TIDMCTPE
RNS Number : 3718A
CT Private Equity Trust PLC
23 May 2023
To: Stock Exchange For immediate release:
23 May 2023
CT Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2023
(unaudited)
-- Share price total return for the three-month period ended 31 March 2023 of 6.8%.
-- NAV total return per share for the three-month period ended 31 March 2023 of -0.2%.
-- NAV of 702.47p per share as at 31 March 2023.
-- Quarterly dividend of 6.95p per Ordinary Share representing a yield of 6.0% .
Introduction
As at 31 March 2023 the net assets of the Company were GBP511.7
million giving a Net Asset Value ("NAV") per share of 702.47p,
which taking account of the dividend of 6.62p paid on 31 January
2023 gives a total return of -0.2% for the first quarter. This
valuation comes only a few weeks after the full year valuation and
is largely composed of 31 December 2022 valuations with c.10% of
valuations struck at 31 March 2023. This is in line with the
proportions in previous years. The pound has strengthened slightly
over the quarter and this has acted at a portfolio level to reduce
the valuation by just under 1% largely offsetting the small
underlying gain in the overall valuation before taking account of
costs.
The share price total return over the quarter was 6.8%. More
recently there has been an improvement and at the time of writing
(price 493p) the discount to NAV is 30%.
At 31 March 2023 the Company had net debt of GBP21.2 million.
The outstanding undrawn commitments are GBP189 million, of which
GBP26 million is to funds where the investment period has
expired.
A dividend of 6.79p was paid on 28 April 2023. In accordance
with the Company's dividend policy the next dividend will be 6.95p
which will be paid on 31 July 2023 to Shareholders on the register
on 7 July 2023 with an ex-dividend date of 6 July 2023.
New Investments
Three new fund commitments have been added during the quarter.
GBP8 million has been committed to Kester Capital III, a UK
focussed lower mid-market buy-out manager whom we have backed
before in two previous funds and in a number of co-investments. $8
million has been committed to MidOcean VI, a US mid-market buy-out
fund whom we have backed through one of our other funds before.
Lastly GBP8 million has been committed to Axiom I, a debut
mid-market enterprise software fund, where we know the principals
from earlier in their careers.
Two new co-investments were added. We have invested GBP2.5
million in the MVM-led life sciences company GT Medical. This
company has developed an innovative brain cancer treatment
consisting of bioresorbable tiles with embedded radioactive caesium
seeds. The tiles are placed next to the tumour cavity and are
eventually fully absorbed by the body. This is thought to extend
life and promote recovery. We have also invested GBP4.1 million
(80% of our expected investment in the business) in LeadVenture, a
leading SaaS provider of digital retailing, digital storefronts,
e-commerce, proprietary data and vertical ERP dealer management
software (DMS). The company's customers are in the non-auto sector
such as RVs, agriculture machinery and transportation. The lead for
the investment is San Francisco based Truewind Capital.
During the quarter we have made no fewer than six follow on
investments into co-investments. These are for various reasons; Med
Spa (GBP1.9 million - acquiring new clinics as part of the
roll-out), Leader 96 (GBP1.2 million - funding higher than expected
working capital), TWMA (GBP1.1 million - improving liquidity and
funding capex for major new contracts), Aurora Payments (GBP1.0
million - funding add-ons and a shortfall due to a delay in the
release of funds in escrow), Vero Biotech (GBP0.9 million - helping
fund the launch of the third generation nitric oxide gas cassette
device) and Accuvein (GBP0.8 million - junior debt issue, slightly
more than our pro-rata share).
Dealflow for both funds and co-investments remains strong and
since the quarter end we have made four commitments to funds and
five co-investments. The fund commitments and co-investments cover
Europe and North America and give diverse sectoral exposure.
We have made a $10 million commitment split evenly between Level
5 Capital Partners II and its associated co-investment vehicle
Purpose Brands. Level 5 concentrates on consumer-focussed franchise
growth investments and is based in Atlanta, Georgia. EUR5 million
has been committed to Magnesium Capital I, a European energy
transition fund. EUR5 million has been committed to Hg Mercury 4, a
lower mid-market software and services fund investing in Europe and
North America. Lastly, EUR8 million has been committed to Wise
Equity VI, the latest fund by one of the leading Italian mid-market
buy-out managers.
