14 Aug 2015 07:00
14 August 2015
STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31 JULY 2015
· ESTIMATED NAV AT 31 JULY 2015 WAS 260.6 PENCE PER SHARE (ESTIMATED NAV AT 30 JUNE 2015 WAS 262.0 PENCE PER SHARE)
· INTERIM DIVIDEND OF 1.75 PENCE PER SHARE PAID ON 10 JULY 2015
· SLEPET RECEIVED £10.3 MILLION OF DISTRIBUTIONS AND PAID £2.9 MILLION OF DRAW DOWNS DURING THE MONTH OF JULY
· OUTSTANDING COMMITMENTS OF £247.0 MILLION AT 31 JULY 2015
SLEPET'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 holdings. In the case of SLEPET's valuation at 31 July 2015, 100% of the reported portfolio valuations were dated 31 March 2015.
Estimated NAV
At 31 July 2015, SLEPET's estimated NAV was 260.6 pence per share (estimated net assets £406.0 million), representing a 0.5% per share decrease from the estimated NAV at 30 June 2015 of 262.0 pence per share (net assets £410.0 million). The 1.4 pence movement in NAV primarily reflected the payment of the interim dividend of 1.75 pence on 10 July 2015.
Draw downs and distributions
SLEPET received £10.3 million of distributions and paid £2.9 million of draw downs during the month. The distributions received generated net realised gains and income of £4.9 million.
Commitments
The Company had £247.0 million of outstanding commitments at 31 July 2015. After undertaking a detailed review, the Manager continues to believe that up to £50 million of the Company's existing outstanding commitments are unlikely to be drawn.
Balance sheet and credit facility
The Company had liquid resources of £57.0 million at 31 July 2015, comprising a cash balance of £26.0 million and £31.0 million invested at value (£29.5 million at cost) in UK and European equity index tracker funds. The Company has an undrawn £80 million syndicated revolving credit facility led by The Royal Bank of Scotland plc that expires in December 2016.
Future announcements
The Company is expecting to announce its estimated NAV at 31 August 2015 on 16 September 2015, together with its actual NAV at 30 June 2015.
Additional detail about SLEPET's NAV and investment diversification can be found on SLEPET'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 Peter McKellar or Roger Pim at SL Capital Partners LLP (0131 245 0055)
Note:-
Standard Life European 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 European Private Equity Trust PLC is independent of Standard Life 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 SLEPET's portfolio can be obtained in the latest monthly factsheet, which is published on the Manager's website at www.slcapital.com/IT_European_Private_Equity/getLatest.pdf