SLPE.L Regulatory News (SLPE)

29 Jan 2008 09:00

Standard Life Euro Pri Eqty Tst PLC29 January 2008 Standard Life European Private Equity Trust PLC Interim management statement for the quarter ended 31 December 2007 Standard Life European Private Equity Trust PLC ("the Company") presents itsinterim management statement for the period from 1 October 2007 to 31 December2007. This announcement constitutes the Company's first interim managementstatement for the year ending 30 September 2008 in accordance with rule 4.3 ofthe UK Listing Authority's Disclosure and Transparency Rules. This interimstatement summarises information as at 31 December 2007 and any materialdevelopments up to 28 January 2008. Investment objective To achieve long-term capital gains through investment in a diversified portfolioof private equity funds investing predominantly in Europe. Benchmark The Company has no defined benchmark. Performance The Company's audited net asset value per ordinary share ("NAV") was 241.3p asat 30 September 2007 (diluted - 237.7p). The Company's NAV as at 31 December2007 will be announced on or around 18 March 2008. The share price of theCompany's ordinary shares was 217.5p as at 31 December 2007, compared to 226.5pas at 30 September 2007, a decline of 4.0% over the quarter. Over the sameperiod the MSCI Europe Index (sterling adjusted) rose 1.5% and the FTSE AllShare Index fell 0.9%. Financial position During the quarter ended 31 December 2007 the Company received distributionsfrom its private equity fund interests of £21.2 million (quarter ended 30September 2007 - £38.1 million) and funded £43.0 million of draw downs (quarterended 30 September 2007 - £44.7 million). The Company had aggregate outstandingcommitments to its private equity fund interests of £338.8 million as at 31December 2007 (30 September 2007 - £366.0 million). As at 31 December 2007 the Company held aggregate cash and money market balancesof £43.2 million (30 September 2007 - £64.2 million). As at 31 December 2007 theCompany's £60 million committed revolving credit facility was undrawn (30September 2007 - nil). Material events and transactions During the quarter the Company made no new private equity fund commitments. On 28 December 2007 the Company issued 100,000 ordinary shares, following theconversion of 100,000 Founder A shares by a member of the Company's manager, SLCapital Partners LLP. As at 31 December 2007 the Company's issued ordinary sharecapital was 159,922,567 ordinary shares of 0.2p each. On 28 January 2008 shareholders approved a final dividend for the year ended 30September 2007 of 3.5p per ordinary share at the Company's annual generalmeeting. This final dividend will be paid on 1 February 2008. 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 managedby SL Capital Partners LLP, the ordinary shares of which are admitted to listingby the UK Listing Authority and to trading on the Stock Exchange and which seeksto conduct its affairs so as to qualify as an investment trust under Section 842of the Income and Corporation Taxes Act 1988. The Board of Standard LifeEuropean Private Equity Trust PLC is independent of Standard Life plc This information is provided by RNS The company news service from the London Stock Exchange