Standard Life Private Eqty Trst PLC Estimated Net Asset Value at 31 August 2018 (0396C)
October 01 2018 - 2:00AM
UK Regulatory
TIDMSLPE
RNS Number : 0396C
Standard Life Private Eqty Trst PLC
01 October 2018
01 October 2018
STANDARD LIFE PRIVATE EQUITY TRUST PLC ("SLPET" OR "THE
COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31
AUGUST 2018
-- ESTIMATED NAV AT 31 AUGUST 2018 WAS 418.5 PENCE PER SHARE
(ACTUAL NAV AT 30 JUNE 2018 WAS 417.3 PENCE PER SHARE)
-- SLPET RECEIVED GBP3.7 MILLION OF DISTRIBUTIONS AND PAID
GBP1.9 MILLION OF DRAWDOWNS DURING THE MONTH OF AUGUST
-- OUTSTANDING COMMITMENTS OF GBP382.5 MILLION AT 31 AUGUST 2018
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 August 2018, 98.4% by value of the portfolio valuations were
dated 30 June 2018.
Estimated NAV
At 31 August 2018, SLPET's estimated NAV was 418.5 pence per
share (estimated net assets GBP643.5 million), representing a 0.3%
per share increase from the actual NAV at 30 June 2018 of 417.3
pence per share (actual net assets GBP641.6 million). The 1.2 pence
increase in NAV per share primarily reflected unrealised foreign
exchange gains arising from a 1.2% appreciation in the euro versus
sterling during July and August, partially offset by the interim
dividend payment of 3.1 pence per share on 27 July. The cash cost
of the second quarter dividend was GBP4.8 million.
Draw downs and distributions
SLPET received GBP3.7 million of distributions and paid GBP1.9
million of drawdowns during the month of August. The distributions
received generated realised gains and income of GBP2.5 million.
Commitments
The Company had GBP382.5 million of outstanding commitments at
31 August 2018. 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 GBP89.8 million at 31 August
2018. 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 estimated NAV at 30
September 2018 on 12 October 2018.
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.
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 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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