TIDMAPEO
RNS Number : 0865G
abrdn Private Equity Opp Trst plc
17 July 2023
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
17 July 2023
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 30
June 2023
-- Estimated NAV at 30 June 2023 was 747.5 pence per share
(estimated NAV at 31 May 2023 was 749.9 pence per share), a 0.3%
decrease from the month of May
-- Excluding new investments, 98.5% by value of portfolio dated
31 March 2023 (estimated NAV at 31 May 2023 was 89.7% dated 31
March 2023)
-- APEO paid GBP23.8 million of drawdowns to existing
commitments and received GBP11.7 million of distributions during
the month of June
-- One new co-investment completed in June
-- Outstanding commitments of GBP669.8 million at 30 June 2023
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 224.0 million as at 30 June 2023
APEO's valuation policy for private equity funds and
co-investments is based on the latest valuations reported by the
managers of the funds and co-investments in which the Company has
interests. In the case of APEO's valuation at 30 June 2023,
excluding new investments, 98.5% by value of the portfolio
valuations were dated 31 March 2023. The value of the portfolio is
therefore calculated as the 31 March 2023 valuation, adjusted for
subsequent cashflows over the period to 30 June 2023.
This is an update from the estimated NAV at 31 May 2023, whereby
89.7% of the portfolio valuations, excluding new investments, were
dated 31 March 2023, adjusted for subsequent cashflows over the
period to 31 May 2023.
Estimated NAV
At 30 June 2023, APEO's estimated NAV was 747.5 pence per share
(estimated net assets GBP1,149.3 million), representing a 0.3% per
share decrease from the estimated NAV at 31 May 2023 of 749.9 pence
per share (estimated net assets GBP1,153.0 million). The 2.4 pence
decrease in NAV per share reflected losses arising primarily from a
0.2% depreciation in the euro versus sterling and a 2.6%
depreciation in the dollar vesrsus sterling during June, partially
offset by a 0.4% constant currency uplift in the valuation of
investments as at 31 March 2023 received since the last
announcement.
Drawdowns and distributions
APEO paid GBP23.8 million of drawdowns to existing commitments
and received GBP11.7 million of distributions during the month of
June. The distributions received generated realised gains and
income of GBP8.3 million. Including the funding of a new
co-investment, total net outflows from investment activity during
June amounted to GBP18.6 million.
Investment activity
In June 2023, APEO committed EUR9.0m into a continuation vehicle
involving Maguar Capital's portfolio company HRworks, a leading
Human Capital Management ('HCM') software suite provider to small
to medium-sized enterprises in the DACH region.
Commitments
The Company had GBP669.8 million of outstanding commitments at
30 June 2023. The Manager believes that around GBP83.2 million of
the Company's existing outstanding commitments are unlikely to be
drawn.
Credit facility and cash balances
The Company has a GBP300.0 million syndicated revolving credit
facility provided by The Royal Bank of Scotland International
Limited, Societe Generale and State Street Bank International GmbH,
and it expires in December 2025. The Company drew a total of
GBP21.5 million from the facility during the month of June,
increasing the total drawn balance to GBP99.7 million at 30 June
2023. The remaining undrawn balance of the facility at 30 June 2023
was therefore GBP200.3 million.
In addition, the Company had cash balances of GBP23.7 million at
30 June 2023. Liquid resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were
therefore GBP224.0 million as at 30 June 2023.
Update from the Manager
The latest update from the Manager is available within the
Latest News section of the Company website;
www.abrdnpeot.co.uk.
Future announcements
The Company is expecting to announce its estimated NAV at 31
July 2023 on or around 14 August 2023.
Additional detail about APEO's NAV and investment
diversification can be found on APEO'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 Alan Gauld at abrdn
Capital Partners LLP (0131 528 4424)
Notes:-
abrdn Private Equity Opportunities Trust plc is an investment
company managed by abrdn 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 abrdn
Private Equity Opportunities Trust plc is independent of abrdn plc
and Phoenix Group Holdings.
The Company intends to release regular estimated NAV updates
around ten business days after each month end. A breakdown of
APEO's portfolio can be obtained in the latest monthly factsheet,
which is published on APEO's website at:
www.abrdnpeot.co.uk
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NAVKZLBFXDLZBBZ
(END) Dow Jones Newswires
July 17, 2023 02:00 ET (06:00 GMT)
Abrdn Private Equity Opp... (LSE:APEO)
Historical Stock Chart
From May 2024 to Jun 2024
Abrdn Private Equity Opp... (LSE:APEO)
Historical Stock Chart
From Jun 2023 to Jun 2024