SLPE.L Regulatory News (SLPE)

18 Mar 2008 07:00

Standard Life Euro Pri Eqty Tst PLC18 March 2008 Standard Life European Private Equity Trust PLC Investment update for the period from 30 September 2007 to 31 December 2007 In the first quarter of the Company's new financial year the European privateequity market witnessed a significant reduction in new investment andrealisation activity, as a result of credit market turbulence, the reducedavailability of debt and concerns about a macro-economic slow down. Againstthis background, the Company saw lower realised and unrealised gains than inrecent quarters from its private equity investments. The Company's unaudited netasset value per share ("NAV") increased by 5.4% to 254.5p (diluted - 250.6p) asat 31 December 2007, from 241.3p (diluted - 237.7p) as at 30 September 2007. TheCompany's net assets were £406.9 million as at 31 December 2007 (30 September2007 - £385.7 million). During the quarter ended 31 December 2007 a total of £21.2 million was receivedby way of distributions (quarter ended 30 September 2007 - £38.1 million) fromthe Company's portfolio of 48 private equity fund interests. The fall indistributions received, to the lowest quarterly total since June 2005, reflectedthe significant slow down in the European private equity market. Realised gainsand income represented £16.3 million of distributions received (quarter ended 30September 2007 - £27.5 million). On a positive note, the average return on theCompany's acquisition cost of realised investments was 4.3X (quarter ended 30September 2007 - 3.6X) reflecting some exceptional gains. The closing value of the Company's portfolio of private equity fund interestswas £364.6 million as at 31 December 2007 (30 September 2007 - £322.6 million).The total unrealised gains for the quarter ended 31 December 2007 were £3.8million (quarter ended 30 September 2007 - £11.7 million unrealised loss),comprising an unrealised foreign exchange gain of £13.9 million, a movement fromunrealised gains to realised gains of £11.3 million and an underlying unrealisedgain on the portfolio of £1.2 million. As for new investment activity, during the quarter the Company's portfolio ofprivate equity fund interests drew down a total of £43.0 million (quarter ended30 September 2007 - £44.7 million). The level of new investment activityremained relatively high, reflecting to an extent the completion of transactionswhich had been in negotiation prior to, and during, the initial credit marketturbulence. No new fund commitments were made in the quarter ended 31 December 2007. Since31 December 2007 the Company has continued to make, and to undertake duediligence on, new private equity fund commitments. As at 31 December 2007 theCompany's aggregate outstanding commitments to its private equity fund interestswere £338.8 million (30 September 2007 - £366.0 million). These commitments canbe expected to be drawn down over the next 3-4 years. The aggregate closing cash and money market holdings of the Company as at 31December 2007 were £43.2 million (30 September 2007 - £64.2 million), with thereduction in the quarter reflecting the slow down in distributions received. It is anticipated that the Company will release its interim announcement for thesix months ending 31 March 2008 on or around 30 May 2008. For further information please contact:- Peter McKellar of Standard Life Investments (Private Equity) Limited (0131 2450055) 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