Eurofund V, during the month of January. The distributions received generated realised gains and income of £0.7 million.

Following the 3i Group plc announcement on 14 November 2019, the Company has elected to realise part of its position in Action. As a result, the Company has received £28.5 million in proceeds from 3i Eurofund V net of carried interest, fees and taxes during the month of January. The distributions received related entirely to Action and generated realised gains and income of £28.1 million.  In addition, the Company has elected to reinvest £22.6 million in the 3i Venice Partnership, retaining exposure to Action.

Commitments

The Company had £389.1 million of outstanding commitments at 31 January 2020. The Manager continues to believe that around £62.0 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 £63.6 million at 31 January 2020. In addition, the Company has an undrawn £100 million syndicated revolving credit facility, provided by Citibank and Societe Generale that expires in December 2024.

Future announcements

The Company is expecting to announce its estimated NAV at 29 February 2020 on 13 March 2020.

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 Alan Gauld at SL Capital Partners LLP (0131 372 2200)

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 updates. 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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