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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bmo Private Equity Trust Plc | LSE:BPET | London | Ordinary Share | GB0030738271 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 438.00 | 438.00 | 444.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
TIDMBPET
RNS Number : 9504M
BMO Private Equity Trust PLC
26 May 2022
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To: Stock Exchange For immediate release:
26 May 2022
BMO Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2022 (unaudited)
-- NAV total return per share for the three-month period ended 31 March 2022 of 0.4%. -- Share price total return for the three-month period ended 31 March 2022 of -4.5%. -- NAV of 637.78p per share as at 31 March 2022. -- Quarterly dividend of 6.05p per Ordinary Share representing a yield of 4.7% .
Introduction
As at 31 March 2022, the net assets of the Company were GBP471.6 million, giving a Net Asset Value ('NAV') per share of 637.78p, which taking into account the dividend of 5.27p paid on 28 January 2022, gives an increase of 0.4% over the quarter. The share price performance has been disappointing with a share price total return of -4.5% for the period. The discount had widened to 28% by the quarter end and now stands at 29%. Many of the other investment companies in our sector have seen similar downward pressure on share prices reflecting the impact of external shocks on investor sentiment.
As at 31 March 2022 the Company had net debt of GBP12.2 million. The current debt is slightly higher at GBP21.3 million. Outstanding undrawn commitments were GBP152.9 million including GBP36.8 million to funds where the investment period has expired.
The dividend to be paid on 29 July 2022 to shareholders on the register on 8 July 2022 with an ex-dividend date of 7 July 2022 will be 6.05p per share.
As is usual for the first quarter most of the valuations are based upon 31 December valuations. Very few March reports had been received by the date of compilation of this valuation. 14% of valuations are based on 31 March data with the remaining 86% based on December reports. This is in line with the usual proportions at this early point in the year.
New Investments
There were five new commitments to funds made during the quarter. $14 million was committed to Corsair VI, the mid-market buyout fund with a focus on financial services in North America and Europe. This is a firm we have known for a number of years, mainly through our co-investment in insurance company software business RGI. We have made three new commitments to funds based in the Nordic region. EUR10 million was committed to Procuritas VII, the fourth fund we have backed in a series of highly successful mid-market buyout funds from this Stockholm based manager. EUR7 million was committed to Verdane Edda III (technology based growth investments in the upper mid-market of Northern Europe) and EUR8 million to Verdane Capital XI (mid-sized and smaller growth investments in Northern Europe including secondary portfolios as well as single assets). We are already invested in the previous Verdane Edda fund. EUR7.0 million was committed to MED Platform II, the ArchiMed managed mid-market buyout fund with a focus on healthcare in North America and Europe.
Three new co-investments have been added during the quarter. The co-investment portfolio now accounts for 46.7% of the overall portfolio.
$10.0 million (GBP7.8 million) was invested in Aurora Payment Solutions, a digital payments solutions provider for over 20,000 US merchants in multiple sectors including hospitality and transport. Headquartered in Texas, this investment is led by Corsair Capital, who as noted above are financial services specialists.
GBP3.9 million was invested in Perfect Image, a Newcastle based IT services group. The company's client base are SMEs often undertaking migrations to the Cloud or bolstering their cybersecurity. The deal is led by Chiltern Capital, a lower mid-market manager with whom we have co-invested on a number of occasions.
EUR3.3 million (GBP2.8 million) was invested in Bomaki, a 'sushi samba' style restaurant chain based in the Milan region of Northern Italy. The restaurants offer a fusion cuisine combining influences from Japan and Brazil. The chain starts with nine restaurants and the plan is to build out to 24 within three years. The deal is led by Augens Capital who are well known to us from the San Siro investment (funeral homes). There is also a co-lead investor, Buono Ventures, who have specific expertise in the restaurant sector.
There were small follow-ons in three co-investments; GBP0.8 million in Canadian adtech company Pathfactory, GBP0.6 million in Ontario based software company Tier I CRM and GBP0.4 million in vein visualisation equipment company AccuVein.
