Schroder UK Public Private Tst plc Financial statements and valuation update (7215H)

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RNS Number : 7215H

Schroder UK Public Private Tst plc

26 March 2020

Schroder UK Public Private Trust plc

FCA Moratorium on Publication of Financial Statements

Quarterly Net Asset Value Reporting

Valuation Update

FCA Moratorium on Publication of Financial Statements

The Board of Schroder UK Public Private Trust plc (the "Company") confirms that it will follow the guidance issued on 21 March 2020 by the Financial Conduct Authority ("FCA") and on 23 March 2020 by the Financial Reporting Council ("FRC " ) that public companies should delay the announcement of their results in order to give themselves more time to ensure the challenges caused by the COVID-19 virus are fully reflected in their reporting.

In light of the above, while the Company had intended to announce its audited annual results for the year ending 31 December 2019 in early April 2020, the Company will defer the publication of its audited annual results which it now expects will be announced in late April 2020.

Quarterly Net Asset Value Reporting

In the Company's Half-Year Report published on 30 September 2019, the Board highlighted that it was

considering moving from daily NAV reporting to monthly or quarterly reporting. This was a reflection of the fact that the Company's portfolio consists predominantly of private companies and that the governance that appropriately exists around the valuation process for unquoted assets was unsuited to the publication of a daily NAV. This has become even more apparent in the recent market volatility.

The Board had intended to announce a move to quarterly valuations at the time of its annual results, however, given the delay in the publication of the annual results at the request of the FCA, and the ongoing market volatility, the Board has decided to move to quarterly valuations with immediate effect.

This will enable the Company to undertake a review of the portfolio at the time of each NAV publication, which will be announced following each quarter end, and will provide a more representative valuation for investors. The first NAV to be published under the new reporting regime will be the 31 March 2020 NAV which is expected to be published before the end of June 2020.

The Board also would like to take this opportunity to confirm the nature of information that will be released to the market once the new quarterly valuation updates are in effect. In addition to announcements arising from developments within portfolio companies that have a material impact on the NAV, the Board will make announcements relating to new private investments, realisations of any nature in private investments (including partial realisations), and material updates from private companies in the portfolio.

Full details of this change will be included in the Company's Report and Accounts.

Valuation Update

The Board was yesterday notified by Link Fund Solutions Limited, that it intends to amend the valuations of three of the Company's holdings as part of its periodic review of unquoted investments. The aggregate of these valuation changes would have resulted in a reduction in NAV of 3.97 per cent. and reflects a deterioration in the economic environment. The valuation change will be included in the 31 March 2020 NAV.

Link Fund Solutions is currently undertaking a wider review of the Company's portfolio and an update will be provided in the Company's Report and Accounts in April 2020.

This announcement contains Inside Information as defined under the Market Abuse Regulation (EU) No. 596/2014.

LEI: 2138008X94M7OVE73I77

Enquiries:

Schroder Investment Management Limited

   John Spedding                                                   0207 658 3206 
   Estelle Bibby (Press)                                          0207 658 3431

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