Standard Life Private Eqty Trst PLC Estimated NAV at 31 August 2021 (2482N)
29 Septiembre 2021 - 1:01AM
UK Regulatory
TIDMSLPE
RNS Number : 2482N
Standard Life Private Eqty Trst PLC
29 September 2021
Standard Life Private Equity Trust plc
Legal Entity Identifier (LEI): 2138004MK7VPTZ99EV13
29 September 2021
S tandard Life Private Equity Trust plc ("SLPET" or "the
Company") announces its estimated net asset value ("NAV") at 31
August 2021
-- Estimated NAV at 31 August 2021 was 626.0 pence per share
(actual NAV at 30 June 2021 was 630.6 pence per share)
-- SLPET received GBP18.0 million of distributions and paid
GBP11.0 million of drawdowns during the month of August
-- One new commitment and one new co-investment completed
-- Outstanding commitments of GBP562.4 million at 31 August 2021
SLPET's valuation policy for private equity funds and
co-investments is based on the latest valuations reported by the
managers of the funds and co-investments in which the Company has
interests. In the case of SLPET's valuation at 31 August 2021,
excluding new investments, 100.0% by value of the portfolio
valuations were dated 30 June 2021. This is an update from the
estimated NAV at 31 July 2021, which was based on valuations dated
31 March 2021.
Estimated NAV
At 31 August 2021, SLPET's estimated NAV was 626.0 pence per
share (estimated net assets GBP962.4 million), representing a 0.7%
per share decrease from the actual NAV at 30 June 2021 of 630.6
pence per share (actual net assets GBP969.5 million). The 4.6 pence
decrease in NAV per share reflected losses arising primarily from a
0.1% depreciation in the euro versus sterling during July and
August, in addition to the second interim dividend payment of 3.4
pence per share, which was paid on 30 July 2021. The cash cost of
the second interim dividend was GBP5.2 million.
Drawdowns and distributions
SLPET received GBP18.0 million of distributions and paid GBP11.0
million of drawdowns during the month of August. The distributions
received generated realised gains and income of GBP12.0
million.
Commitments
In August, the Company made a EUR10.5 million commitment to
Eurazeo Payment Luxembourg Fund SCSp, a single asset vehicle that
will invest into Planet, a global integrated payments provider. A
$10.0 million co-investment has also made into Insightsoftware, a
leading "office of the CFO" software provider. The co-investment
was made alongside sponsor Hg.
The Company had GBP562.4 million of outstanding commitments at
31 August 2021. The Manager believes that around GBP50.2 million of
the Company's existing outstanding commitments are unlikely to be
drawn.
Balance sheet and credit facility
The Company had cash and cash equivalents of GBP68.0 million at
31 August 2021 . In addition, the Company has an undrawn GBP200.0
million syndicated revolving credit facility, provided by Citi,
Societe Generale and State Street Bank International, that expires
in December 2024.
Update from the Manager
The latest update from the Manager is available within the
Latest News section of the Company website; www.slpet.co.uk.
Future announcements
The Company is expecting to announce its estimated NAV at 30
September 2021 on or around 14 October 2021.
Additional detail about SLPET's NAV and investment
diversification can be found on SLPET's website. Neither the
contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website is incorporated
into, or forms part of, this announcement.
For further information please contact Alan Gauld at SL Capital
Partners LLP (0131 528 4424)
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 abrdn plc and Phoenix Group
Holdings.
Valuation Methodology
Unquoted investments are stated at the directors' estimate of
fair value and follow the recommendations of EVCA and BVCA. The
estimate of fair value is normally the latest valuation placed on
an investment by its manager at the balance sheet date. The
valuation policies used by the manager in undertaking that
valuation will generally be in line with the joint publication from
EVCA and BVCA, 'International Private Equity and Venture Capital
Valuation guidelines'. Where formal valuations are not completed at
the balance sheet date, the last available valuation from the
manager is adjusted for any subsequent cashflows occurring between
the valuation date and the balance sheet date. The Company's
Manager may further adjust such valuations to reflect any changes
in circumstances from the last manager's formal valuation date to
arrive at the estimate of fair value.
The Company intends to release regular estimated NAV updates
around ten business days after each month end, while continuing to
issue quarterly updates. A breakdown of SLPET's portfolio can be
obtained in the latest monthly factsheet, which is published on
SLPET's website at:
www.slpet.co.uk
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END
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