8 Jul 2013 12:28
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 30 June 2013
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April 2013 to 30 June 2013. This announcement constitutes the Company's second interim management statement for the financial year ending 30 September 2013 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. This interim statement summarises information at 30 June 2013 and any material developments up to 5 July 2013.
Investment objective
To achieve long-term capital gains through holding a diversified portfolio of private equity funds investing predominantly in Europe.
Benchmark
The Company has no defined benchmark.
Performance
The Company's net asset value per ordinary share ("NAV") was 243.9p (diluted - 240.9p) and its net assets were £394.5 million at 31 March 2013. The Company's NAV at 30 June 2013 will be announced on or around 18 September 2013. The share price of the Company's ordinary shares was 181.5p at 30 June 2013, compared to 185.3p at 31 March 2013, a decrease of 2.0% over the quarter.
Over the same quarter the MSCI Europe Index (in euros) fell by 3.2% and the FTSE All Share Index (in sterling) fell by 2.7%.
Financial position
From speaking to portfolio managers it appears that new transactional activity remained subdued in the European private equity market in the second quarter of 2013, although there were a number of notable larger transactions announced. Market data for the quarter has yet to be published, but this will form part of the Company's trading statement in September.
During the quarter ended 30 June 2013 the Company funded £7.5 million of draw downs (six months ended 31 March 2013 - £21.1 million) and received £15.5 million of distributions (six months ended 31 March 2013 - £28.5 million).
On 28 June 2013 the Company made a new primary fund commitment of €30.0 million to CVC Capital Partners VI. The Company has invested in five prior funds of the manager, CVC Capital Partners.
The Company had total outstanding commitments to its 41 private equity fund interests of £197.4 million at 30 June 2013 (31 March 2013 - £177.3 million). At 30 June 2013 the Company had a cash balance of £27.7 million (31 March 2013 - £21.5 million).
In June 2013 the Company also agreed to purchase an original commitment of €10 million to Bridgepoint Europe IV. The fund interest will be acquired at a 4% discount to the 31 December 2012 valuation of the fund, adjusted for subsequent cashflows. The purchase price for the fund interest is £7.4 million and the Company will assume £1.6 million of outstanding commitments. Completion of the purchase is expected to take place shortly.
Directorate changes
On 3 June 2013 the Company announced the resignation of Donald Workman from the Board as a non-executive director and on 11 June 2013 the Company appointed Christina McComb as Senior Independent Director.
Events and transactions in the period to 5 July 2013
On 28 June the Company applied to the UK Listing Authority and the London Stock Exchange for 2,550,511 ordinary shares of 0.2p each to be admitted to the Official List in relation to the conversion of Founder A shares. The new ordinary shares were granted admission on 2 July 2013 and dealings commenced on 3 July 2013.
For further information on the statement please contact:-
Peter McKellar of 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 London Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under Section 1158 of the Corporation Taxes Act 2010. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.