29 Jul 2009 07:30
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 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.
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 182.4p as at 31 March 2009. On 29 May 2009 the Company announced as part of its interim results statement that following 31 March 2009 the Company had agreed to dispose of all or part of five private equity fund interests. The sale of one fund interest was completed on 20 May 2009 and the sale of the other four fund interests were completed on 29 June 2009. Adjusting the 31 March 2009 NAV for these fund disposals, the pro-forma 31 March 2009 NAV was 167.5p. The Company's NAV as at 30 June 2009 will be announced on or around 18 September 2009.
The share price of the Company's ordinary shares was 94.25p as at 30 June 2009, compared to 43.5p as at 31 March 2009, an increase of 116.7% over the quarter. Over the same period the MSCI Europe Index (sterling adjusted) increased 7.0% and the FTSE All-Share Index increased 9.5%.
Financial position
Against a background of a continuing low level of activity in the European private equity market, the Company received distributions from its private equity fund interests of £0.8 million during the quarter ended 30 June 2009 (quarter ended 31 March 2009 - £0.5 million). During that quarter the Company also received net proceeds from the sale of private equity fund interests of £16.8 million and funded £7.8 million of draw downs (quarter ended 31 March 2009 - £26.7 million and £9.6 million respectively). The Company had aggregate outstanding commitments to its private equity fund interests of £223.9 million as at 30 June 2009 (31 March 2009 - £317.5 million).
As at 30 June 2009 the Company had net indebtedness of £18.2 million (31 March 2009 - net indebtedness of £30.7 million).
Material events and transactions
During the quarter the Company made no new private equity fund commitments.
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. Further to this issue of ordinary shares the Company's total issued ordinary share capital is 161,066,017 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.