25 Jan 2011 13:00
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 31 December 2010
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 October 2010 to 31 December 2010. This announcement constitutes the Company's first interim management statement for the year ending 30 September 2011 in accordance with rule 4.3 of the UK Listing Authority's Disclosure and Transparency Rules. This interim statement summarises information as at 31 December 2010 and any material developments up to 25 January 2011.
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 195.3p at 30 September 2010 (diluted - 193.3p). The Company's NAV at 31 December 2010 will be announced on or around 16 March 2011. The share price of the Company's ordinary shares was 139.50p at 31 December 2010, compared to 113.75p at 30 September 2010, a rise of 22.6% over the quarter. Over the same quarter the MSCI Europe Index (in euros) and the FTSE All Share Index (in sterling) rose by 6.0% and 6.8% respectively.
Financial position
The quarter ended 31 December 2010 benefited from the continuing increase in new investment and realisation activity in the European private equity market in the second half of 2010. In particular, the Company received distributions from 22 of the 38 private equity fund interests in its investment portfolio. Distributions received during the quarter rose to £22.5 million (quarter ended 30 September 2010 - £8.7 million); this was the highest quantum of distributions received by the Company for any quarter since the quarter ended 30 September 2007 and compares to £23.0 million of distributions received in the full year ended 30 September 2010. During the quarter ended 31 December 2010 the Company funded £20.0 million of draw downs (quarter ended 30 September 2010 - £22.8 million).
The Company had aggregate outstanding commitments to its 38 private equity fund interests of £129.2 million at 31 December 2010 (30 September 2010 - £150.3 million). During the period from 1 October 2010 to 31 December 2010 the Company made no new private equity fund commitments.
At 31 December 2010 the Company had net indebtedness of £53.3 million (30 September 2010 - net indebtedness of £54.2 million).
Events and transactions in the period to 25 January 2011
On 25 January 2011 shareholders approved a final dividend for the year ended 30 September 2010 of 0.2p per ordinary share at the Company's annual general meeting. This final dividend will be paid on 28 January 2011.
There were no other material events or transactions during the period.
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 1158 of the Income and Corporation Taxes Act 2010. The Board of Standard Life European Private Equity Trust PLC is independent of Standard Life plc."