25 Mar 2019 07:00
Standard Life Private Equity Trust PLC
1. Investment update for the quarter ended 31 December 2018
· The net asset value ("NAV") per ordinary share of Standard Life Private Equity Trust PLC ("the Company") decreased by 0.5% to 428.2 pence for the quarter ended 31 December 2018
· Realised gains and income on the unquoted portfolio during the quarter ended 31 December 2018 totalled £11.3 million (1.7% of NAV). The unrealised loss on a constant exchange rate basis was 11.4 million (1.7% of NAV). In addition, there were unrealised foreign exchange gains of £4.9 million (0.7% of NAV)
· The final quarter dividend for the financial year ending 30 September 2018 of 3.1 pence per share was paid on 25 January 2019
· 99.0% by value of the portfolio was valued by the respective underlying managers at 31 December 2018
· NAV total return was 0.1% for the three months from 1 October 2018 to 31 December 2018
· Outstanding commitments were £385.6 million at 31 December 2018
· Resources available for investment were £95.6 million at 31 December 2018
For the quarter ended 31 December 2018, the Company's NAV decreased by 0.5% to 428.2 pence per share, from 430.2 pence per share at 30 September 2018. At 31 December 2018, the Company's net assets were £658.3 million (30 September 2018 - £661.4 million). NAV total return was 0.1% for the three months from 1 October 2018 to 31 December 2018.
The closing value of the Company's unquoted portfolio, which, included 55 private equity fund interests, was £562.1 million at 31 December 2018 (30 September 2018 - £574.7 million and 55 private equity fund interests). The total unrealised loss on the unquoted portfolio for the quarter ended 31 December 2018 was £6.5 million, comprising £11.4 million of unrealised loss on a constant exchange rate basis and £4.9 million of unrealised foreign exchange gains. The MSCI Europe Index (in sterling) and the FTSE All Share Index (in sterling) both fell by 11% during the quarter. The unrealised foreign exchange gains were driven by the euro and the US Dollar appreciating by 0.8% and 2.3% respectively, relative to sterling over the quarter.
During the quarter ended 31 December 2018, the unquoted portfolio generated £28.7 million of distributions (quarter ended 30 September 2018 - £24.4 million). The Company funded £11.4 million of drawdowns (quarter ended 30 September 2018 - £31.0 million) into the unquoted portfolio. The distributions received during the quarter generated £11.3 million of net realised gains and income. The net realised gains and income include the realised loss on written-off investments which were previously already recognised within unrealised losses. Excluding the realised loss on written-off investments, the net realised gains and income was £17.1 million. This was equivalent to a return of 2.5 times the acquisition cost of the realised investments.
The Company made one new fund commitment of €30.0 million to Triton V. The Company had total outstanding commitments to its 55 private equity fund interests of £385.6 million at 31 December 2018 (30 September 2018 - £369.3 million to 55 private equity fund interests). The Manager continues to believe that around £60 million of the Company's existing outstanding commitments are unlikely to be drawn.
At 31 December 2018, the Company had resources available for investment of £95.6 million (30 September 2018 - resources available for investment of £86.5 million). The Company continues to have an undrawn £80 million syndicated revolving credit facility provided by Citibank and Societe Generale that expires in December 2020.
2. Activity since 31 December 2018
On 25 January 2019, the Company paid the final dividend for the year ended 30 September 2018 of 3.1 pence per ordinary share. The cost of the final dividend was £4.8m. In addition, the Company declared a first quarter dividend for the year ending 30 September 2019 of 3.2 pence per share, to be paid on 26 April 2019, to shareholders on the Company's share register as at 22 March 2019. The ex-dividend date is 21 March 2019.
During the period from the 1 January 2019 to the 8 March 2019 the Company funded £14.2 million of drawdowns and received £11.8 million of distributions.
A new commitment of €35m was made to Altor V on 6 February 2019, and a new co- investment commitment of €6m was made to Mademoiselle Desserts, alongside IK Investment Partners, on 15 February 2019.
At 8 March 2019, the Company had resources available for investment of £90.6 million. The Company also had total outstanding commitments of £394.0 million.
The Company's estimated NAV at 28 February 2019 is also being announced today. It is anticipated that the Company will release its results for the six months ending 31 March 2019 on or around 19 June 2019.
For further information please contact:-
Merrick McKay at SL Capital Partners LLP (0131 245 2345)
Note:-
Standard Life 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 sections 1158-1165 of the Corporation Tax Act 2010. The Board of Standard Life Private Equity Trust PLC is independent of Standard Life Aberdeen plc and Phoenix Group Holdings.