Preliminary Results

RNS Number : 2966T

Standard Life Euro Pri Eqty Tst PLC

05 December 2011

 



5 December 2011

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2011

Highlights

·     For the financial year ended 30 September 2011 the Company's undiluted net asset value per ordinary share ("NAV") rose by 17.1% to 228.7p (diluted NAV - 225.9p).

·     The 33.4p rise in NAV during the year comprised 22.0p of net realised gains and income from the Company's portfolio of 36 private equity fund interests, 16.2p of net unrealised gains on the portfolio on a constant exchange rate basis, 0.6p of negative foreign exchange rate movements on the portfolio and 4.2p of fees, costs and other movements.

·     The closing mid-market price of the Company's ordinary shares on 30 September 2011 was 134.0p, a rise of 17.8% over the year and a discount of 40.7% to the diluted NAV.

·     The Board is recommending a final dividend of 1.3p per ordinary share (year ended 30 September 2010 - 0.2p).

·     At 30 September 2011 the Company's net assets were £369.4 million. The Company had interests in 36 private equity funds with a value of £397.4 million. In preparing the Company's year end valuation, 99.2% by value of the portfolio was valued by the relevant fund manager at 30 September 2011.

·     Reflecting the year on year increase in transactional activity in the European private equity market, draw downs during the year increased marginally to £49.6 million and distributions rose markedly to £82.6 million. At 30 September 2011 the Company's net indebtedness was £28.5 million.

·     The Company made one new fund commitment during the year, with a €30 million commitment to Montagu IV. Since the year end, the Company has also made a €35 million commitment to BC Partners IX.

·     The Company had £126.4 million of outstanding commitments at 30 September 2011. After undertaking a detailed review, the Manager believes that up to £40 million of the Company's existing outstanding commitments are unlikely to be drawn.

·     During the period from 30 September 2011 to 1 December 2011 the Company funded £1.2 million of draw downs and received £15.8 million of distributions. At 1 December 2011 the Company's total outstanding commitments and net indebtedness were £152.3 million and £14.7 million respectively.

Quote from Scott Dobbie, Chairman:-

"The European macro-economic and political outlook remains uncertain, with continuing sovereign debt worries and an increasing likelihood that a number of European states will experience negative economic growth.  Nevertheless, ongoing meetings with key fund managers have highlighted that aggregate corporate earnings continue to grow across respective investment portfolios."

For further information please contact:-

Peter McKellar of SL Capital Partners LLP (on 0131 245 0055)

Chairman's Statement

Results and performance

World stock markets fell sharply in the final quarter of the financial year ended 30 September 2011 due to concerns about political uncertainty in Europe and signs of macro-economic weakness in all major developed economies. Given the use of listed market comparables in valuing the unrealised portfolio of private equity fund interests, the Company's NAV fell in the final quarter, after three quarters of strong growth.  For the year ended 30 September 2011 the Company's NAV increased by 17.1% to 228.7p (diluted NAV - 225.9p), from 195.3p at 30 September 2010 (diluted NAV - 193.3p). At 30 September 2011 the Company's net assets were £369.4 million.

The closing mid-market price of the Company's ordinary shares on 30 September 2011 was 134.0p, compared to 113.75p a year earlier. The share price represented a 40.7% discount to the Company's diluted NAV at the year end. The share price to NAV discount narrowed in the period to summer 2011, before widening as listed market volatility impacted investor sentiment.

The Company's practice remains one of reinvestment and to pay a dividend marginally in excess of the minimum required to maintain investment trust status. Against a background of increased income received during the year, the Board is recommending a final dividend of 1.3p per ordinary share (year ended 30 September 2010 - 0.2p). Subject to shareholder approval at the forthcoming Annual General Meeting, this dividend will be paid on 6 February 2012 to shareholders on the Company's share register at 6 January 2012. Shareholders will have the opportunity to elect to receive the final dividend in the form of ordinary shares. A circular and an election form are enclosed with the Company's annual report and accounts.

