2 Feb 2012 16:45
Standard Life European Private Equity Trust PLC
Interim management statement for the quarter ended 31 December 2011
Standard Life European Private Equity Trust PLC ("the Company") presents its interim management statement for the period from 1 October 2011 to 31 December 2011. This announcement constitutes the Company's first interim management statement for the year ending 30 September 2012 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 2011 and any material developments up to 2 February 2012.
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 228.7p at 30 September 2011 (diluted - 225.9p). The Company's NAV at 31 December 2011 will be announced on or around 21 March 2012. The share price of the Company's ordinary shares was 128.1p at 31 December 2011, compared to 134.0p at 30 September 2011, a fall of 4.4% over the quarter. Over the same period the MSCI Europe Index (in euros) and the FTSE All Share Index (in sterling) rose by 8.4% and 7.7% respectively.
Financial position
The quarter ended 31 December 2011 witnessed a slow down in new investment and realisation activity in the European private equity market. This followed the trend seen since summer 2011, as political uncertainty in Europe and broader macro-economic weakness dominated financial markets. Distributions received during the quarter were £18.3 million (quarter ended 30 September 2011 - £29.6 million), with many of the distributions arising from the sale of companies announced earlier in 2011. During the quarter the Company funded £4.3 million of draw downs (quarter ended 30 September 2011 - £13.2 million).
As previously announced, the Company made a €35.0 million commitment to BC European Capital IX during the quarter. At 31 December 2011 the Company had aggregate outstanding commitments of £146.3 million to 37 private equity fund interests (30 September 2011 - £126.4 million and 36 fund interests).
At 31 December 2011 the Company had net indebtedness of £15.4 million (30 September 2011 - net indebtedness of £28.5 million).
Events and transactions in the subsequent period to 2 February 2012
During the period from 1 January 2012 to 1 February 2012 the Company received £7.0 million of distributions and funded £2.2 million of draw downs. At 1 February 2012 the Company had net indebtedness of £11.9 million and outstanding commitments of £143.3 million.
At the Company's annual general meeting held today shareholders approved a final dividend for the year ended 30 September 2011 of 1.3p per ordinary share. The final dividend will be paid on 6 February 2012.
Directorate changes
As previously announced, Hamish Buchan retired from the Board of the Company at the conclusion of the annual general meeting held today. Edmond Warner has been appointed Senior Independent Director and Alastair Barbour Chairman of the Audit Committee.
Separately, the Board announced the resignation of Jo Taylor as a non-executive director with effect from the conclusion of the annual general meeting. Due to a change in his other commitments, Mr Taylor is unable to continue with his directorship of the Company and the Board has, with regret, accepted his resignation.
Company Secretary change
The Board also announced today the transfer of company secretarial services from Aberdeen Asset Management PLC to Personal Assets Trust Administration Company. This transfer is expected to take place in mid- February 2012.
There are no other material events or transactions to announce.
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."