The new co-investments cover a range of industries and
geographies. EUR10 million has been invested in the Volpi led
co-investment in Cyclomedia. Volpi has been invested in this
Netherlands based mapping and surveying company since 2018 and we
are increasing our exposure through a continuation vehicle.
Cyclomedia's client base includes local municipalities who require
comprehensive, accessible and digitally formatted information on
properties within their areas, mainly for the purposes of local
taxation and rates. From its Northern European base, the company
has begun a process of expansion internationally and Volpi believe
that there is considerable further growth to be achieved. $8.0
million has been invested in Asbury Carbons, a Pennsylvania based
producer of milled graphite products with a diverse range of
industrial applications. The investment is led by New York based
Mill Rock Capital and Asbury is an intriguing opportunity to
revitalise a long-established company with operational improvements
and product extensions. GBP5 million has been invested in Cardo, a
Wales based provider of repair, maintenance and upgrading services
mainly to the social housing sector. Much of the impetus comes from
the transition of this housing stock to become more energy
efficient and sustainable. The deal is led by Buckthorn whom we
have coinvested with several times and who specialise in energy
transition investments. GBP2.7 million has been invested alongside
August Equity in StarTraq, a provider of software to police forces
and local authorities allowing them to efficiently issue and
process speeding tickets. The technology has an increasing range of
applications with, for example, the capability of capturing
accurately on camera drivers who are using handheld mobile phones
whilst driving. The company also has a large untapped market
opportunity internationally where it already has a small foothold.
We have also invested GBP1.2 million alongside August Equity in One
Touch, a market leading software provider serving the social care
market. This software allows carers to meet client requirements
more efficiently and the care companies themselves to manage their
staff productively in what is a closely regulated sector.
The funds in the portfolio have been active in making new
investments. SEP VI called GBP1.1 million for its first two
investments; Cresset (drug discovery software used in the design of
small molecules) and Pelion (an internet of things connectivity
business). Kester Capital has called GBP0.6 million for MAP Patient
(leader in market access consulting services to the pharmaceutical
and biotech sectors which accelerates patient access to
ground-breaking medicines, devices and diagnostics). In different
sectors, Piper Equity has called GBP0.6 million for jewellery
company Monica Vinader as it continues with this investment from
one fund to the next and GBP0.5 million for tourist excursion
company Rabbie's Trail Burners. In Germany, DBAG VIII called GBP0.5
million for Metalworks which designs and manufactures high quality
fashion accessories such as belt buckles, fasteners and studs for
luxury fashion brands. In Central Europe, Avallon III called GBP0.6
million for TES the Czech based electro-mechanical engineering
company which was acquired from fund investment ARX.
The total of drawdowns from funds and co-investments in the
quarter was GBP34.8 million (2022: GBP20.6 million). This combined
with the investments made so far this quarter is evidence of the
strong dealflow accessible to the Company in the mid-market tier of
private equity internationally. Additionally, it is a sign of
continuing confidence on the part of our investment partners.
Realisations
There have been many realisations across the portfolio this
quarter. The staged sell down of our remaining positions in the now
listed Ashtead Technology have generated GBP4.7 million. There is a
further GBP4+ million still to be realised as market conditions
allow. Kester Capital II returned GBP2.7 million (4.8x, 60% IRR)
from the sale of Vixio, the leader in the provision of regulator
and compliance intelligence to the payments market. Our
longstanding partner Inflexion have had a series of exits across
their range of funds. GBP1.6 million was returned from travel
company Scott Dunn where the holding period coincided with a crisis
for the industry due to the pandemic (1.4x, 4% IRR). GBP1.1 million
came in from the sale of software services company Mobica where
Inflexion's Partnership Capital Fund has made an excellent return
(5.6x, 29% IRR). GBP0.7 million was returned from international
foreign exchange specialist Global Reach Group (3.1x, 19% IRR).
Lastly Inflexion also exited the social media and influencer
marketing agency Goat returning GBP0.4 million (3.9x, 78% IRR). As
noted above Piper exited jewellery company Monica Vinader returning
GBP0.4 million in a sale to Bridgepoint (2.1x, 11% IRR). Piper have
continued in the investment alongside Bridgepoint in Piper VII.
