Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 31 October 2017 (3524W)
November 14 2017 - 1:01AM
UK Regulatory
TIDMSLPE
RNS Number : 3524W
Standard Life Private Eqty Trst PLC
14 November 2017
14 November 2017
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31
OCTOBER 2017
-- ESTIMATED NAV AT 31 OCTOBER 2017 WAS 380.7 PENCE PER SHARE
(ESTIMATED NAV AT 30 SEPTEMBER 2017 WAS 383.2 PENCE PER SHARE)
-- SLPET RECEIVED GBP12.6 MILLION OF DISTRIBUTIONS AND PAID
GBP4.1 MILLION OF DRAWDOWNS DURING THE MONTH OF OCTOBER
-- OUTSTANDING COMMITMENTS OF GBP320.9 MILLION AT 31 OCTOBER 2017
SLPET's valuation policy for private equity funds is based on
the latest valuations reported by the managers of the funds in
which the Company has interests. In the case of SLPET's valuation
at 31 October 2017, 93.2% by value of the portfolio valuations were
dated 30 June 2017.
Estimated NAV
At 31 October 2017, SLPET's estimated NAV was 380.7 pence per
share (estimated net assets GBP585.3 million), representing a 0.7%
per share decrease from the estimated NAV at 30 September 2017 of
383.2 pence per share (estimated net assets GBP589.1 million). The
2.5 pence decrease in NAV reflected unrealised foreign exchange
losses arising primarily from a 0.4% depreciation in the euro
versus sterling during October.
Draw downs and distributions
SLPET received GBP12.6 million of distributions and paid GBP4.1
million of drawdowns during the month of October. The distributions
received generated realised gains and income of GBP6.0 million.
Commitments
The Company had GBP320.9 million of outstanding commitments at
31 October 2017. After undertaking a detailed review, 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 liquid resources of GBP99.9 million at 31
October 2017. 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 actual NAV at 30
September 2017 on 4 December 2017.
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 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.
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 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 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. 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 the Manager's website at
https://www.slpet.co.uk/IT_European_Private_Equity.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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