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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ct Private Equity Trust Plc | LSE:CTPE | 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% | 466.00 | 460.00 | 465.00 | 461.00 | 458.00 | 458.00 | 70,347 | 16:35:03 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Trust,ex Ed,religious,charty | 29.48M | 13.78M | 0.1864 | 24.68 | 340.13M |
TIDMBPET
RNS Number : 0096A
BMO Private Equity Trust PLC
23 May 2019
To: Stock Exchange For immediate release: 23 May 2019
BMO Private Equity Trust PLC
Quarterly results for the three months to 31 March 2019 (unaudited)
-- Share price total return for the three months of 8.4 per cent for the Ordinary Shares
-- NAV total return per Ordinary Share for the three month period ended 31 March 2019 of (0.4) per cent.
-- NAV of 381.01p per Ordinary Share. -- Quarterly dividend of 3.73p per Ordinary Share
Introduction
As at 31 March 2019, the net assets of the Company were GBP281.7 million, giving a Net Asset Value ("NAV") per share of 381.01p, which taking into account the dividend of 3.58p per share paid on 31 January, gives a decrease of 0.4% over the quarter. The portfolio has gained in value modestly, but this gain was completely offset by currency movements with Euro weakness against Sterling being the principal factor. At 31 March 2019, the Company had net debt of GBP11.0 million. Outstanding undrawn commitments were GBP121.2 million, including GBP18.0m to funds where the investment period has expired.
In line with the Company's policy to pay dividends on a quarterly basis, a dividend of 3.65p per share was paid on 30 April 2019 and a further dividend of 3.73p per share will be paid on 31 July 2019 to shareholders on the register on 5 July 2019 and an ex-dividend date of 4 July 2019.
New Investments
Three new fund commitments and three new co-investments were made during the quarter. After the quarter end a further two new fund commitments have been made.
In the UK GBP7 million was committed to Kester Capital II, a buy-out fund focusing on the lower mid-market. We are already investors with Kester, an emerging private equity firm, through their first fund and as a co-investor in Jollyes (pet shop chain) and CETA (caravan insurance).
EUR7 million was committed to Silverfleet European Development Fund, a new fund from the well-established firm Silverfleet, which will focus on lower mid-market buy-outs in the size range of enterprise value between EUR25 million and EUR75 million across Europe. These are deals which are somewhat below the size bracket usually targeted by Silverfleet and a dedicated team has been created within Silverfleet to implement this extension to their strategy. SEK 40 million (GBP3.5 million) has been committed to Summa II, a Nordic focused buyout fund focusing on companies where there is a sustainability angle. This follows on from our current investment in Summa's original fund. After the quarter end two commitments were made to Inflexion Supplemental Fund V (GBP2.7 million) and Inflexion Enterprise Fund V (GBP6.0 million), updating and adding to this long-standing successful relationship.
The new co-investments are diverse by sector and geography. GBP2.9 million has been invested in San Siro, a funeral services company based in Milan in Northern Italy. The investment is led by Augens, an Italy focused mid-market private equity firm. The investment thesis is centred around expanding from the two initial funeral homes in Milan to establish a small chain in Northern Italy. Unlike in the US, UK or France the funeral services market in Italy is highly fragmented and Augens believe that there is scope to build San Siro into a clear market leader. EUR3.5 million has been invested in STAXS a Netherlands based supplier of cleanroom consumable products, selling principally to the pharmaceutical sector. The investment is led by the lower mid-market team at Silverfleet, noted above. This company gives exposure to a growing niche market with high barriers to entry and significant scope for internationalisation. Lastly, closer to home for us, GBP2.1 million has been invested in Unmanned Aerial Vehicle (UAV) company, Cyberhawk. Based in Livingston, near Edinburgh, Cyberhawk has pioneered the use of UAVs to inspect critical energy infrastructure and has a blue-chip customer base in the oil and gas, wind power and utilities sectors. Not only does this allow safer and more efficient inspections of pylons, wind turbines and oil rigs, Cyberhawk delivers inspection results via its proprietary cloud-based asset management software.
The component of the portfolio in co-investments is now 42.3%.
In the funds element of the portfolio a number of diverse new investments were made during the quarter.
In the Benelux region Bencis called GBP0.7 million for investment in two companies; Bons & Evers (metal forging) and Medsen - Ceban (pharmacy chain and pill compounding). August Equity IV called GBP1.0 million for Charterhouse Voice and Data (voice and data communications, hosting and cyber security). In Germany DBAG VII called GBP0.7 million for investment in KEF (steel and textile cutting machines for making tyres). Apiary Capital called GBP0.4 million for a platform investment for a childrens' nursery chain in Scotland and North West England.
Taking these co-investments and all the drawdowns for the funds together totalled GBP15.5 million in new investments for the quarter.