The flow of realisations has continued in Continental Europe. In
Spain, Corpfin IV returned GBP4.0 million (6.1x, 51% IRR) from the
sale of care company Grupo 5. In France Chequers XVI exited Paris
based landfill site operator Environnement Conseil Travaux (ECT)
returning GBP0.8 million. Chequers XVII sold premium zips business
Riri returning GBP1.2 million (2.4x, 34% IRR). Also in France,
Ciclad 4 exited wine drums company H&A Location returning
GBP0.7 million with an excellent return of 8x cost. In Germany
DBAG's various funds have achieved a number of exits. GBP0.4
million came in from speciality chemicals producer Heytex (1.2x
cost). GBP1.0 million was returned from Italian company Pmflex a
leading European manufacturer of electrical installation conduits
(2.3x, 65% IRR). DBAG also sold prison phone communications company
Telio returning GBP0.5 million. In Central Europe ARX exited
electro-mechanical engineering company TES in the sale to a
consortium including Avallon noted above. This returned GBP1.2
million (2.7x, 40% IRR).
The total for realisations and associated income this quarter
was GBP23.9 million which compares with GBP16.2 million at the same
point in 2022.
Valuation Movements
There have been a few notable movements in valuation this
quarter, although without the 31 March reports available these have
been limited. Jollyes, the pet shop chain led by Kester is up by
GBP1.4 million reflecting strong trading performance. The combined
TDR funds were up GBP1.4 million, as the remaining holding of
shares in Target Hospitality increased in price. The Italian sub
portfolio is up by GBP1.1 million mainly due to an uplift for ultra
high-end furniture company Giorgetti. Other notable positives are
from Kester Capital II, which is up by GBP0.9 million following the
exit of Vixio noted above and Apiary I which is up by GBP0.8
million reflecting progress across the portfolio and including a
superb recovery for TAG, the travel management company to the
global live music and entertainment touring industry. TAG is now
trading strongly, well up from the nadir of the pandemic. There
were a few negative movements, with for example Agilitas 2015 down
GBP1.1 million reflecting a, hopefully, temporary portfolio company
downgrade and follow-on. Corsair VI was down by GBP0.5 million as
it experiences the J-curve effect as it builds out its portfolio.
TWMA is down GBP0.3 million as forecasts, which remain encouraging,
are taking longer to materialise. In summary, in a usually quiet
quarter for valuation movements the portfolio has held up well as
would be expected at this stage in the year.
Financing
The Company has drawn down more of its borrowing facility during
the quarter and afterwards. This has been to build up the portfolio
with new investments to provide future returns. The realisation
proceeds are ahead of last year and very healthy. There are a
number of further realisations in process which may complete during
the current quarter. The gearing level of the Company was around 4%
at the end of March and it will rise a little as the new
investments noted above are made depending on the timing of
realisation proceeds. As we expect the return on investments to
comfortably outstrip the cost of borrowing over the long term this
moderate gearing should enhance NAV. We retain most of the
revolving credit facility available to cover any difference between
realisations and new investments. Later in the year we will engage
with the bank well ahead of the expiry of the facility in June
2024.
Outlook
The economic background with high inflation and sluggish growth
internationally remains challenging. As ever the impact across the
portfolio is uneven with consumer facing businesses more affected,
although many of these have staged impressive recoveries over the
last two years. From the review of our portfolio, it is clear that
companies which offer innovative products and services and which
exhibit well defined growth trends are achieving good exits and are
unsurprisingly entering the portfolio as new investments. Whilst
our portfolio is overwhelmingly composed of buyouts many of these
companies have a technology foundation, whether in software or its
application or in the broad and innovative healthcare sectors,
underpinning their specific investment theses. Our investment
partners search energetically across Europe and further afield for
these companies which can offer excellent returns in the medium and
long term. The current flow of realisations which has continued
very well so far this year indicates underlying momentum in the
portfolio maintaining our confidence that Shareholders will
continue to benefit as the year progresses.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Calculated as dividends of 6.31p paid on 31 October 2022, 6.62p
paid on 31 January 2023, 6.79p paid on 28 April 2023 and 6.95p
payable on 31 July 2023 divided by the Company's share price of
445.00p as at 31 March 2023.
