10 Aug 2010 12:49
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 30 June 2010
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 April 2010 to 30 June 2010. This announcement constitutes the Company's second interim management statement for the year ending 30 September 2010 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 2010 and any material developments up to 6 August 2010.
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 audited net asset value per ordinary share ("NAV") was 182.6p as at 31 March 2010 (diluted - 180.7p). The Company's NAV as at 30 June 2010 will be announced on or around 22 September 2010. The share price of the Company's ordinary shares was 109.8p as at 30 June 2010, compared to 117.0p as at 31 March 2010, a decline of 6.2% over the quarter.
Over the same quarter the MSCI Europe Index (in euros) and the FTSE All Share Index (in sterling) fell by 7.7% and 12.6% respectively.
Financial position
The European private equity market grew in Q2 2010, with the enterprise value of transactions reported rising during the quarter to €13.9 billion, up from €11.4 billion in Q1 2010 and €4.6 billion in Q2 2009. The increase in activity was most pronounced in the €100 million - €1.0 billion mid-market segment of the European buy-out market. During the quarter the Company funded £7.6 million of draw downs (six months ended 31 March 2010 - £17.5 million) and received £3.9 million of distributions (six months ended 31 March 2010 - £10.4 million).
The Company had total outstanding commitments to its 40 private equity fund interests of £167.0 million as at 30 June 2010 (31 March 2010 - £187.2 million). The principal reasons for the fall in outstanding commitments during the quarter were the funding of the above draw downs and the 9.0% depreciation in the euro relative to sterling.
During the quarter the Company made no new private equity fund commitments.
As at 30 June 2010 the Company had net indebtedness of £36.3 million (31 March 2010 - net indebtedness of £34.2 million).
Events and transactions in the period to 6 August 2010
There have been no material events or transactions during the period to 6 August 2010.
During the period from 30 June 2010 to 6 August 2010 the Company funded £10.2 million of draw downs and received £3.6 million of distributions. The draw downs arose primarily from a number of larger transactions completed in the period. As at 6 August 2010 the Company's total outstanding commitments and net indebtedness were £157.7 million and £43.8 million respectively.
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 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.