SLPE.L Regulatory News (SLPE)

24 Jul 2008 07:30

Standard Life European Private Equity Trust PLC

Interim management statement for the quarter ended 30 June 2008

Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April to 30 June 2008. This announcement constitutes the Company's second interim management statement for the year ending 30 September 2008 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. This interim statement summarises information as at 30 June 2008 and any material developments up to 24 July 2008. 

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 unaudited net asset value per ordinary share ("NAV") was 265.5p as at 31 March 2008 (diluted - 261.4p). The Company's NAV as at 30 June 2008 will be announced on or around 23 September 2008. The share price of the Company's ordinary shares was 196.0p as at 30 June 2008, compared to 219.0p as at 31 March 2008, a decrease of 10.5% over the quarter. Over the same period the MSCI Europe Index (sterling adjusted) fell 5.9% and the FTSE All-Share Index fell 2.4%.

Financial position 

During the quarter ended 30 June 2008 the Company received distributions from its private equity fund interests of £15.8 million (quarter ended 31 March 2008 - £21.5 million) and funded £30.0 million of draw downs (quarter ended 31 March 2008 - £30.2 million). The Company had aggregate outstanding commitments to its private equity fund interests of £435.9 million as at 30 June 2008 (31 March 2008 - £416.4 million).

As at 30 June 2008 the Company held aggregate cash and money market balances of £13.0 million (31 March 2008 - £28.5 million). As at 30 June 2008 the Company's £60 million committed revolving credit facility was undrawn (31 March 2008 - nil). 

Material events and transactions 

During the quarter ended 30 June 2008 the Company made one new private equity fund commitment of €65.0 million to CVC European Equity Partners V Fund. 

There was no change to the Company's issued ordinary share capital during the period. As at 30 June 2008 the Company's issued ordinary share capital was 159,922,567 ordinary shares of 0.2p each. 

For further information 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 Stock Exchange and which seeks to conduct its affairs so as to qualify as an investment trust under Section 842 of the Income and Corporation Taxes Act 1988. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc.