Standard Life Private Eqty Trst PLC Estimated NAV at 31 May 2020 (2924Q)
18 Giugno 2020 - 8:05AM
UK Regulatory
TIDMSLPE
RNS Number : 2924Q
Standard Life Private Eqty Trst PLC
18 June 2020
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
18 June 2020
Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 31 May
2020
-- Estimated NAV at 31 May 2020 was 427.7 pence per share
(actual NAV at 31 March 2020 was 426.4 pence per share)
-- SLPET received GBP12.5 million of distributions and paid
GBP7.5 million of drawdowns during the month of May
-- Outstanding commitments of GBP457.6 million at 31 May 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 31 May 2020,
excluding new investments, 97.6% by value of the portfolio
valuations were dated 31 March 2020. This is an update from the
estimated NAV at 30 April 2020, which was based on valuations dated
31 December 2019.
Of the valuations dated 31 March 2020, 86.9% of the portfolio by
value accounted for the initial impact of COVID-19. For 10.7% by
value of the portfolio, these interests were adjusted downward by
the Manager as the underlying managers had not reflected the
initial impact of COVID-19 within their 31 March 2020
valuations.
The remaining 2.4% by value of the portfolio has also been
adjusted downward by the Manager based on the valuation as at 31
December 2019, adjusted for subsequent cash flows. Valuation
adjustments were based on either specific information from the
underlying manager on the likely movement at 31 March 2020 or the
weighted average movement in the Company's portfolio.
Estimated NAV
At 31 May 2020, SLPET's estimated NAV was 427.7 pence per share
(estimated net assets GBP657.5 million), representing a 0.3% per
share increase from the actual NAV at 31 March 2020 of 426.4 pence
per share (actual net assets GBP655.6 million). The 1.3 pence
increase in NAV per share reflected gains arising primarily from a
1.6% appreciation in the euro versus sterling during April and May,
partially offset by 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 received GBP12.5 million of distributions and paid GBP7.5
million of drawdowns during the month of May. The distributions
received generated realised gains and income of GBP9.3 million.
Commitments
A new commitment of EUR25m was made to Vitruvian IV in May. The
Company had GBP457.6 million of outstanding commitments at 31 May
2020. The Manager believes that around GBP67.4 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 GBP73.1
million at 31 May 2020, comprising GBP57.7 million of cash and cash
equivalents and GBP15.4 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 surrounding COVID-19. Whilst the initial
impact on the Company has been reflected within the actual NAV at
31 March 2020, we expect COVID-19 to negatively impact private
equity valuations during the remainder of the year, which could
lead to further reductions in the Company's NAV. We also continue
to anticipate a decrease in the level of distributions in the
near-term.
The latest update from the Manager, which provides responses to
frequently asked questions in relation to COVID-19, is available
within the Latest News section of the Company website;
www.slpet.co.uk.
Future announcements
The Company is expecting to announce its estimated NAV at 30
June 2020 on 14 July 2020.
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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