The funds in the portfolio initiated several new investments during the quarter. As has been the case in recent years there is a strong representation from technology enabled businesses and companies with a healthcare focus.
FPE II have called GBP0.6 million for Egress, a provider of migration and managed services enabling mainly NHS and local authority customers to move to the cloud. Kester Capital called GBP0.5 million for Optibrium a software company focusing on drug discovery for the pharmaceuticals sector. MVM V called GBP0.5 million for two companies; Vero Bioscience, the provider of a novel nitric oxide delivery system with applications for new born babies and cardiac patients where we are also a co-investor, and OptiNose a drug delivery company where its product XHANCE treats chronic sinusitis. In Finland Vaaka III called GBP0.4 million for Medbase a provider of decision support databases for professionals and organizations covering for example drug interactions with other drugs and potential adverse effects.
After the quarter end GBP5 million has been committed to Northern Gritstone, a new investment company founded by the Universities of Manchester, Leeds and Sheffield to make investments in University spin-outs and other growth opportunities in the North of England. This is an innovative and carefully structured new venture led by the former Goldman Sachs partner and government minister Lord O'Neil and Duncan Johnson, formerly of Caledonia Investments and RJD Partners.
The total investment in co-investments and through fund drawdowns in the quarter was GBP20.6 million.
Realisations
There were no realisations of co-investments in the quarter but there were several exits from companies held in the funds portfolio.
In the UK August Equity IV returned GBP2.9 million from energy procurement company Zenergi (5.3x cost, 50% IRR). From a range of funds Inflexion returned GBP2.7 million from compliance risk management company Alcumus (5.9x cost, 37% IRR). Primary Capital IV had two exits; railway equipment and services provider Readypower returned GBP1.4 million (4.6x cost, 39% IRR) and the accredited online courses company ICS Learn GBP1.1 million (4.4x cost, 49% IRR). There was a return of capital of GBP1.1 million from our co-investment in Weird Fish following the partial redemption of loan stock.
There were a number of good exits in Europe. Astorg VI exited the Switzerland based Autoform which provides software for use in sheet metal forming in a sale to Carlyle which returned GBP2.4 million (4.1x cost, 30% IRR). ArchiMed II sold Austrian medical and veterinary diagnostics company Eurolyser returning GBP1.2 million (6.0x cost, 79% IRR). Finland based Vaaka II exited the leading physiotherapy company in that country, Fysio, returning GBP0.5 million (3.3x cost, 21% IRR).
The combined total of realisations for the first quarter was GBP16.2 million which is almost exactly the same as at this point last year.
Valuation Changes
The largest change in valuation was an uplift of GBP6.4 million for our Silverfleet led co-investment in cleanroom consumables company STAXS, which is being sold. Proceeds, which will be received imminently, are GBP15.8 million and together with prior receipts from last year's recapitalisation represents an excellent 6.2x cost and an IRR of 87% and a premium of 68% over the previous valuation. STAXS has made superb underlying progress which was enhanced by increased demand during the pandemic. Other uplifts include for US based Mexican themed restaurant chain Rosa Mexicano (+GBP1.1 million) where normality is returning to trading and Astorg VI (+GBP0.8 million) where the Autoform exit noted above has given a lift. There is a reduction for Ashtead (-GBP1.1 million) to reflect a carried interest provision.
Financing
The Company is modestly geared as we enter what is likely to be a challenging economic environment. More than 80% of the borrowing facility is unused at the time of writing and there are several realisations at varying stages of completion which should result in substantial cash inflows over the next few months. It would be reasonable to expect the currently buoyant exit market to deflate somewhat given the accumulation of external risks but by how much and how quickly is far from clear. It is likely that there will be some buying opportunities and the Company has the resources to take these judiciously.