It is now just over ten years since the Company was listed on the London Stock Exchange. Private equity is a long-term asset class. For the period from listing on 29 May 2001 to 30 September 2011 the Company's NAV and share price, both on an annualised total return basis, were 9.2% and 3.8% higher respectively, while the FTSE All-Share Index and the MSCI Europe Index (in euros), on a similar total return basis, rose by 2.8% and fell by 1.1% respectively.

Valuation

At 30 September 2011 the Company's portfolio comprised 36 private equity fund interests. The value of this portfolio was £397.4 million, of which net unrealised gains arising during the year were £25.2 million.

In terms of the breakdown of net unrealised gains, unrealised gains on a constant exchange rate basis were £26.2 million (7.1% of the opening portfolio valuation), while negative exchange rate movements were modest at £1.0 million (0.3% of the opening portfolio valuation). Pleasingly, increasing earnings at the underlying investee companies was the primary driver of the uplift in valuations, supported by the impact of leverage within those companies.

99.2% by value of the private equity funds held by the Company was valued by the relevant fund manager at 30 September 2011.  In undertaking the valuations the fund managers have followed the International Private Equity and Venture Capital Valuation Guidelines. In so doing, the principal valuation methodology is to use listed comparable valuation multiples. As reported above, during the final quarter of the year ended 30 September 2011 listed comparable multiples broadly fell.

Investment activity

The last year again saw a rise in the number and value of new private equity investments and realisations completed in Europe. The value of all new buy-out transactions completed in the European private equity market during the year ended 30 September 2011 was €77.2 billion (year ended 30 September 2010 and 2009 - €52.5 billion and €21.3 billion respectively). Against, however, a more difficult political and macro-economic environment the final quarter of the Company's financial year did see a fall in activity and value.

As a result of the general improvement in the European private equity market, the Company received distributions during the year of £82.6 million and, also reflecting the lower quantum of its outstanding commitments, paid £49.6 million in draw downs (year ended 30 September 2010 - distributions of £23.0 million and draw downs of £48.0 million). After taking account of fees, costs and other movements, the Company was £25.8 million cashflow positive during the year, compared to a £28.1 million cashflow deficit in the previous year. The distributions received by the Company generated net realised gains and income of £35.6 million, equivalent to an average return on the acquisition cost of the realised investments of 1.8 times (year ended 30 September 2010 - 1.8 times).

The Company made one new fund commitment during the year, with a €30 million commitment to Montagu IV, a €2.5 billion mid-market buy-out fund focussed on northern Europe. The Company's aggregate outstanding commitments were £126.4 million at 30 September 2011.  Where drawn, such outstanding commitments will be funded from the Company's cash resources, distributions received from the portfolio of fund investments and the use of the Company's borrowing facility. As previously reported, a number of the private equity funds held by the Company have completed their respective investment periods and any future draw downs are likely to be limited. After undertaking a detailed review, the Manager believes that up to £40 million of the Company's existing outstanding commitments are now unlikely to be drawn.

In November 2010 the Company entered into a new £120 million syndicated revolving credit facility, led by The Royal Bank of Scotland plc. This facility expires on 31 December 2013. At 30 September 2011 the Company's net indebtedness was £28.5 million.

During the period from 30 September 2011 to 1 December 2011 the Company funded £1.2 million of draw downs and received £15.8 million of distributions and at 1 December 2011 had net indebtedness of £14.7 million. The Company also made a €35 million commitment to BC Partners IX in October 2011. Accordingly, at 1 December 2011 the Company's total outstanding commitments were £152.3 million.

Management incentive scheme arrangements

When the Company was listed in May 2001, an incentive scheme was put in place for the Company's investment management team.  This scheme operated over two five year performance periods; the second of these periods expired on 30 September 2011. Following the first performance period, which ended on 30 September 2006, 4,854,979 founder A shares were convertible into ordinary shares upon payment of £1 per founder A share. 3,596,981 founder A shares remain outstanding and may be converted up until 31 December 2013.

