Standard Life Private Eqty Trst PLC Month End Net Asset Value(s) (7771P)
14 Ottobre 2019 - 12:00PM
UK Regulatory
TIDMSLPE
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 GBP18.1 MILLION OF DRAWDOWNS AND RECEIVED GBP11.0
MILLION OF DISTRIBUTIONS DURING THE MONTH OF SEPTEMBER
-- OUTSTANDING COMMITMENTS OF GBP463.5 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 GBP686.5 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 GBP699.0 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 GBP18.1 million of drawdowns and received GBP11.0
million of distributions during the month of September. The
distributions received generated realised gains and income of
GBP10.1 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 (GBP44.9m), adjusted
for subsequent cash flows. These fund interests held outstanding
commitments of GBP23.4m 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 EUR25.0m 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 GBP463.5 million of outstanding commitments at
30 September 2019. The Manager continues to believe that around
GBP60.0 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 GBP73.0
million at 30 September 2019. In addition, the Company has an
undrawn GBP80 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NAVGCBDGRUBBGCS
(END) Dow Jones Newswires
October 14, 2019 06:00 ET (10:00 GMT)
Grafico Azioni Abrdn Private Equity Opp... (LSE:APEO)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Abrdn Private Equity Opp... (LSE:APEO)
Storico
Da Apr 2023 a Apr 2024