Portfolio Summary
Ten Largest Individual Holdings Total Valuation % of Total Portfolio
As at 31 March 2023 GBP'000
=============================== ======================== ===============================
Sigma 17,681 3.3
=============================== ======================== ===============================
Inflexion Strategic Partners 14,980 2.8
=============================== ======================== ===============================
Coretrax 14,061 2.6
=============================== ======================== ===============================
Jollyes 11,078 2.1
=============================== ======================== ===============================
TWMA 10,844 2.0
=============================== ======================== ===============================
Aurora Payment Solutions 10,442 1.9
=============================== ======================== ===============================
F&C European Capital Partners 10,117 1.9
=============================== ======================== ===============================
Bencis V 9,721 1.8
=============================== ======================== ===============================
SEP V 9,189 1.7
=============================== ======================== ===============================
Apposite Healthcare II 8,828 1.6
=============================== ======================== ===============================
116,941 21.7
========================================================= ===============================
Portfolio Holdings
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== ================= ========== ==========
Buyout Funds - Pan European
F&C European Capital Partners Europe 10,117 1.9
Apposite Healthcare II Europe 8,828 1.6
Stirling Square Capital II Europe 7,766 1.4
Volpi Capital Northern Europe 6,772 1.3
Apposite Healthcare III Europe 5,986 1.1
Agilitas 2015 Fund Northern Europe 5,053 0.9
ArchiMed II Western Europe 4,509 0.8
Astorg VI Western Europe 3,189 0.6
TDR Capital II Western Europe 1,411 0.3
Silverfleet European Dev Fund Europe 1,215 0.2
TDR II Annex Fund Western Europe 1,202 0.2
Agilitas 2020 Fund Europe 743 0.1
Med Platform II Global 599 0.1
Volpi III Northern Europe 295 0.1
ArchiMed MED III Global 279 0.1
Total Buyout Funds - Pan European 57,964 10.7
===================================================== ========== ==========
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 14,980 2.8
August Equity Partners V United Kingdom 7,576 1.4
Apiary Capital Partners I United Kingdom 6,325 1.2
Axiom 1 United Kingdom 6,233 1.1
Inflexion Supplemental V United Kingdom 5,581 1.0
August Equity Partners IV United Kingdom 5,499 1.0
Inflexion Buyout Fund V United Kingdom 5,488 1.0
Piper Private Equity VI United Kingdom 4,224 0.8
Kester Capital II United Kingdom 4,007 0.7
Inflexion Buyout Fund IV United Kingdom 3,634 0.7
Inflexion Enterprise Fund IV United Kingdom 2,711 0.5
FPE Fund II United Kingdom 2,556 0.5
Inflexion Partnership Capital II United Kingdom 2,484 0.5
FPE Fund III United Kingdom 2,039 0.4
Inflexion Enterprise Fund V United Kingdom 1,983 0.4
RJD Private Equity Fund III United Kingdom 1,963 0.4
Inflexion Supplemental IV United Kingdom 1,593 0.3
GCP Europe II United Kingdom 1,433 0.3
Horizon Capital 2013 United Kingdom 1,298 0.2
Piper Private Equity VII United Kingdom 1,280 0.2
Primary Capital IV United Kingdom 1,195 0.2
Inflexion Buyout Fund VI United Kingdom 1,123 0.2
Inflexion Partnership Capital I United Kingdom 935 0.2
Dunedin Buyout Fund II United Kingdom 925 0.2
Inflexion 2012 Co-Invest Fund United Kingdom 836 0.1
Kester Capital III United Kingdom 756 0.1
Inflexion 2010 Fund United Kingdom 504 0.1
Piper Private Equity V United Kingdom 405 0.1
August Equity Partners III United Kingdom 2 -
Total Buyout Funds - UK 89,568 16.6
===================================================== ========== ==========
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== ================= ========== ==========
Buyout Funds - Continental Europe
Bencis V Benelux 9,721 1.8
Aliante Equity 3 Italy 8,518 1.6
DBAG VII DACH 5,912 1.1
Vaaka III Finland 5,449 1.0
Capvis III CV DACH 5,105 0.9
Italian Portfolio Italy 4,967 0.9
Summa II Nordic 4,888 0.9
Montefiore IV France 4,314 0.8
Chequers Capital XVII France 4,058 0.7
Procuritas VI Nordic 4,018 0.7
DBAG VIII DACH 3,562 0.7
Verdane Edda Nordic 3,333 0.6
Avallon MBO Fund III Poland 3,317 0.6
Procuritas Capital IV Nordic 3,143 0.6
ARX CEE IV Eastern Europe 3,008 0.6
Corpfin Capital Fund IV Spain 2,720 0.5