Outlook
As noted above the market is processing a number of external shocks after a particularly positive period for the private equity sector. Supply chain issues and the oil price rises arising from the combination of the recovery from the pandemic and the Russian invasion of Ukraine has reignited the long dormant scourge of inflation. Traditionally investment in productive assets such as equity, including private equity, has provided a degree of protection against the worst effects of inflation. There will undoubtedly be challenges for many businesses, not least those with consumer exposure, as the cost of living crisis deepens. Set against this is a robust appetite for private equity from a wide range of investors engendered by its strong track record of delivering returns through many different economic situations and its propensity to identify businesses experiencing strong secular growth. The Company's portfolio is deliberately well diversified and this has been of conspicuous benefit throughout our 23 year history. Our investment partners are greatly experienced in both dealing with
adversity and in finding resilient companies at attractive prices. This is a logical basis for confidence that your Company can continue to deliver good returns for shareholders over the long term.
Hamish Mair
Investment Manager
BMO Investment Business Limited
Calculated as dividends of 4.77p paid on 29 October 2021, 5.27p paid on 28 January 2022, 5.65p paid on 29 April 2022 and 6.05p payable on 29 July 2022 divided by the Company's share price of 462.00p as at 31 March 2022.
Portfolio Summary
Ten Largest Holdings Total Valuation % of Total Portfolio
As at 31 March 2022 GBP'000
============================= ======================== ===============================
Inflexion Strategic Partners 19,674 4.0
============================= ======================== ===============================
STAXS 15,850 3.2
============================= ======================== ===============================
Sigma 15,336 3.1
============================= ======================== ===============================
Weird Fish 14,735 3.0
============================= ======================== ===============================
TWMA 12,349 2.5
============================= ======================== ===============================
Coretrax 11,760 2.4
============================= ======================== ===============================
Ashtead 11,131 2.2
============================= ======================== ===============================
Ambio Holdings 10,947 2.2
============================= ======================== ===============================
Aliante Equity 3 10,803 2.2
============================= ======================== ===============================
Volpi Capital 10,336 2.1
============================= ======================== ===============================
132,921 26.9
======================================================= ===============================
Portfolio Holdings
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== ================= ========== ==========
Buyout Funds - Pan European
Volpi Capital Northern Europe 10,336 2.1
Apposite Healthcare II Europe 8,271 1.7
Stirling Square Capital II Europe 5,606 1.1
Astorg VI Western Europe 4,545 0.9
Agilitas 2015 Fund Northern Europe 4,243 0.9
Apposite Healthcare III Europe 3,730 0.8
ArchiMed II Western Europe 3,083 0.6
Silverfleet European Dev Fund Europe 2,976 0.6
TDR II Annex Fund Western Europe 129 -
TDR Capital II Western Europe 83 -
Agilitas 2020 Fund Europe 40 -
ArchiMed MED III Global 2 -
Total Buyout Funds - Pan European 43,044 8.7
===================================================== ========== ==========
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 19,674 4.0
August Equity Partners IV United Kingdom 10,092 2.0
Inflexion Supplemental V United Kingdom 4,763 1.0
Inflexion Buyout Fund V United Kingdom 4,595 0.9
GCP Europe II United Kingdom 4,056 0.8
Piper Private Equity VI United Kingdom 3,819 0.8
Inflexion Buyout Fund IV United Kingdom 3,536 0.7
Inflexion Enterprise Fund IV United Kingdom 3,520 0.7
Kester Capital II United Kingdom 3,307 0.7
Apiary Capital Partners I United Kingdom 2,877 0.6
