TIDMAPEO
RNS Number : 1962G
abrdn Private Equity Opp Trst plc
14 November 2022
abrdn Private Equity Opportunities Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
14 November 2022
abrdn Private Equity Opportunities Trust plc ("APEO" or "the
Company") announces its estimated net asset value ("NAV") at 31
October 2022
-- Estimated NAV at 31 October 2022 was 725.8 pence per share
(estimated NAV at 30 September 2022 was 747.2 pence per share)
-- Excluding new investments, 99.8% by value of portfolio dated
30 June 2022 (estimated NAV at 30 September 2022 was 99.8% dated 30
June 2022)
-- Third interim dividend of 3.6 pence per share paid on 28 October 2022
-- APEO received GBP29.7 million of distributions and paid
GBP26.1 million of drawdowns during the month of October
-- Two new primary commitments made during October
-- Outstanding commitments of GBP690.9 million at 31 October 2022
-- Liquid resources (cash balances plus undrawn credit
facilities) were GBP 264.1 million as at 31 October 2022
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 31 October 2022,
excluding new investments, 99.8% by value of the portfolio
valuations were dated 30 June 2022. The value of the portfolio is
therefore calculated as the 30 June 2022 valuation, adjusted for
subsequent cashflows over the period to 31 October 2022.
This is an update from the estimated NAV at 30 September 2022,
whereby 99.8% of the portfolio valuations, excluding new
investments, were dated 30 June 2022, adjusted for subsequent
cashflows over the period to 30 September 2022.
Estimated NAV
At 31 October 2022, APEO's estimated NAV was 725.8 pence per
share (estimated net assets GBP1,115.8 million), representing a
2.9% per share decrease from the estimated NAV at 30 September 2022
of 747.2 pence per share (estimated net assets GBP1,148.9 million).
The 21.4 pence decrease in NAV per share reflected losses arising
primarily from a 2.2% depreciation in the euro versus sterling
during October, a 3.1% depreciation in the dollar versus sterling
during October, and the third interim dividend payment of 3.6 pence
per share on 28 October 2022. The cash cost of the third interim
dividend was GBP5.5 million.
Drawdowns and distributions
APEO received GBP29.7 million of distributions and paid GBP26.1
million of drawdowns during the month of October. The distributions
received generated realised gains and income of GBP20.0
million.
Investment activity
A new primary commitment of EUR30.0 million was made to Altor
VI, a mid-market buyout fund with a strong sustainability focus,
which targets businesses across the Nordic and DACH regions.
A new primary commitment of EUR30.0 million was made to an
undisclosed manager, one of the leading growth/growth
capital/growth buyout funds in Europe and globally, focused
primarily on European businesses which operate principally in the
Technology, Healthcare, Financial Services and Sustainability
sectors.
Commitments
The Company had GBP690.9 million of outstanding commitments at
31 October 2022. The Manager believes that around GBP65.3 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 made no repayments to
or drawdowns from the facility during the month of October, with a
total of GBP61.0 million drawn at 31 October 2022. The remaining
undrawn balance of the facility at 31 October 2022 was therefore
GBP239.0 million.
In addition, the Company had cash balances of GBP25.1 million at
31 October 2022 . Liquid resources, calculated as the total of cash
balances and the undrawn balance of the credit facility, were
therefore GBP264.1 million as at 31 October 2022.
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 30
November 2022 on or around 14 December 2022.
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
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