Capvis IV DACH 2,532 0.5
NEM Imprese III Italy 2,368 0.4
Summa I Nordic 2,233 0.4
Montefiore V France 2,142 0.4
Vaaka II Finland 1,767 0.3
DBAG Fund VI DACH 1,539 0.3
Corpfin V Spain 1,521 0.3
Vaaka IV Finland 1,318 0.2
Chequers Capital XVI France 1,206 0.2
Portobello Fund III Spain 1,107 0.2
Ciclad 5 France 1,054 0.2
DBAG VIIB DACH 884 0.2
Avallon MBO Fund II Poland 831 0.2
Procuritas VII Nordic 621 0.1
DBAG VIIIB DACH 588 0.1
Verdane XI Northern Europe 463 0.1
PineBridge New Europe II Eastern Europe 433 0.1
Summa III Northern Europe 315 0.1
Procuritas Capital V Nordic 295 0.1
Gilde Buyout Fund III Benelux 92 -
Capvis III DACH 51 -
N+1 Private Equity Fund II Iberia 43 -
DBAG Fund V DACH 31 -
Total Buyout Funds - Continental
Europe 99,467 18.4
===================================================== ========== ==========
Private Equity Funds - USA
Blue Point Capital IV North America 7,922 1.5
Camden Partners IV United States 3,484 0.6
Graycliff III United States 3,013 0.6
Stellex Capital Partners North America 2,967 0.6
Blue Point Capital III North America 2,844 0.5
Graycliff IV North America 2,650 0.5
MidOcean VI United States 1,031 0.2
Blue Point Capital II North America 156 -
HealthpointCapital Partners III United States 135 -
================================== ================= ========== ==========
Total Private Equity Funds - USA 24,202 4.5
===================================================== ========== ==========
Investment Geographic Total % of
Focus Valuation Total
GBP'000 Portfolio
======================================== =============== ========== ==========
Private Equity Funds - Global
Corsair VI Global 3,777 0.7
PineBridge GEM II Global 947 0.2
F&C Climate Opportunity Partners Global 859 0.2
AIF Capital Asia III Asia 69 -
PineBridge Latin America II South America 57 -
Hg Saturn 3 Global 14 -
Warburg Pincus IX Global 3 -
Total Private Equity Funds - Global 5,726 1.1
========================================================= ========== ==========
Venture Capital Funds
SEP V United Kingdom 9,189 1.7
MVM V Global 4,151 0.8
Kurma Biofund II Europe 2,642 0.5
SEP IV United Kingdom 1,669 0.3
SEP VI Europe 1,135 0.2
Northern Gritstone United Kingdom 1,050 0.2
Pentech Fund II United Kingdom 393 0.1
SEP II United Kingdom 275 0.1
Life Sciences Partners III Western Europe 250 -
MVM VI Global 130 -
Environmental Technologies Fund Europe 64 -
SEP III United Kingdom 43 -
Total Venture Capital Funds 20,991 3.9
========================================================= ========== ==========
Direct - Quoted
Ashtead United Kingdom 4,673 0.9
Total Direct - Quoted 4,673 0.9
========================================================= ========== ==========
Secondary Funds
The Aurora Fund Europe 805 0.1
======================================== =============== ========== ==========
Total Secondary Funds 805 0.1
========================================================= ========== ==========
Direct Investments/Co-investments
Sigma United States 17,681 3.3
Coretrax United Kingdom 14,061 2.6
Jollyes United Kingdom 11,078 2.1
TWMA United Kingdom 10,844 2.0
Aurora Payment Solutions United States 10,442 1.9
San Siro Italy 8,787 1.6
ATEC (CETA) United Kingdom 8,644 1.6
AccuVein United States 8,346 1.5
Weird Fish United Kingdom 7,535 1.4
Amethyst Radiotherapy Europe 7,300 1.4
Velos IoT (JT IoT) United Kingdom 7,250 1.3
Leader96 Bulgaria 7,223 1.3
Swanton United Kingdom 6,837 1.3
Prollenium North America 6,821 1.3
Rosa Mexicano United States 6,580 1.2
Ambio Holdings United States 6,402 1.2
Orbis United Kingdom 5,600 1.0
Cybit (Perfect Image) United Kingdom 5,439 1.0
Walkers Transport United Kingdom 5,162 1.0
Cyberhawk United Kingdom 5,045 0.9
Family First United Kingdom 5,045 0.9
Omlet United Kingdom 5,027 0.9
123Dentist Canada 4,781 0.9
1Med Switzerland 4,499 0.8
Dotmatics United Kingdom 4,497 0.8
Agilico (DMC Canotec) United Kingdom 4,008 0.7
Contained Air Solutions United Kingdom 3,949 0.7
LeadVenture United States 3,882 0.7
Habitus Denmark 3,543 0.7
Alessa (Tier1 CRM) Canada 3,496 0.7
MedSpa Partners Canada 3,412 0.6
Avalon United Kingdom 3,315 0.6
PathFactory Canada 3,216 0.6
Bomaki Italy 2,978 0.6
Collingwood Insurance Group United Kingdom 2,977 0.6
Vero Biotech United States 2,456 0.5
GT Medical United States 2,426 0.5
Neurolens United States 2,218 0.4
Ashtead United Kingdom 1,622 0.3
Rephine United Kingdom 1,248 0.2
Babington United Kingdom 771 0.1
TDR Algeco/Scotsman Europe 298 0.1