Inflexion 2010 Fund United Kingdom 2,804 0.6
RJD Private Equity Fund III United Kingdom 2,628 0.5
Horizon Capital 2013 United Kingdom 2,550 0.5
FPE Fund II United Kingdom 2,299 0.5
Dunedin Buyout Fund II United Kingdom 2,258 0.4
Inflexion Partnership Capital I United Kingdom 2,101 0.4
August Equity Partners V United Kingdom 2,074 0.4
Inflexion Partnership Capital II United Kingdom 2,057 0.4
Inflexion Supplemental IV United Kingdom 2,006 0.4
Primary Capital IV United Kingdom 1,575 0.3
Inflexion 2012 Co-Invest Fund United Kingdom 1,446 0.3
Inflexion Enterprise Fund V United Kingdom 1,383 0.3
Piper Private Equity V United Kingdom 1,001 0.2
FPE Fund III United Kingdom 728 0.1
August Equity Partners III United Kingdom 5 -
Total Buyout Funds - UK 87,154 17.5
===================================================== ========== ==========
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== ================= ========== ==========
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 10,803 2.2
Bencis V Benelux 8,563 1.7
Vaaka Partners Buyout Fund III Finland 4,961 1.0
Procuritas Capital IV Nordic 4,894 1.0
Verdane Edda Nordic 4,877 1.0
DBAG VII DACH 4,660 0.9
Summa II Nordic 4,584 0.9
Corpfin Capital Fund IV Spain 4,387 0.9
Capvis III CV DACH 4,218 0.8
Italian Portfolio Italy 3,927 0.8
Chequers Capital XVII France 3,849 0.8
Montefiore IV France 3,746 0.8
Procuritas VI Nordic 3,592 0.7
ARX CEE IV Eastern Europe 3,259 0.7
Procuritas Capital V Nordic 2,714 0.5
Summa I Nordic 2,635 0.5
Chequers Capital XVI France 2,090 0.4
DBAG Fund VI DACH 2,088 0.4
Capvis IV DACH 1,933 0.4
NEM Imprese III Italy 1,919 0.4
Vaaka II Finland 1,409 0.3
Avallon MBO Fund II Poland 1,297 0.3
Ciclad 5 France 1,292 0.3
Avallon MBO Fund III Poland 1,214 0.2
Portobello Fund III Spain 1,072 0.2
Montefiore V France 995 0.2
DBAG VIIB DACH 986 0.2
Corpfin V Spain 869 0.2
DBAG VIII DACH 815 0.2
Ciclad 4 France 749 0.2
PineBridge New Europe II Eastern Europe 749 0.1
DBAG VIIIB DACH 267 0.1
DBAG Fund V DACH 232 -
Gilde Buyout Fund III Benelux 89 -
N+1 Private Equity Fund II Iberia 62 -
Capvis III DACH 50 -
Total Buyout Funds - Continental
Europe 95,846 19.3
===================================================== ========== ==========
Private Equity Funds - USA
Blue Point Capital IV North America 7,403 1.5
Graycliff III United States 3,209 0.7
Camden Partners IV United States 2,831 0.6
Blue Point Capital III North America 2,569 0.5
Stellex Capital Partners North America 2,106 0.4
Graycliff IV North America 1,374 0.3
HealthpointCapital Partners III United States 447 0.1
Blue Point Capital II North America 230 -
================================== ================= ========== ==========
Total Private Equity Funds - USA 20,169 4.1
===================================================== ========== ==========
Investment Geographic Total % of
Focus Valuation Total
GBP'000 Portfolio
========================================== =============== ========== ==========
Private Equity Funds - Global
PineBridge GEM II Global 1,031 0.2
F&C Climate Opportunity Partners Global 775 0.2
PineBridge Latin America II South America 113 -
Warburg Pincus IX Global 86 -
AIF Capital Asia III Asia 77 -
Total Private Equity Funds - Global 2,082 0.4
=========================================================== ========== ==========
Venture Capital Funds
SEP V United Kingdom 8,544 1.7
MVM V Global 3,044 0.6
SEP IV United Kingdom 1,498 0.3
Pentech Fund II United Kingdom 825 0.2
Life Sciences Partners III Western Europe 444 0.1
SEP II United Kingdom 276 0.1
Environmental Technologies Fund Europe 62 -
Alta Berkeley VI Europe 60 -
SEP III United Kingdom 44 -
Total Venture Capital Funds 14,797 3.0
=========================================================== ========== ==========
Direct - Quoted
Antero Global 495 0.1
Laredo Petroleum USA 33 -
========================================== =============== ========== ==========
Total Direct - Quoted 528 0.1
=========================================================== ========== ==========
Secondary Funds
The Aurora Fund Europe 1,110 0.2
========================================== =============== ========== ==========
Total Secondary Funds 1,110 0.2
