Quarterly Trading Statement

RNS Number : 0401C

Standard Life Private Eqty Trst PLC

01 October 2018

 

Standard Life Private Equity Trust PLC

1.         Investment update for the quarter ended 30 June 2018

·          The net asset value ("NAV") per ordinary share of Standard Life Private Equity Trust PLC ("the Company") increased by 6.9% to 417.3 pence for the quarter ended 30 June 2018

·          Realised gains and income during the quarter ended 30 June 2018 totalled £26.9 million (4.5% of NAV). The unrealised gains on a constant exchange rate basis were £12.0 million (2.0% of NAV). In addition, there were unrealised foreign exchange gains of £6.5 million (1.1% of NAV)

·          The first quarter dividend for the financial year ending 30 September 2018 of 3.1 pence per share was paid on 27 April 2018

·          98.4% by value of the portfolio was valued by the respective underlying managers at 30 June 2018

·          NAV total return was 9.2% for the nine months from 1 October 2017 to 30 June 2018

·          Outstanding commitments were £397.2 million at 30 June 2018

·          Liquid resources were £99.3 million at 30 June 2018

For the quarter ended 30 June 2018, the Company's NAV increased by 6.9% to 417.3 pence per share, from 390.4 pence per share at 31 March 2018. At 30 June 2018, the Company's net assets were £641.6 million (31 March 2018 - £600.2 million). NAV total return was 9.2% for the nine months from 1 October 2017 to 30 June 2018.

The closing value of the Company's unquoted portfolio, which, included 56 private equity fund interests, was £541.9 million at 30 June 2018 (31 March 2018 - £518.6 million and 54 private equity fund interests). The total unrealised gains on the unquoted portfolio for the quarter ended 30 June 2018 were £18.5 million, comprising £12.0 million of unrealised gains on a constant exchange rate basis and £6.5 million of unrealised foreign exchange gains. The MSCI Europe Index (in sterling) and the FTSE All Share Index (in sterling) rose by 3.3% and 7.9% respectively during the quarter. The unrealised foreign exchange gains were driven by the euro and the US Dollar appreciating by 0.9% and 5.9% respectively, relative to sterling over the quarter.

During the quarter ended 30 June 2018, the unquoted portfolio generated £32.5 million of distributions (six months ended 31 March 2018 - £75.5 million). The Company funded £10.4 million of drawdowns (six months ended 31 March 2018 - £51.1 million) into the unquoted portfolio. The distributions received during the quarter generated £26.9 million of net realised gains and income, which was equivalent to a return of 5.8 times the acquisition cost of the realised investments.

The Company paid the first quarter dividend for the financial year ending 30 September 2018 of 3.1 pence per share on 27 April 2018. The cash cost of the dividend was £4.8 million.

The Company made two new fund commitments of €25.0 million and $21.5 million to Investindustrial Growth and MSouth Equity Partners IV respectively. The Company had total outstanding commitments to its 56 private equity fund interests of £397.2 million at 30 June 2018 (31 March 2018 - £360.0 million to 54 private equity fund interests). The Manager continues to believe that around £60 million of the Company's existing outstanding commitments are unlikely to be drawn.

At 30 June 2018, the Company had liquid resources of £99.3 million (31 March 2018 - liquid resources of £81.3 million). The Company continues to have an undrawn £80 million syndicated revolving credit facility provided by Citibank and Societe Generale that expires in December 2020.

2.         Activity since 30 June 2018

On 27 July 2018, the Company paid the second quarter dividend for the year ending 30 September 2018 of 3.1 pence per ordinary share. The cost of the final dividend was £4.8 million. In addition, the Company declared a third quarter dividend for the year ending 30 September 2018 of 3.1 pence per ordinary share, to be paid on 26 October 2018, to shareholders on the Company's share register as at 21 September 2018.

During the period from 1 July 2018 to 14 September 2018, the Company funded £20.5 million of drawdowns and received £20.7 million of distributions.

At 14 September 2018, the Company had liquid resources of £95.1 million. The Company also had total outstanding commitments of £380.0 million.

The Company's estimated NAV at 31 August 2018 is also being announced today. It is anticipated that the Company will release its results for the financial year ending 30 September 2018 on or around 11 December 2018.

For further information please contact:-

Merrick McKay at SL Capital Partners LLP (0131 245 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.

 

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