Total Direct Investments/Co-investments 236,741 43.8
========================================================= ========== ==========
Total Portfolio 540,137 100.0
========================================================= ========== ==========
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2023 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
----------------------------------------------- --------- --------------- --------------
Income
Losses on investments held at fair value - (68) (68)
Exchange gains - 237 237
Investment income 724 - 724
Other income 220 - 220
----------------------------------------------- --------- --------------- --------------
Total income 944 169 1,113
----------------------------------------------- --------- --------------- --------------
Expenditure
Investment management fee - basic fee (118) (1,065) (1,183)
Investment management fee - performance - - -
fee
Other expenses (284) - (284)
----------------------------------------------- --------- --------------- --------------
Total expenditure (402) (1,065) (1,467)
----------------------------------------------- --------- --------------- --------------
Profit/(loss) before finance costs and
taxation 542 (896) (354)
Finance costs (79) (709) (788)
----------------------------------------------- --------- --------------- --------------
Profit/(loss) before taxation 463 (1,605) (1,142)
Taxation - - -
Profit/(loss) for period/ total comprehensive
income 463 (1,605) (1,142)
Return per Ordinary Share 0.63p (2.20p) (1.57p)
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2022 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
------------------------------------------ --------- ----------------- --------------
Income
Gains on investments held at fair value - 8,143 8,143
Exchange losses - (249) (249)
Investment income 1,332 - 1,332
Other income 17 - 17
------------------------------------------ --------- ----------------- --------------
Total income 1,349 7,894 9,243
------------------------------------------ --------- ----------------- --------------
Expenditure
Investment management fee - basic fee (110) (994) (1,104)
Investment management fee - performance
fee - (5,245) (5,245)
Other expenses (274) - (274)
------------------------------------------ --------- ----------------- --------------
Total expenditure (384) (6,239) (6,623)
------------------------------------------ --------- ----------------- --------------
Profit before finance costs and taxation 965 1,655 2,620
Finance costs (59) (534) (593)
------------------------------------------ --------- ----------------- --------------
Profit before taxation 906 1,121 2,027
Taxation 6 - 6
Profit for period/ total comprehensive
income 912 1,121 2,033
Return per Ordinary Share 1.23p 1.52p 2.75p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2022 (audited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair value - 77,330 77,330
Exchange losses - (2,083) (2,083)
Investment income 4,550 - 4,550
Other income 186 - 186
-------------------------------------------- --------- --------- ---------
Total income 4,736 75,247 79,983
-------------------------------------------- --------- --------- ---------
Expenditure
Investment management fee - basic fee (464) (4,172) (4,636)
Investment management fee - performance
fee - (5,402) (5,402)
Other expenses (1,077) - (1,077)
-------------------------------------------- --------- --------- ---------
Total expenditure (1,541) (9,574) (11,115)
-------------------------------------------- --------- --------- ---------
Profit before finance costs and taxation 3,195 65,673 68,868
Finance costs (254) (2,294) (2,548)
-------------------------------------------- --------- --------- ---------
Profit before taxation 2,941 63,379 66,320
Taxation - - -
Profit for year/total comprehensive income 2,941 63,379 66,320
Return per Ordinary Share 4.01p 86.42p 90.43p
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 As at 31 As at 31
March 2023 March 2022 December 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ ---------------
Non-current assets
Investments at fair value through
profit or loss 540,137 496,873 528,557
--------------------------------------- ------------ ------------ ---------------
Current assets
Other receivables 1,441 249 389
Cash and cash equivalents 15,305 23,986 34,460
--------------------------------------- ------------ ------------ ---------------
16,746 24,235 34,849