=========================================================== ========== ==========
Direct - Investments/Co-investments
STAXS Netherlands 15,850 3.2
Sigma United States 15,336 3.1
Weird Fish United Kingdom 14,735 3.0
TWMA United Kingdom 12,349 2.5
Coretrax United Kingdom 11,760 2.4
Ashtead United Kingdom 11,131 2.2
Ambio Holdings United States 10,947 2.2
San Siro Italy 10,143 2.0
Jollyes United Kingdom 8,517 1.7
Aurora Payment Solutions United States 7,763 1.6
AccuVein United States 6,993 1.4
Swanton United Kingdom 6,254 1.3
Avalon United Kingdom 6,234 1.3
1Med Switzerland 5,885 1.2
JT IoT United Kingdom 5,750 1.2
Amethyst Radiotherapy Europe 5,697 1.1
Cyberhawk United Kingdom 5,104 1.0
CETA United Kingdom 5,102 1.0
Omlet United Kingdom 5,027 1.0
Rosa Mexicano United States 4,923 1.0
DMC Canotec United Kingdom 4,919 1.0
Contained Air Solutions United Kingdom 4,463 0.9
Prollenium North America 4,339 0.9
Tier1 CRM Canada 4,237 0.8
Orbis United Kingdom 4,142 0.8
Dotmatics United Kingdom 4,116 0.8
Perfect Image United Kingdom 3,858 0.8
RGI Italy 3,641 0.7
Walkers Transport United Kingdom 3,410 0.7
PathFactory Canada 3,299 0.7
Collingwood Insurance Group United Kingdom 3,241 0.6
Habitus Denmark 3,185 0.6
Bomaki Italy 2,861 0.6
Babington United Kingdom 2,596 0.5
Calucem Croatia 2,582 0.5
Vero Biotech United States 1,312 0.3
Stone Computers United Kingdom 282 0.1
Pet Network Eastern Europe 160 -
Total Direct - Investments/Co-investments 232,143 46.7
=========================================================== ========== ==========
Total Portfolio 496,873 100.0
=========================================================== ========== ==========
BMO 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
BMO PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2021 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
----------------------------------------------- --------- ----------------- ------------
Income
Losses on investments held at fair value - (3,537) (3,537)
Exchange gains - 3,568 3,568
Investment income 529 - 529
Other income - - -
----------------------------------------------- --------- ----------------- ------------
Total income 529 31 560
----------------------------------------------- --------- ----------------- ------------
Expenditure
Investment management fee - basic fee (84) (757) (841)
Investment management fee - performance - - -
fee
Other expenses (224) - (224)
----------------------------------------------- --------- ----------------- ------------
Total expenditure (308) (757) (1,065)
----------------------------------------------- --------- ----------------- ------------
Profit/(Loss) before finance costs and
taxation 221 (726) (505)
Finance costs (61) (551) (612)
----------------------------------------------- --------- ----------------- ------------
Profit/(Loss) before taxation 160 (1,277) (1,117)
Taxation - - -
Profit/(Loss) for period/ total comprehensive
income 160 (1,277) (1,117)
Return per Ordinary Share 0.22p (1.73)p (1.51)p
BMO PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2021 (audited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
-------------------------------------------- --------- --------- ---------
Income
Gains on investments held at fair value - 128,313 128,313
Exchange gains - 3,686 3,686
Investment income 6,719 - 6,719
Other income 3 - 3
-------------------------------------------- --------- --------- ---------
Total income 6,722 131,999 138,721
-------------------------------------------- --------- --------- ---------
Expenditure
Investment management fee - basic fee (394) (3,546) (3,940)
Investment management fee - performance
fee - (4,502) (4,502)
Other expenses (993) - (993)
-------------------------------------------- --------- --------- ---------
Total expenditure (1,387) (8,048) (9,435)
-------------------------------------------- --------- --------- ---------
Profit before finance costs and taxation 5,335 123,951 129,286
Finance costs (255) (2,298) (2,553)
-------------------------------------------- --------- --------- ---------
Profit before taxation 5,080 121,653 126,733
Taxation - - -
Profit for year/total comprehensive income 5,080 121,653 126,733
