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29 Jul 2009 07:30
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Standard Life European Private Equity Trust PLC
Interim management statement for the quarter endedΒ 30 June 2009
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April to 30 June 2009. This announcement constitutes the Company's second interim management statement for the year ending 30 September 2009 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 2009 and any material developments up to 27 July 2009.Β
Investment objective
To achieve long-term capital gains throughΒ holdingΒ a diversified portfolio of private equity funds investing predominantly inΒ Europe.
Benchmark
The Company has no defined benchmark.
Performance
The Company'sΒ unaudited net asset value per ordinary shareΒ ("NAV")Β wasΒ 182.4pΒ as atΒ 31 March 2009.Β On 29 May 2009 the Company announced as part of its interimΒ results statementΒ thatΒ followingΒ 31 March 2009 the Company had agreed to dispose of all or part of five private equity fund interests. The sale ofΒ one fund interestΒ wasΒ completed onΒ 20Β May 2009 and the sale of the other fourΒ fund interestsΒ wereΒ completed on 29 June 2009.Β Adjusting the 31 March 2009Β NAV for these fund disposals, the pro-forma 31 MarchΒ 2009 NAV was 167.5p.Β The Company's NAV as atΒ 30 June 2009Β will be announced onΒ or aroundΒ 18Β SeptemberΒ 2009.Β
The share price of the Company's ordinary shares wasΒ 94.25pΒ as atΒ 30 June 2009, compared toΒ 43.5p as atΒ 31 March 2009,Β an increaseΒ ofΒ 116.7%Β over the quarter.Β Over the same period the MSCI Europe Index (sterling adjusted)Β increasedΒ 7.0%Β andΒ the FTSE All-Share IndexΒ increasedΒ 9.5%.
Financial positionΒ
Against a background of a continuing low level of activity in the European private equity market,Β the Company received distributions from its private equity fundΒ interests of Β£0.8Β millionΒ during the quarter ended 30 June 2009Β (quarter ended 31 March 2009 - Β£0.5 million).Β During that quarter the Company also received net proceeds from the sale of private equity fund interests ofΒ Β£16.8Β million and fundedΒ Β£7.8Β million of draw downs (quarter ended 31 March 2009 -Β Β£26.7Β million andΒ Β£9.6Β million respectively).Β The Company had aggregate outstanding commitments to its private equity fund interests of Β£223.9Β million as atΒ 30 June 2009Β (31 March 2009Β - Β£317.5Β million).
As atΒ 30 June 2009Β the Company had net indebtedness of Β£18.2Β million (31 March 2009Β - net indebtedness ofΒ Β£30.7Β million).Β
Material events and transactionsΒ
During the quarter the Company made no new private equity fund commitments.Β
On 30 June 2009 the Company issued 262,410 ordinary shares following the conversion of 262,410 Founder A shares by a member of the Company's manager, SL Capital Partners LLP.Β Further to this issue of ordinary shares the Company's total issued ordinary share capital isΒ 161,066,017Β ordinary shares of 0.2p each.
For further information please contact:-
Peter McKellar of SL Capital PartnersΒ LLPΒ (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.
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