Over the five year period from 30 September 2006 to 30 September 2011 the compound annual growth rate in the Company's NAV, including dividends paid, was 5.5%.  As a result of this growth rate falling below the minimum threshold required of 10%, no founder B shares have a right to convert into ordinary shares. Accordingly, no value will be derived by the investment management team from the founder B shares. 

The Board considers that there should be a continuing incentive arrangement for the Manager for so long as it serves as the Company's investment manager and that the level of base management fee of 0.8% per annum, which was set on the listing of the Company, envisaged a continuing incentive scheme.  During 2011, the Board has been discussing an appropriate new incentive scheme and has reached agreement with the Manager on the terms of a scheme.  The performance period will run for the five years from 1 October 2011. For an incentive fee to be payable at the end of the five year period, the Company's net asset value total return must grow by more than 8% compound per annum (before any accrual for the incentive fee) over the period to 30 September 2016. Should this hurdle rate be achieved, the Manager will be entitled to an incentive fee of 10% of the growth in NAV (before any accrual for the incentive fee) in excess of the hurdle rate, multiplied by the number of ordinary shares in issue on 1 October 2011 (adjusted in certain circumstances to reflect subsequent share issuance and/or a material reduction in the Company's issued share capital).

Full details of the proposed new incentive scheme are set out in a circular to shareholders enclosed with the Company's annual report and accounts. The incentive scheme will be put to shareholders for approval at the forthcoming Annual General Meeting. Standard Life plc and its associates will not vote on this resolution.

Corporate governance

 

The Directors' Report which follows gives a detailed review of the Company's corporate governance arrangements. The Board gave particular emphasis during the year under review to a number of issues, which included:-

·     Cashflow estimates - the Manager uses a sophisticated model to project the Company's future cashflows and hence the capacity for future investment. A wide range of assumptions has been examined and the results prompted the decision to begin to make further new fund commitments, the first step of which is described above;

·     Board succession planning and recruitment - recent and prospective Board resignations led to detailed analysis of the skills and competences needed for the Company's long-term needs. Using an outside search consultant, Jo Taylor and Alastair Barbour were recruited to meet the identified job specifications; and

·     Management incentive scheme - the arrangements to provide a management incentive which were put in place at the time of the Company's listing expired on 30 September 2011. Considerable effort was made by the Board to agree a scheme which reflected the current business environment, was broadly comparable to the peer group of similar listed companies, and above all was seen to be of overall benefit to the Company and its shareholders.

 

 

The Board

Hamish Buchan, who has served on the Board since the Company's listing in May 2001, has to the regret of his colleagues intimated that he intends to step down from the Board after the forthcoming Annual General Meeting. Mr Buchan has made a significant contribution to the Company over the past eleven years. His wide knowledge of the investment trust sector and of investment analysis made him a strong Chairman of the Audit Committee and his counsel, both in Board meetings and, less formally, as the Senior Independent Director has been invaluable. He carries the best wishes for the future of his Board colleagues and of the Manager.

Following Mr Buchan's retirement, Edmond Warner will assume the role of the Senior Independent Director and Alastair Barbour that of Chairman of the Audit Committee.

Outlook

The European macro-economic and political outlook remains uncertain, with continuing sovereign debt worries and an increasing likelihood that a number of European states will experience negative economic growth. Against this background, the Manager has conducted a detailed review of the Company's portfolio, which at an investee company level has minimal direct exposure to businesses headquartered in southern Europe. Ongoing meetings with key fund managers have highlighted that aggregate corporate earnings continue to grow across respective investment portfolios.

Equity markets currently favour higher yielding instruments perceived to be low risk. The listed private equity sector, in which the Company is included, fulfils neither of these criteria and share prices currently stand at a substantial discount to NAV. Nevertheless, the Board and the Manager continue to believe that the Company is well placed strategically to benefit from any improvement in investor sentiment which follows a positive change in the outlook for European economies.

Scott Dobbie CBE

Chairman

INCOME STATEMENT (audited)

for the year ended 30 September 2011

	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	56,281	56,281
Currency (losses)/gains	-	(4)	(4)
Income from investments	4,514	-	4,514
Interest receivable and other income	7	-	7
Investment management fee	(294)	(2,644)	(2,938)
Administrative expenses	(714)	-	(714)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE FINANCE COSTS AND TAXATION	3,513	53,633	57,146
Finance costs	(285)	(2,565)	(2,850)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION	3,228	51,068	54,296
Taxation	(565)	547	(18)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION	2,663	51,615	54,278
	_________	_________	_________
NET RETURN PER ORDINARY SHARE	1.65p	31.97p	33.62p
	_________	_________	_________
DILUTED NET RETURN PER ORDINARY SHARE	1.64p	31.74p	33.38p
	_________	_________	_________

The "Total" column of this statement represents the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations.

No operations were acquired or discontinued in the year.

A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses are recognised in the Income Statement.

The dividend which has been recommended based on this Income Statement is 1.3p (2010 - 0.2p) per ordinary share.

INCOME STATEMENT (audited)

for the year ended 30 September 2010

	Revenue	Capital	Total
	£'000	£'000	£'000
Gains on investments	-	51,693	51,693
Currency gains	-	944	944
Income from investments	1,713	-	1,713
Interest receivable and other income	1	-	1
Investment management fee	(238)	(2,138)	(2,376)
Administrative expenses	(581)	-	(581)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE FINANCE COSTS AND TAXATION	895	50,499	51,394
Finance costs	(191)	(1,716)	(1,907)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION	704	48,783	49,487
Taxation	(161)	141	(20)
	_________	_________	_________
NET RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION	543	48,924	49,467
	_________	_________	_________
NET RETURN PER ORDINARY SHARE	0.34p	30.36p	30.70p
	_________	_________	_________
DILUTED NET RETURN PER ORDINARY SHARE	0.34p	30.30p	30.64p
	_________	_________	_________

RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (audited)

For the year ended 30 September 2011				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 September 2010	357	79,650	79,148	3	150,422	5,662	315,242
Total recognised gains	-	-	-	-	51,615	2,663	54,278
Scrip Issue of ordinary shares	-	167	-	-	-	-	167
Dividends paid	-	-	-	-	-	(323)	(323)
	______	_______	______	_______	________	_______	_______
Balance at 30 September 2011	357	79,817	79,148	3	202,037	8,002	369,364
	______	_______	______	_______	________	_______	_______
For the year ended 30 September 2010				Capital
	Share	Share	Special	redemption	Capital	Revenue
	capital	premium	reserve	reserve	reserves	reserve	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
Balance at 30 September 2009	356	79,356	79,148	3	101,498	5,280	265,641
Total recognised gains	-	-	-	-	48,924	543	49,467
Conversion of founder A shares	-	217	-	-	-	-	217
Scrip Issue of ordinary shares	1	77	-	-	-	-	78
Dividends paid	-	-	-	-	-	(161)	(161)
	______	_______	______	_______	________	_______	_______
Balance at 30 September 2010	357	79,650	79,148	3	150,422	5,662	315,242
	______	_______	______	_______	________	_______	_______

BALANCE SHEET (audited)

		As at		As at
		30 September		30 September
		2011		2010
		£'000	£'000	£'000	£'000
NON-CURRENT ASSETS
Investments at fair value through profit or loss			397,433		369,630
CURRENT ASSETS
Debtors		709		108
Cash and short term deposits		3,384		6,403
		_________		_________
		4,093		6,511
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR		(32,162)		(60,899)
		_________		_________
NET CURRENT LIABILITIES			(28,069)		(54,388)
			_________		_________
TOTAL ASSETS LESS CURRENT LIABILITIES			369,364		315,242
			_________		_________
CAPITAL AND RESERVES
Called up share capital			357		357
Share premium			79,817		79,650
Special reserve			79,148		79,148
Capital redemption reserve			3		3
Capital reserves			202,037		150,422
Revenue reserve			8,002		5,662
			_________		_________
TOTAL SHAREHOLDERS' FUNDS			369,364		315,242
			_________		_________
ANALYSIS OF SHAREHOLDERS' FUNDS
Equity interests (ordinary shares)			369,330		315,208
Non-equity interests (founder shares)			34		34
			_________		_________
			369,364		315,242
			_________		_________
NET ASSET VALUE PER EQUITY SHARE			228.7p		195.3p
			_________		_________

