Standard Life Private Eqty Trst PLC Quarterly Trading Statement (7942I)
March 26 2018 - 2:00AM
UK Regulatory
TIDMSLPE
RNS Number : 7942I
Standard Life Private Eqty Trst PLC
26 March 2018
Standard Life Private Equity Trust PLC
1. Investment update for the quarter ended 31 December 2017
-- The Company's net asset value ("NAV") per ordinary share
increased by 3.1% to 401.5 pence for the quarter ended 31 December
2017
-- Realised gains and income during the quarter ended 31
December 2017 were GBP26.0 million (4.3% of NAV). The unrealised
losses on the portfolio on a constant exchange rate basis were
GBP8.5 million (1.4% of NAV); in addition, there were unrealised
foreign exchange gains of GBP2.8 million (0.5% of NAV)
-- 91.4% by value of the portfolio was valued by the respective
underlying managers at 31 December 2017
-- Outstanding commitments were GBP332.9 million at 31 December 2017
-- Liquid resources were GBP107.2 million at 31 December 2017
For the quarter ended 31 December 2017, the Company's NAV
increased by 3.1% to 401.5 pence per share, from 389.6 pence per
share at 30 September 2017. At 31 December 2017, the Company's net
assets were GBP617.3 million (30 September 2017 - GBP599.0
million). NAV total return was 3.1% for the three months from 1
October 2017 to 31 December 2017.
The closing value of the Company's portfolio, which, included 53
private equity fund interests, was GBP511.0 million at 31 December
2017 (30 September 2017 - GBP505.1 million and 51 private equity
fund interests). The total unrealised losses on the portfolio for
the quarter ended 31 December 2017 were GBP5.7 million, comprising
GBP8.5 million of unrealised losses on a constant exchange rate
basis and GBP2.8 million of unrealised foreign exchange gains. The
MSCI Europe Index (in sterling) and the FTSE All Share Index (in
sterling) rose by 1.1% and 4.2% respectively during the quarter.
The unrealised foreign exchange gains were driven by the euro
appreciating by 0.7% relative to sterling over the quarter, offset
by the US dollar depreciating 0.8% relative to sterling.
During the quarter ended 31 December 2017, the Company received
GBP50.6 million of distributions (quarter ended 30 September 2017 -
GBP25.1 million) and funded GBP25.3 million of drawdowns (quarter
ended 30 September 2017 - GBP34.7 million). The distributions
received during the quarter generated GBP26.0 million of net
realised gains and income, which was equivalent to a return of 2.1
times the acquisition cost of the realised investments.
The Company made one new fund commitment of EUR30.0 million to
PAI Europe VII. In addition, the Company acquired through secondary
purchase, an original commitment of $20.0 million to Onex Partners
IV. The Company had total outstanding commitments to its 53 private
equity fund interests of GBP332.9 million at 31 December 2017 (30
September 2017 - GBP325.6 million and 51 private equity fund
interests). The Manager continues to believe that around GBP60
million of the Company's existing outstanding commitments are
unlikely to be drawn.
At 31 December 2017, the Company had liquid resources of
GBP107.2 million (30 September 2017 - liquid resources of GBP93.6
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 31 December 2017
On 31 January 2018, the Company paid the final dividend for the
year ended 30 September 2017 of 6.0 pence per ordinary share. The
cost of the final dividend was GBP9.2 million.
During the period from 1 January 2018 to 9 March 2018, the
Company funded GBP19.7 million of drawdowns and received GBP14.6
million of distributions.
On 17 January 2018, the Company acquired through secondary
purchase, an original commitment of EUR15.2 million to Nordic
Capital Fund VIII.
At 9 March 2018, the Company had liquid resources of GBP79.1
million. The Company also had total outstanding commitments of
GBP317.2 million.
The Company's estimated NAV at 28 February 2017 is also being
announced today. It is anticipated that the Company will release
its results for the six months ending 31 March 2018 on or around 18
June 2018.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
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