29 Sep 2016 07:00
29 September 2016
STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31 AUGUST 2016
· ESTIMATED NAV AT 31 AUGUST 2016 WAS 334.6 PENCE PER SHARE (ACTUAL NAV AT 30 JUNE 2016 WAS 329.3 PENCE PER SHARE)
· SLEPET RECEIVED £4.2 MILLION OF DISTRIBUTIONS AND PAID £2.6 MILLION OF DRAW DOWNS DURING THE MONTH OF AUGUST
· OUTSTANDING COMMITMENTS OF £313.7 MILLION AT 31 AUGUST 2016
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 interests. In the case of SLEPET's valuation at 31 August 2016, 100% by value of the portfolio valuations were dated 30 June 2016.
Estimated NAV
At 31 August 2016, SLEPET's estimated NAV was 334.6 pence per share (estimated net assets £514.5 million), representing a 1.6% per share increase from the actual NAV at 30 June 2016 of 329.3 pence per share (actual net assets £509.7 million). The 5.3 pence increase in NAV primarily reflected unrealised foreign exchange gains arising from a 2.3% appreciation in the euro versus sterling between 30 June and 31 August, partially offset by the interim dividend payment of 1.8 pence per share on 15 July 2016.
Draw downs and distributions
SLEPET received £4.2 million of distributions and paid £2.6 million of draw downs during the month. The distributions received generated net realised gains and income of £1.6 million.
Commitments
The Company had £313.7 million of outstanding commitments at 31 August 2016. After undertaking a detailed review, the Manager continues to believe that around £55 million of the Company's existing outstanding commitments are unlikely to be drawn.
Balance sheet and credit facility
The Company had liquid resources of £111.1 million at 31 August 2016. In addition, the Company has an undrawn £80 million syndicated revolving credit facility, provided by Citibank and Societe Generale that expires in December 2020.
Future announcements
The Company is expecting to announce its estimated NAV at 30 September 2016 on 14 October 2016.
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 Roger Pim or Peter McKellar 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