Standard Life Private Eqty Trst PLC Quarterly Trading Statement (0071O)
September 27 2019 - 8:44AM
UK Regulatory
TIDMSLPE
RNS Number : 0071O
Standard Life Private Eqty Trst PLC
27 September 2019
Standard Life Private Equity Trust PLC
1. Investment update for the quarter ended 30 June 2019
-- The net asset value ("NAV") per ordinary share of Standard
Life Private Equity Trust PLC ("the Company") increased by 6.1% to
452.8 pence for the quarter ended 30 June 2019.
-- Realised gains and income on the unquoted portfolio during
the quarter ended 30 June 2019 totalled GBP12.6 million (1.9% of
NAV). The unrealised gain on a constant exchange rate basis was
GBP10.9 million (1.7% of NAV). In addition, there were unrealised
foreign exchange gains of GBP20.0 million (3.1% of NAV).
-- The first quarter dividend for the financial year ending 30
September 2019 of 3.2 pence per share was paid on 26 April 2019
-- 100.0% by value of the portfolio was valued by the respective
underlying managers at 30 June 2019
-- NAV total return was 6.8% for the three months from 1 April 2019 to 30 June 2019
-- Outstanding commitments were GBP450.2 million at 30 June 2019
-- Resources available for investment were GBP67.9 million at 30 June 2019
For the quarter ended 30 June 2019, the Company's NAV increased
by 6.1% to 452.8 pence per share, from 426.7 pence per share at 31
March 2019. At 30 June 2019, the Company's net assets were GBP696.2
million (31 March 2019 - GBP656.1 million). NAV total return was
6.8% for the three months from 1 April 2019 to 30 June 2019.
The closing value of the Company's unquoted portfolio, which,
included 62 private equity interests, was GBP628.0 million at 30
June 2019 (31 March 2019 - GBP571.2 million and 59 private equity
interests). The total unrealised gain on the unquoted portfolio for
the quarter ended 30 June 2019 was GBP30.9 million (5.4%),
comprising GBP10.9 million (1.9%) of unrealised gain on a constant
exchange rate basis and GBP20.0 million (3.5%) of unrealised
foreign exchange gains. The MSCI Europe Index (in sterling) and the
FTSE All Share Index (in sterling) both increased by 5.4% and 2.0%
respectively during the quarter. The unrealised foreign exchange
gains were driven by the euro and the US Dollar appreciating by
3.7% and 2.3% respectively, relative to sterling over the
quarter.
During the quarter ended 30 June 2019, the unquoted portfolio
generated GBP22.4 million of distributions (quarter ended 31 March
2019 - GBP20.5 million). The Company funded GBP29.4 million of
drawdowns (quarter ended 31 March 2019 - GBP24.9 million) into the
unquoted portfolio. The unquoted portfolio distributions received
during the quarter generated GBP12.6 million (2.2%) of net realised
gains and income. This was equivalent to a return of 2.3 times the
acquisition cost of the realised investments.
The Company made new primary fund commitments to Cinven 7
(EUR25.0 million), Advent International Global Private Equity IX
(EUR25.0m) and Great Hill Partners VII ($12.0m). The Company also
acquired, through a secondary purchase, an original commitment of
EUR9.0m to 3i Eurofund V. In addition, as part of active portfolio
management and to improve the quality of the Company's exposure by
vintage year, the Manager agreed the portfolio sale of 3 older
vintage commitments at a modest discount (total 31 December 2018
valuation of GBP5.0m).
The Company had total outstanding commitments to its 62 private
equity interests of GBP450.2 million at 30 June 2019 (31 March 2019
- GBP419.6 million to 59 private equity interests). The Manager
believes that around GBP85 million of the Company's outstanding
commitments at 30 June 2019 are unlikely to be drawn.
At 30 June 2019, the Company had resources available for
investment of GBP67.9 million (31 March 2019 - GBP84.6 million).
The Company continues to have an undrawn GBP80 million syndicated
revolving credit facility provided by Citibank and Societe Generale
that expires in December 2020.
2. Activity since 30 June 2019
On 26 July 2019, the Company paid the second quarter dividend
for the year ending 30 September 2019 of 3.2 pence per ordinary
share. The cost of the final dividend was GBP4.9 million. In
addition, the Company declared a third quarter dividend for the
year ending 30 September 2019 of 3.2 pence per ordinary share, to
be paid on 25 October 2019, to shareholders on the Company's share
register as at 20 September 2019.
During the period from 1 July 2019 to 13 September 2019 the
Company received GBP27.2 million of distributions and funded
GBP11.6 million of drawdowns.
A new primary fund commitment of EUR25.0m was made to IK IX in
July. Two secondary fund commitments were made/acquired: a EUR21.5m
investment in Vitruvian I CF (a concentrated portfolio of five
companies) in August; and a EUR25.0m investment in a portfolio of
European buyout interests (including IK VII and IK VIII) in
September.
In early September, as part of active portfolio management and
to improve its exposure by vintage year, the Company also 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.
At 13 September, the Company had resources available for
investment of GBP78.3 million. The Company also had total
outstanding commitments of GBP465.4 million. The Manager believes
that around GBP60 million of the Company's outstanding commitments
are unlikely to be drawn.
The Company's estimated NAV at 31 August 2019 is also being
announced today. It is anticipated that the Company will release
its results for the year ending 30 September 2019 on or around 11
December 2019.
For further information please contact:-
Merrick McKay at SL Capital Partners LLP (0131 245 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.
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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