Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 30 April 2020 (9652M)
15 Maggio 2020 - 08:00AM
UK Regulatory
TIDMSLPE
RNS Number : 9652M
Standard Life Private Eqty Trst PLC
15 May 2020
Standard Life Private Equity Trust PLC
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
15 May 2020
Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 30
April 2020
-- Estimated NAV at 30 April 2020 was 465.8 pence per share
(estimated NAV at 31 March 2020 was 477.6 pence per share)
-- First interim dividend of 3.3 pence per share paid on 24 April 2020
-- SLPET paid GBP16.6 million of drawdowns and received GBP15.7
million of distributions during the month of April
-- Outstanding commitments of GBP427.9 million at 30 April 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-investments in which the Company has
interests. In the case of SLPET's valuation at 30 April 2020,
excluding new investments, 100.0% by value of the portfolio
valuations were dated 31 December 2019. With respect of the
valuations as at 31 December 2019 within the Company portfolio,
these valuations predate and therefore do not reflect the financial
impact on valuations of the recent outbreak of COVID-19 and
subsequent events related thereto.
Estimated NAV
At 30 April 2020, SLPET's estimated NAV was 465.8 pence per
share (estimated net assets GBP716.1 million), representing a 2.5%
per share decrease from the estimated NAV at 31 March 2020 of 477.6
pence per share (estimated net assets GBP734.3 million). The 11.8
pence decrease in NAV per share is due to losses arising primarily
from a 1.9% depreciation in the euro versus sterling during April
and the first interim dividend payment of 3.3 pence per share,
which was paid on 24 April 2020. The cash cost of the first interim
dividend was GBP4.9 million.
Draw downs and distributions
SLPET paid GBP16.6 million of drawdowns and received GBP15.7
million of distributions during the month of April. The
distributions received generated realised gains and income of
GBP8.3 million.
Commitments
The Company had GBP427.9 million of outstanding commitments at
30 April 2020. The Manager believes that around GBP63.2 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 GBP66.6
million at 30 April 2020, comprising GBP51.7 million of cash and
cash equivalents and GBP14.9 million of deferred consideration due
from sold investments . In addition, the Company has an undrawn
GBP100 million syndicated revolving credit facility, provided by
Citibank and Societe Generale that expires in December 2024.
Update on COVID-19
The Manager continues to maintain regular communication with the
private equity managers of the Company's investments and is closely
monitoring the situation as events surrounding COVID-19 develop.
Whilst it remains too early to quantify the potential impact on the
Company with any certainty, we are prepared for an adverse impact
on NAV and a decrease in the level of distributions in the near
term.
An update from the Manager, which provides responses to
frequently asked questions following the outbreak of COVID-19, is
available within the Latest News section of the Company website;
www.slpet.co.uk.
Whilst the emergence of COVID-19 predates the valuation of the
Company's private equity funds and co-investments as at 31 December
2019, subsequent valuations received as at 31 March 2020 will
reflect the initial financial impact of the outbreak on the
Company's portfolio and NAV.
Future announcements
The Company is expecting to announce its results for the six
months ending 31 March 2020 on or around 17 June 2020 and will
announce its estimated NAV at 31 May 2020 at the same time. This
will be the first time that the Company's NAV will reflect the
early financial impacts of COVID-19.
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
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
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