Current liabilities
Other payables (8,688) (13,312) (7,411)
Interest-bearing bank loan (14,937) (15,828) (16,618)
--------------------------------------- ------------ ------------ ---------------
(23,625) (29,140) (24,029)
Net current (liabilities)/assets (6,879) (4,905) 10,820
Total assets less current liabilities 533,258 491,968 539,377
--------------------------------------- ------------ ------------ ---------------
Non-current liabilities
Interest-bearing bank loan (21,547) (20,385) (21,702)
--------------------------------------- ------------ ------------ ---------------
Net assets 511,711 471,583 517,675
--------------------------------------- ------------ ------------ ---------------
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital
reserve 10,026 15,040 10,026
Special distributable revenue
reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 465,681 420,539 471,645
Shareholders' funds 511,711 471,583 517,675
--------------------------------------- ------------ ------------ ---------------
Net asset value per Ordinary
Share 702.47p 637.78p 710.65p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months Three months Year ended
ended 31 March ended 31 31 December
2023 March 2022 2022
(unaudited) (unaudited) (audited)
------------------------------------ ---------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 517,675 473,447 473,447
Buyback of ordinary shares - - (5,014)
(Loss)/profit for the period/total
comprehensive income (1,142) 2,033 66,320
Dividends paid (4,822) (3,897) (17,078)
------------------------------------ ---------------- ------------- -------------
Closing shareholders' funds 511,711 471,583 517,675
------------------------------------ ---------------- ------------- -------------
Notes (unaudited)
1. The unaudited quarterly results have been prepared on the
basis of the accounting policies set out in the statutory accounts
of the Company for the year ended 31 December 2022. Earnings for
the three months to 31 March 2023 should not be taken as a guide to
the results for the year to 31 December 2023.
2. Investment management fee:
Three months ended Three months ended Year ended 31 December
31 March 2023 31 March 2022 2022
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Investment
management
fee - basic fee 118 1,065 1,183 110 994 1,104 464 4,172 4,636
Investment
management
fee - performance
fee - - - - 5,245 5,245 - 5,402 5,402
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
118 1,065 1,183 110 6,239 6,349 464 9,574 10,038
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
3. Finance costs:
Three months ended Three months ended Year ended 31 December
31 March 2023 31 March 2022 2022
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------ --------- --------- --------- --------- --------- --------- --------- --------- ---------
Interest payable
on bank loans 79 709 788 59 534 593 254 2,294 2,548
4. Returns and net asset values
Three months ended Three months Year ended 31
31 March 2023 ended 31 March December 2022
2022
(unaudited) (unaudited) (audited)
The returns and net asset
values per share are based
on the following figures:
Revenue Return GBP463,000 GBP912,000 GBP2,941,000
Capital Return (GBP1,605,000) GBP1,121,000 GBP63,379,000
Net assets attributable GBP511,711,000 GBP471,583,000 GBP517,675,000
to shareholders
Number of shares in issue
at the period end 72,844,938 73,941,429 72,844,938
Weighted average number
of shares in issue during
the period 72,844,938 73,941,429 73,342,303
5. The financial information for the three months ended 31 March
2023, which has not been audited or reviewed by the Company's
auditor, comprises non-statutory accounts within the meaning of
Section 434 of the Companies Act 2006. Statutory accounts for the
year ended 31 December 2022, on which the auditor issued an
unqualified report, will be lodged shortly with the Registrar of
Companies. The quarterly report will be available shortly on the
Company's website www.ctprivateequitytrust.com
Legal Entity Identifier: 2138009FW98WZFCGRN66
For more information, please contact:
Hamish Mair (Investment Manager) 0131 718 1184
Scott McEllen (Company Secretary) 0131 718 1137
hamish.mair@columbiathreadneedle.com
/ scott.mcellen@columbiathreadneedle.com
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END
QRFZZGZKGFVGFZM
(END) Dow Jones Newswires
May 23, 2023 06:30 ET (10:30 GMT)
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