F&C Private Equity Share Discussion Threads

[cerrito] 28/8/2011 22:55

Interims show no cause for concern and with an increase in NAV share price is currently at a 33% odd discount to 30 June NAV-pretty much par for the other companies.
Balance sheet flexibility with undrawn banking commitments and good realization flow although interested to see that do not say if realizations were above/below Dec 10 book value.
Have both zeros and ordinary shares

[rambutan2] 26/8/2011 11:12

Piece in the FT on monday on the booming US rail indst made me wonder whether there still might be some value to come for FPER from the deferred DM&E payment...

[strollingmolby] 26/8/2011 10:06

Unaudited results for the half year to 30 June 2011

· Share price total return for the six months of 37.6 per cent for the Ordinary Shares, one of the best performing investments trusts regardless of sector.

· NAV total return for the six months of 8.3 per cent for the Ordinary Shares.

· NAV total return for the six months of 12.1 per cent for the Restricted Voting Shares.

[ryandj2222] 03/8/2011 07:06

Still one of my best shares! Seems to do well even with the US chaos.

[ryandj2222] 28/6/2011 20:15

Still appears to be holding quite well.

[cerrito] 16/6/2011 12:49

Given everything that is going on rather surprised at the recent strength in this

[skyship] 03/3/2010 09:47

Does anyone have a link to the Zero's prospectus?

[skyship] 14/2/2010 10:27

PE companies likely to be impacted for a time:

[davebowler] 09/12/2009 09:14

RESULT OF ZERO DIVIDEND PREFERENCE SHARE PLACING
The Board of F&C Private Equity Trust plc is pleased to announce that its new
wholly-owned subsidiary, F&C Private Equity Zeros plc ("F&C PEZ"), has received
Placing commitments to subscribe for 30,000,000 zero dividend preference shares
at 100p per share. Accordingly, the gross proceeds of the Placing will be
GBP30.0 million, the maximum target set for the Placing.
The issue of the ZDP Shares is conditional, inter alia, on admission of the ZDP
Shares to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange's Main Market. Application has been made for 30,000,000
ZDP Shares to be admitted to the Official List of the UK Listing Authority and
to trading on the London Stock Exchange. It is expected that Admission will
become effective, settlement will occur and that dealings in the ZDP Shares will
commence at 8.00 a.m. on 14 December 2009.
The ISIN of the ZDP Shares is GB00B5883J06. The SEDOL number of the ZDP Shares
is B5883J0. The ZDP Shares' ticker symbol is FPEZ.

[cerrito] 24/11/2009 21:08

i am getting myself up to speed as I need to make a quick decision about the new zeros
Anyone looking at them?

[markth] 29/7/2009 12:57

Hmm I read it differently, that the latest carrying value WAS £1.5m and now £12.2m has been realised.

"Viking Moorings, the market leader in the provision of oil rig mooring systems
in the North Sea, was acquired by Inflexion Private Equity in December 2005 for
GBP22m. At the same time F&C Private Equity invested alongside Inflexion with
GBP1.06m giving the company a 9.2% share of Viking. Viking was refinanced in
September 2007 allowing F&C Private Equity Trust to recover more than its
initial investment. The sale announced today of Viking to HSBC Private Equity
for an enterprise value of GBP170m".

This suggests that the exit to entry ratio was 170/22, or 7.72.

7.72 times the £1.06m initial stake from FPEO makes £8.2m, plus some other gubbins to bring it to £12m.

Maybe I didn't explain that very well!!!

[strollingmolby] 29/7/2009 12:45

markth,

Thanks, I'd missed that news. On the valuation point, I'd be very surprised if any investment trust (PE or otherwise) was carrying its investments at anything other than fair value. So in the case of Viking Moorings, the in-house investment team would have come up with a best guess of the value to attribute to the shares held by comparing against other quoted companies in the same space, or from financials from the company concerned and regular conversations with management.

In this case, they advise of an uplift of £1.5m, with net proceeds of £12.2m, so they have been carrying it in the NAV at £10.7m since the previous Valuation Committee.

SM

[markth] 29/7/2009 10:02

Interesting news today.

"Realisation of Viking Moorings

F&C Private Equity Trust announces the realisation of its largest direct
holding, Viking Moorings, which together with the proceeds from additional
holdings through Inflexion managed funds, will yield net proceeds to the company
of GBP12.2m. This together with the impact from holdings in Inflexion managed
funds represents an uplift over our latest carrying value of GBP1.5m."

I guess the thing with Private Equity funds is that since the investee companies are not publicly traded, the value of the investments is carried at the purchase cost until some liquidity event causes the shares to be revalued. In this case the actual value was >£10m more than the carrying value, which should lift the NAV by the same amount. A chunk of change that size is significant on a £150m fund. I figure the discount must be very high at present.

[strollingmolby] 05/5/2009 11:56

The fund that is up 68% in a month

F&C Private Equity investment trust has delivered an astonishing return of 68pc in just a month. The performance came to light in the first monthly round-up of the Telegraph Fantasy Fund competition.

Private equity has been on its knees amid the financial crisis and the trust was trading a large discount to net asset value, but shrewd players in the game have benefited from a reversal in fortunes. Since April, when F&C Private Equity trust reported a much stronger balance sheet and valuations than expected, its share price has started to recover.

The positive news has resulted in the discount narrowing, boosting the share price.

Hamish Mair, manager of F&C Private Equity Trust, said: "The rise in the share price was a consequence of the narrowing of the discount to net asset value, which had been more than 80pc in the run-up to the company's annual results announcement but stood at 67pc on 28 April. Until the last few months, the discount had never been above 30pc."

Mr Mair said that the entire private equity sector has bounced from the unprecedented lows of late March. "At those levels, the market was implying that just about every listed private equity fund had problems and a good number of them were going to go bust," Mr Mair added. "That would involve hundreds of businesses across Europe going under. Even if we are facing a severe recession, I think the collapse of the entire capitalist system – which this scenario implies – is still fairly unlikely."

F&C Private Equity Trust is a fund of funds – investing funds that invest in private equity, rather than investing in specific private equity companies itself.

Mr Mair is confident that the trust will continue to perform strongly. He said: "We have had a bit of a bounce off rock bottom, and people are beginning to look through the gloom, but we are still on a substantial discount. If it took us five years to get back to our previous share price high of 201p in June 2008 – a 170pc improvement on the current share price – that would be a 22.5pc annual return. If it took 10 years, that would still be a return of 11pc a year."

[domwilliams] 03/10/2008 17:21

Fledgling thread brought over from the old ticker FPEB...

[domwilliams] 03/10/2008 17:19

Thread set up to monitor my daughter's CTF.