Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 31 January 2019 (7909P)
February 14 2019 - 1:01AM
UK Regulatory
TIDMSLPE
RNS Number : 7909P
Standard Life Private Eqty Trst PLC
14 February 2019
14 February 2019
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31
JANUARY 2019
-- ESTIMATED NAV AT 31 JANUARY 2019 WAS 411.2 PENCE PER SHARE
(ESTIMATED NAV AT 31 DECEMBER 2018 WAS 427.9 PENCE PER SHARE)
-- FINAL DIVIDEND OF 3.1 PENCE PER SHARE PAID ON 25 JANUARY 2019
-- SLPET RECEIVED GBP4.1 MILLION OF DISTRIBUTIONS AND PAID
GBP2.7 MILLION OF DRAWDOWNS DURING THE MONTH OF JANUARY
-- OUTSTANDING COMMITMENTS OF GBP375.3 MILLION AT 31 JANUARY 2019
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 January 2019, 90.9% by value of the portfolio valuations were
dated 30 September 2018.
Estimated NAV
At 31 January 2019, SLPET's estimated NAV was 411.2 pence per
share (estimated net assets GBP632.2 million), representing a 3.9%
per share decrease from the estimated NAV at 31 December 2018 of
427.9 pence per share (estimated net assets GBP657.9 million). The
16.7 pence decrease in NAV per share reflected unrealised foreign
exchange losses arising from a 2.9% depreciation in the euro versus
sterling during January and the final dividend payment for the year
ended 30 September 2018 of 3.1 pence per share on 25 January 2019
(total for the year of 12.4 pence per share). The cash cost of the
final dividend was GBP4.8 million.
Draw downs and distributions
SLPET received GBP4.1 million of distributions and paid GBP2.7
million of drawdowns during the month of January. The distributions
received generated realised gains and income of GBP4.0 million.
Commitments
The Company had GBP375.3 million of outstanding commitments at
31 January 2019. 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 resources available for investment of GBP86.3
million at 31 January 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 actual NAV at 31
December 2018 on or around 25 March 2019 and will announce its
estimated NAV at 28 February 2019 at the same time.
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 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 factsheet, which is
published on SLPET's website at
https://www.slpet.co.uk/IT_European_Private_Equity.pdf
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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