Interim Management Statement
November 15 2011 - 3:23AM
UK Regulatory
TIDMHPEQ
15 November 2011
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Interim Management Statement
Review of the period from 1 July 2011 to 31 October 2011
Henderson Private Equity Investment Trust plc ("the Company") presents its
interim management statement for the period 1 July 2011 to 31 October 2011 in
accordance with rule 4.3 of the UK Listing Authority's Disclosure and
Transparency Rules.
Investment Objective
The investment objective of the Company is to conduct an orderly realisation of
the assets of the Company in a manner that seeks to maximise their value and
return cash to Shareholders promptly.
Performance
The Company's unaudited net asset value per ordinary share ("NAV") at 31
October 2011 was 375.3p, a decrease of 1.9% compared with the NAV of 382.5p at
30 June 2011.
The Company's share price increased during the period by 1.3% from 274.0p to
277.5p. The Company's share price discount to NAV was 26.1% at 31 October 2011.
Portfolio Activity
Good progress was maintained with the Company's asset realisation strategy
during the period with the sale of four more investments. Two of these were
limited partnership holdings, being Lyceum Capital Fund II A and Palatine
Private Equity Fund. The Company also sold its interests in its only direct
investment, The Logic Group Holdings Limited and, at the end of the period,
disposed of its listed holding in Graphite Enterprise Trust plc. Total cash
proceeds from these four asset sales were GBP9.7 million. Further asset sales are
currently under consideration.
The Company also received a number of distributions from its remaining
portfolio of limited partnership fund investments during the period producing
cash proceeds of GBP6.0 million. These same funds drew down GBP1.0 million from the
Company to make new and follow-on investments.
Financial Position
During the current financial year, the combination of asset sale proceeds, the
release from financial commitments to limited partnership fund investments
which have been sold and distributions from the Company's remaining limited
partnership fund investments has transformed the Company's liquidity position.
As a result, it was possible for the Company to cancel its entire GBP30.0 million
committed banking facility during the period, thereby generating considerable
savings in bank charges. Furthermore, by 31 October the Company had accumulated
GBP17.4 million in cash and cash equivalents.
Tender Offer
In view of the Company's recent strong cash generation the Board was able, on
14 November 2011, to announce its intention to offer Shareholders an initial
return of cash through a tender offer. Full details of the tender offer are
described in the Shareholders' Circular dated 14 November 2011.
Issued Share Capital
The Company had 18,850,212 ordinary shares in issue at 31 October 2011 (30 June
2011: 18,850,212). The 832,000 ordinary shares previously held in treasury were
cancelled on 4 November 2011.
Material Events and Transactions
With the exception of those matters detailed above there were no material
events or transactions during the period 1 July 2011 to 31 October 2011.
Company Information
Further information on the Company, including fact sheets, the annual and
half-year reports and the Shareholder Circular may be found on the Manager's
website www.itshenderson.com or www.hendersonprivateequitytrust.com.
ENDS
For further information please contact:
Ian Barrass
Portfolio Manager
Henderson Private Equity Investment Trust plc
Telephone: 020 7818 2964
END
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