Return per Ordinary Share 6.87p 164.53p 171.40p
BMO PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 As at 31 As at 31
March 2022 March 2021 December 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
--------------------------------------- ------------ ------------ ---------------
Non-current assets
Investments at fair value through
profit or loss 496,873 417,444 483,047
--------------------------------------- ------------ ------------ ---------------
Current assets
Other receivables 249 285 230
Cash and cash equivalents 23,986 10,679 32,702
--------------------------------------- ------------ ------------ ---------------
24,235 10,964 32,932
Current liabilities
Other payables (13,312) (5,543) (6,610)
Interest-bearing bank loan (15,828) (47,267) (15,726)
--------------------------------------- ------------ ------------ ---------------
(29,140) (52,810) (22,336)
Net current (liabilities)/assets (4,905) (41,846) 10,596
Total assets less current liabilities 491,968 375,598 493,643
--------------------------------------- ------------ ------------ ---------------
Non-current liabilities
Interest-bearing bank loan (20,385) (20,182) (20,196)
--------------------------------------- ------------ ------------ ---------------
Net assets 471,583 355,416 473,447
--------------------------------------- ------------ ------------ ---------------
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital
reserve 15,040 15,040 15,040
Special distributable revenue
reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 420,539 304,372 422,403
Shareholders' funds 471,583 355,416 473,447
--------------------------------------- ------------ ------------ ---------------
Net asset value per Ordinary
Share 637.78p 480.67p 640.30p
BMO PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months Three months Year ended
ended 31 March ended 31 31 December
2022 March 2021 2021
(unaudited) (unaudited) (audited)
------------------------------------ ---------------- ------------- -------------
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 473,447 359,483 359,483
Profit/(loss) for the period/total
comprehensive income 2,033 (1,117) 126,733
Dividends paid (3,897) (2,950) (12,769)
------------------------------------ ---------------- ------------- -------------
Closing shareholders' funds 471,583 355,416 473,447
------------------------------------ ---------------- ------------- -------------
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 2021. Earnings for the three months to 31 March 2022 should not be taken as a guide to the results for the year to 31 December 2022.
2. Investment management fee:
Three months ended Three months ended Year ended 31 December
31 March 2022 31 March 2021 2021
(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 110 994 1,104 84 757 841 394 3,546 3,940
Investment
management
fee - performance
fee - 5,245 5,245 - - - - 4,502 4,502
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
110 6,239 6,349 84 757 841 394 8,048 8,442
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
3. Finance costs:
Three months ended Three months ended Year ended 31 December
31 March 2022 31 March 2021 2021
(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 59 534 593 61 551 612 255 2,298 2,553
4. Returns and net asset values
Three months ended Three months Year ended 31
31 March 2022 ended 31 March December 2021
2021
(unaudited) (unaudited) (audited)
The returns and net asset
values per share are based
on the following figures:
Revenue Return GBP912,000 GBP160,000 GBP5,080,000
Capital Return GBP1,121,000 (GBP1,277,000) GBP121,653,000
Net assets attributable GBP471,583,000 GBP355,416,000 GBP473,447,000
to shareholders
Number of shares in issue
at the period end 73,941,429 73,941,429 73,941,429
Weighted average number
of shares in issue during
the period 73,941,429 73,941,429 73,941,429
5. The financial information for the three months ended 31 March 2022, 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 2021, 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.bmoprivateequitytrust.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@bmogam.com / scott.mcellen@bmogam.com
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