CASHFLOW STATEMENT (audited)

		For the year		For the year
		ended 30 September		ended 30 September
		2011		2010
		£'000	£'000	£'000	£'000
NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES			291		(1,252)
NET CASH OUTFLOW
FROM SERVICING OF FINANCE			(2,851)		(1,921)
NET CASH INFLOW FROM TAXATION			-		8
FINANCIAL INVESTMENT
Purchase of investments		(49,604)		(47,994)
Disposal of underlying investments by funds		78,082		21,273
Disposal of fund investments by way of secondary sales		-		1,890
		_________		_________
NET CASH INFLOW/(OUTFLOW)			28,478		(24,831)
FROM FINANCIAL INVESTMENTS
ORDINARY DIVIDENDS PAID			(156)		(78)
			_________		_________
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING			25,762		(28,074)
Net proceeds on issue of ordinary shares		-		212
Bank loans (repaid)/drawn down		(28,777)		30,943
		_________		_________
NET CASH (OUTFLOW)/INFLOW FROM FINANCING			(28,777)		31,155
			_________		_________
(DECREASE)/INCREASE IN CASH			(3,015)		3,081
			_________		_________
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
(Decrease)/increase in cash as above			(3,015)		3,081
Repayment/(drawdown) of loan			28,777		(30,943)
Currency movements			(4)		944
			_________		_________
MOVEMENT IN NET DEBT IN THE PERIOD			25,758		(26,918)
Opening net debt			(54,242)		(27,324)
			_________		_________
CLOSING NET DEBT			(28,484)		(54,242)
			_________		_________
REPRESENTED BY:
Cash and short term deposits			3,384		6,403
Loans			(31,868)		(60,645)
			_________		_________
			(28,484)		(54,242)
			_________		_________

Notes:

