Standard Life Private Eqty Trst PLC Estimated NAV at 31 October 2020 (1297F)
November 13 2020 - 2:00AM
UK Regulatory
TIDMSLPE
RNS Number : 1297F
Standard Life Private Eqty Trst PLC
13 November 2020
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
13 November 2020
-- Standard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 31
October 2020
-- Estimated NAV at 31 October 2020 was 459.6 pence per share
(estimated NAV at 30 September 2020 was 466.5 pence per share)
-- Interim dividend of 3.3 pence per share paid on 30 October 2020
-- SLPET received GBP12.1 million of distributions and paid
GBP4.8 million of drawdowns during the month of October
-- Outstanding commitments of GBP465.1 million at 31 October 2020
SLPET'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 SLPET's valuation at 31 October 2020,
excluding new investments, 100.0% by value of the portfolio
valuations were dated 30 June 2020.
Estimated NAV
At 31 October 2020, SLPET's estimated NAV was 459.6 pence per
share (estimated net assets GBP706.6 million), representing a 1.5%
per share decrease from the estimated NAV at 30 September 2020 of
466.5 pence per share (estimated net assets GBP717.2 million). The
6.9 pence decrease in NAV per share reflected losses arising
primarily from a 0.7% depreciation in the euro versus sterling
during October and the third interim dividend payment of 3.3 pence
per share, which was paid on 30 October 2020. The cash cost of the
third interim dividend was GBP4.9 million.
Drawdowns and distributions
SLPET received GBP12.1 million of distributions and paid GBP4.8
million of drawdowns during the month of October. The distributions
received generated realised gains and income of GBP7.5 million.
Commitments
The Company had GBP465.1 million of outstanding commitments at
31 October 2020. The Manager believes that around GBP66.7 million
of the Company's existing outstanding commitments are unlikely to
be drawn.
Balance sheet and credit facility
The Company had cash and cash equivalents of GBP33.9 million at
31 October 2020 . In addition, it is due GBP15.2 million of
deferred consideration during the year from investments sold in
2019. It also has an undrawn GBP200 million syndicated revolving
credit facility, provided by Citi, Societe Generale and State
Street Bank International, that expires in December 2024.
Update on COVID-19
The Manager continues to be mindful of the impact of COVID-19
and maintains regular communication with the private equity
managers of the Company's investments.
The latest update from the Manager, which provides responses to
frequently asked questions in relation to COVID-19, is available
within the Latest News section of the Company website;
www.slpet.co.uk.
Future announcements
The Company is expecting to announce its estimated NAV at 30
November 2020 on 14 December 2020.
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 Alan Gauld at SL Capital
Partners LLP (0131 528 4424)
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 and Phoenix
Group Holdings.
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 or co-investment 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 or co-investment lead 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, for example, where sales proceeds are available. 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 updates. A breakdown of SLPET's portfolio can be
obtained in the latest monthly factsheet, which is published on
SLPET's website at:
www.slpet.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
NAVBTBMTMTTBBFM
(END) Dow Jones Newswires
November 13, 2020 02:00 ET (07:00 GMT)
Abrdn Private Equity Opp... (LSE:APEO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abrdn Private Equity Opp... (LSE:APEO)
Historical Stock Chart
From Apr 2023 to Apr 2024