Quarterly Trading Statement

RNS Number : 1924R

Standard Life Private Eqty Trst PLC

20 September 2017

 

Standard Life Private Equity Trust PLC

1.         Investment update for the quarter ended 30 June 2017

·          The Company's net asset value ("NAV") per ordinary share  increased by 5.9% to 390.6 pence for the quarter ended 30 June 2017

·          Realised gains and income during the quarter ended 30 June 2017 were £16.0 million (2.8% of NAV). The unrealised gains on the portfolio on a constant exchange rate basis were £10.0 million (1.8% of NAV); in addition, there were unrealised foreign exchange gains of £8.3 million (1.5% of NAV)

·          93.2% by value of the portfolio was valued by the respective underlying managers at 30 June 2017

·          NAV total return was 13.7% for the nine months from 1 October 2016 to 30 June 2017.

·          Outstanding commitments were £331.2 million at 30 June 2017

·          Liquid resources were £111.6 million at 30 June 2017

For the quarter ended 30 June 2017 the Company's NAV increased by 5.9% to 390.6 pence per share, from 368.9 pence per share at 31 March 2017. At 30 June 2017 the Company's net assets were £600.5 million (31 March 2017 - £567.2 million). NAV total return was 13.7% for the nine months from 1 October 2016 to 30 June 2017.

The closing value of the Company's portfolio, which, included 50 private equity fund interests, was £488.2 million at 30 June 2017 (31 March 2017 - £470.2 million and 49 private equity fund interests). The total unrealised gains on the portfolio for the quarter ended 30 June 2017 were £18.3 million, comprising £10.0 million of unrealised gains on a constant exchange rate basis and £8.3 million of unrealised foreign exchange gains. The MSCI Europe Index (in sterling) and the FTSE All Share Index (in sterling) rose by 3.7% and 1.4% respectively during the quarter. The unrealised foreign exchange gains were driven by the euro appreciating by 2.6% relative to sterling over the quarter, offset by the US dollar depreciating 3.9% relative to sterling.

During the quarter ended 30 June 2017 the Company received £32.1 million of distributions (six months ended 31 March 2017 - £73.5 million) and funded £13.2 million of drawdowns (six months ended 31 March 2017 - £46.1 million). The distributions received during the quarter generated £16.0 million of net realised gains and income, which was equivalent to a return of 2.1 times the acquisition cost of the realised investments. Total distributions and drawdowns for the nine months ended 30 June 2017 were £105.6 million and £59.3 million, respectively.

The Company made one new fund commitment of €35.0 million to CVC Capital Partners VII. The Company had total outstanding commitments to its 50 private equity fund interests of £331.2 million at 30 June 2017 (31 March 2017 - £312.2 million and 49 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 2017 the Company had liquid resources of £111.6 million comprised of cash and cash equivalents (31 March 2017 - liquid resources of £97.7 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 2017

On 21 July 2017 the Company paid an interim dividend for the year ended 30 September 2017 of 6.0 pence per ordinary share. The cost of the interim dividend was £9.2 million.

During the period from 1 July to 8 September 2017 the Company funded £24.0 million of drawdowns and received £21.1 million of distributions.

A new commitment of €30.0 million was made to Nordic Capital Fund IX on 29 August. At 8 September 2017 the Company had liquid resources of £101.9 million. The Company also had total outstanding commitments of £344.9 million.

The Company's estimated NAV at 31 August 2017 is also being announced today. It is anticipated that the Company will release its preliminary announcement for the financial year ending 30 September 2017 on or around 4 December 2017.

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 Aberdeen plc.

 

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