1.   Standard Life European 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 London Stock Exchange. It seeks to conduct its affairs so as to continue to qualify as an investment trust under section 1158-1165 of the Corporation Taxes Act 2010.  The Board is wholly independent of the Manager and Standard Life plc.
2.  Accounting Policies
(a) Basis of preparation and going concern
The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of investments, and in accordance with applicable UK Accounting Standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' (issued January 2009). They have also been prepared on the assumption that approval as an investment trust will continue to be granted. The financial statements have been prepared on a going concern basis. The financial statements, and the net asset value per equity share figures, have been prepared in accordance with UK Generally Accepted Accounting Principles ("UK GAAP"). The directors consider the Company's functional currency to be sterling, as the Company is registered in Scotland, the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.
(b) Revenue, expenses and finance costs
Dividends from quoted investments are included in revenue by reference to the date on which the price is marked ex-dividend. Interest on quoted investments and other interest receivable are dealt with on an effective interest rate basis. Dividends and income from unquoted investments are included when the right to receipt is established. All expenses are accounted for on an accruals basis. Expenses are charged through the revenue account of the Income Statement except as follows:
-      transaction costs incurred on the purchase and disposal of investments are recognised as a capital item in the Income Statement; and
-      the Company charges 90% of investment management fees and finance costs to capital, in accordance with the Board's expected long-term split of returns between capital gains and income from the Company's investment portfolio.
(c) Investments
Investments have been designated upon initial recognition as fair value through the profit or loss. On the date of making a legal commitment to invest in a fund, such commitment is recorded and disclosed. When funds are drawn in respect of such fund commitment the resulting investment is recognised in the financial statements. The investment is removed when it is realised or the fund is wound up. Subsequent to initial recognition, investments are valued at fair value as detailed below. Gains and losses arising from changes in fair value are included in net profit or loss for the period as a capital item in the Income Statement and are ultimately recognised in the unrealised reserve.
Unquoted investments are stated at the directors' estimate of fair value and follow the recommendations of the EVCA and the BVCA. The estimate of fair value is normally the latest valuation placed on a fund by its manager as 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 the EVCA and the BVCA, 'International Private Equity and Venture Capital Valuation guidelines'. Where formal valuations are not completed as at the balance sheet date the valuation from the fund manager is adjusted for any subsequent cash flows 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.
(d) Dividends payable - Interim and final dividends are recognised in the period in which they are paid. Scrip dividends are recognised in the period in which shares are issued.
(e) Capital reserves - Gains or losses on investments realised in the year that have been recognised in the Income Statement are transferred to the "capital reserve - gains/(losses) on disposal". In addition, any prior unrealised gains or losses on such investments are transferred from the "capital reserve - revaluation" to the "capital reserve - gains/(losses) on disposal" on the disposal of the investment. Increases and decreases in the fair value of investments are recognised in the Income Statement and are then transferred to the "capital reserve - revaluation".
(f) Taxation
i)      Current taxation - Provision for corporation tax is made at the current rate on the excess of taxable income net of any allowable deductions.
ii)     Deferred taxation is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more or a right to pay less tax in future have occurred at the balance sheet date, measured on an undiscounted basis and based on enacted tax rates. This is subject to deferred tax assets only being recognised if it is considered more likely than not that there will be suitable profits from which the future reversal of the underlying temporary differences can be deducted. Temporary differences are differences arising between the Company's taxable profits and its results as stated in the accounts which are capable of reversal in one or more subsequent periods.
Due to the Company's status as an investment trust company, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.
(g)  Overseas currencies - Overseas assets and liabilities are translated at the exchange rate prevailing at the Company's balance sheet date.  Gains or losses on translation of investments held at the year end are accounted for through the unrealised capital reserve.  Gains or losses on the translation of overseas currency balances held at the year end are accounted for through the realised capital reserve.
Rates of exchange to sterling as at 30 September were:
	2011	2010
Euro	1.1611	1.1543
US dollar	1.5578	1.5758
Transactions in overseas currency are translated at the exchange rate prevailing on the date of transaction.

		Year to	Year to
		30 September 2011	30 September 2010
3.	Income	£'000	£'000
	Income from unquoted investments	4,514	1,713
	Interest receivable on cash	7	-
	Other income	-	1
		______________	______________
	Total income	4,521	1,714
		______________	______________

4.      The number of ordinary shares in issue as at 30 September 2011 was 161,496,597 (30 September 2010 - 161,372,793).  The return per ordinary share is based on the weighted average number of ordinary shares in issue.

5.      The Directors recommend that a final dividend of 1.3p (2010 - 0.20p) per ordinary share be paid on 6 February 2012 to shareholders on the Company's share register as at the close of business on 6 January 2011.  The ex-dividend date for the final dividend is 4 January 2011.

6.      The financial information for the year ended 30 September 2011 comprises non-statutory accounts as defined in sections 434-436 of the Companies Act 2006.  The financial information for the year ended 30 September 2010 has been extracted from published accounts that have been delivered to the Registrar of Companies and on which the report of the auditors was unqualified.  The statutory accounts for the year ended 30 September 2011 contain an unqualified audit report and will be delivered to the Registrar of Companies following the Company's Annual General Meeting, which will be held at The Balmoral Hotel, 1 Princes Street, Edinburgh EH2 2EQ on 2 February 2012 at 12.30pm.

7.      The report and accounts for the year ended 30 September 2011 will be posted to shareholders in mid-December 2011 and copies will be available from the Company Secretary - Aberdeen Asset Management PLC, 40 Princes Street, Edinburgh EH2 2BY.

for Standard Life European Private Equity Trust PLC,

Aberdeen Asset Management PLC Company Secretary

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