Standard Life Euro Pri Eqty Tst PLC Estimated Net Asset Value as at 31 July 2016 (8230G)

TIDMSEP

RNS Number : 8230G

Standard Life Euro Pri Eqty Tst PLC

12 August 2016

12 August 2016

STANDARD LIFE EUROPEAN PRIVATE EQUITY TRUST PLC ("SLEPET" OR "THE COMPANY") ANNOUNCES ITS ESTIMATED NET ASSET VALUE ("NAV") AT 31 JULY 2016

-- ESTIMATED NAV AT 31 JULY 2016 WAS 325.4 PENCE PER SHARE (ESTIMATED NAV AT 30 JUNE 2016 WAS 323.6 PENCE PER SHARE)

-- SLEPET RECEIVED GBP7.8 MILLION OF DISTRIBUTIONS AND PAID GBP4.7 MILLION OF DRAW DOWNS DURING THE MONTH OF JULY

   --      OUTSTANDING COMMITMENTS OF GBP313.3 MILLION AT 31 JULY 2016 

SLEPET's valuation policy for private equity funds is based on the latest valuations reported by the managers of the funds in which the Company has interests. In the case of SLEPET's valuation at 31 July 2016, 98.3% of the reported portfolio valuations were dated 31 March 2016.

Estimated NAV

At 31 July 2016, SLEPET's estimated NAV was 325.4 pence per share (estimated net assets GBP503.7 million), representing a 0.6% per share increase from the estimated NAV at 30 June 2016 of 323.6 pence per share (estimated net assets GBP500.8 million). The 1.8 pence increase in NAV primarily reflected unrealised foreign exchange gains arising from a 1.3% appreciation in the euro versus sterling during July, partially offset by the interim dividend payment of 1.8 pence per share on 15 July 2016. The cash cost of the final dividend was GBP2.8 million.

Draw downs and distributions

SLEPET received GBP7.8 million of distributions and paid GBP4.7 million of draw downs during the month. The distributions received generated net realised gains and income of GBP1.4 million.

Commitments

The Company had GBP313.3 million of outstanding commitments at 31 July 2016. After undertaking a detailed review, the Manager continues to believe that up to GBP55 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had liquid resources of GBP111.7 million at 31 July 2016. In addition, the Company has an undrawn GBP80 million syndicated revolving credit facility, provided by Citibank and Societe Generale that expires in December 2020.

Brexit

The Board of the Company and the Manager are monitoring closely the impact of the UK referendum vote to leave the EU and the consequences this may have on the Company's portfolio and investment strategy. In particular, the Manager will be analysing the 30 June 2016 valuations from underlying managers as they become available.

SLEPET's investment strategy is to invest in the leading European private equity fund managers. At 31 March 2016, 85% of SLEPET's underlying portfolio companies, by value, were headquartered outside the UK, predominately in continental European mid to large cap businesses. In addition, the Company has approximately GBP112 million of liquid resources which should mean that the Company is well placed to take advantage of any market dislocation via secondary market purchases.

Future announcements

The Company is expecting to announce its actual NAV at 30 June 2016 on 29 September 2016 and will announce its estimated NAV at 31 August 2016 at the same time.

Additional detail about SLEPET's NAV and investment diversification can be found on SLEPET'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 Roger Pim or Peter McKellar at SL Capital Partners LLP (0131 245 0055)

Note:-

Standard Life European 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 European Private Equity Trust PLC is independent of Standard Life plc.

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 a fund 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 fund 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. Quoted investments are valued based on quoted prices as of the last day of the relevant period.

The Company intends to release regular estimated NAV updates around ten business days after each month end, while continuing to issue quarterly trading statements. A breakdown of SLEPET's portfolio can be obtained in the latest monthly factsheet, which is published on the Manager's website at www.slcapital.com/IT_European_Private_Equity/getLatest.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

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August 12, 2016 02:00 ET (06:00 GMT)