Realisations
The largest realisation in the quarter was the exit of August Equity II's holding in UK based cyber security company, SecureData. The company was sold after six and half years to French telecoms company Orange SA. This excellent realisation returned GBP4.0 million with an investment multiple of 7.2x and an IRR of 35%. Argan Capital has continued to sell down its holding in Swedish healthcare company Humana which is listed on the Stockholm Stock Exchange. During the quarter two tranches were sold returning GBP1.8 million. So far the investment has yielded 5x the original investment. Hutton Collins exited its longstanding investment in restaurant chain Wagamama through the sale to UK listed Restaurant Group. This yielded GBP0.9 million (2.6x, IRR 17%). Hutton Collins also exited its holding held in both funds I and II in Healthcare at Home through a sale to private equity group Fram. This returned GBP0.6 million, representing 0.9x cost. Corpfin IV sold Spanish perfume and cosmetics retail chain Arenal to listed Portuguese company Sonae Group. This yielded GBP0.8 million, which represents 1.8x, with the potential to improve, through earn-outs and escrows, to 2.4x and an IRR of 32%. Herkules III has exited Stamina Group AS (Hjelp 24) a leading occupational health service provider in the Nordic region through a sale to Norvestor. This investment had not achieved its potential and the GBP0.7 million received represented a return of cost. TDR Capital Fund II, which now only holds companies comprising the modular buildings group Algeco Scotsman continued its realisation process. During the quarter the US remote accommodation section was spun out into a NASDAQ listed vehicle and the fund returned GBP1.3 million. Lastly from the Italian portfolio of secondary positions GBP0.7 million was received from the sale by ILP III of Clouditalia, the fibre optic telecoms network. There were a number of other realisations in the quarter with total realisations and associated income coming to GBP12.8 million.
Valuation Changes
The largest positive influence in the quarter was the uplift of specialist software company Dotmatics by GBP1.9 million. This SEP led investment is making good progress against the original plan. In the US electrical components company Sigma is growing well both organically and through bolt on acquisitions and this is uplifted by GBP1.7 million. August Equity IV was up by GBP1.1 million mainly reflecting the exit of SecureData noted above. US Fund Graycliff continues to do well with an uplift of GBP0.7 million. The Italian portfolio is up by GBP0.4 million mainly reflecting good progress for furniture company Georgetti. Swiss based adhesive company Schaetti is recovering and is up by GBP0.6 million.
On the negative side cement company Calucem is slightly behind plan and is down by GBP0.5 million. Astorg IV is down by GBP0.3 million reflecting a bumpy start to liver diagnostics equipment company Echosens. Warburg Pincus VIII, which has a number of listed shares which have been under pressure, is down by GBP0.3 million. Our residual holding in Eventbrite, which was received through the exit of Ticketscript, was realised during April once the lock-up period expired. Share price weakness since the year end resulted in a valuation reduction of GBP2.1m.
Financing
As noted above adverse currency movements meant that the progress of the underlying portfolio was offset this quarter. The Company will shortly replace its current borrowing facility with a fresh, larger and somewhat cheaper facility. This will run for five years and provide the Company with plenty of headroom for handling any mismatch of drawdowns and realisations or for securing the acquisition of assets.
Outlook
At this stage of the year, it appears that the levels of activity within the portfolio are very similar to the same point during 2018. There remains a very active market for private equity exits with many of our partners noting record amounts of 'incoming' interest in their portfolio companies. On the other side of the equation finding attractive deals is, as always, competitive with acquirers having to demonstrate a genuine 'edge' when winning over vendors and management teams. This is usually far more than the mere provision of attractively priced capital. Private equity investment harnesses strategic, and sometimes operational, expertise to capital improving the chance of a target company's success being sustained. Ideally the closer the investor's understanding of a company or sector, the more value they can add and the less they will be required to pay to invest. Private equity firms who take this approach can usually find good deals even when markets are competitive. Much fresh capital has been raised for private equity in recent years, but the increase is not out of line with overall growth in deal value, nor is it surprising given that private equity investment is growing in popularity with institutional and
retail investors alike, yet at present represents only a low single figure percentage of all equity investment. There are clearly some 'headwinds' for investment ranging from the UK/EU Brexit Impasse to trade tensions between the US and China, however these are factors which are incorporated by private equity investors into their long term investment plans and certainly do not deter our investment partners from their value creation activities nor should they discourage investors looking to participate in the output from their efforts by gaining exposure to our well diversified portfolio. At this early stage in the year we expect further growth for shareholders.
Hamish Mair
Investment Manager
BMO Investment Business Limited
BMO PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2019 (unaudited)
Revenue Capital Total GBP'000 GBP'000 GBP'000 ---------------------------------------------- --------- --------- ----------- Income Losses on investments held at fair value - (1,672) (1,672) Exchange gains - 1,060 1,060 Investment income 634 - 634 Other income 31 - 31 ---------------------------------------------- --------- --------- ----------- Total income 665 (612) 53 ---------------------------------------------- --------- --------- ----------- Expenditure Investment management fee - basic fee (68) (619) (687) Investment management fee - performance - - - fee Other expenses (208) - (208) ---------------------------------------------- --------- --------- ----------- Total expenditure (276) (619) (895) ---------------------------------------------- --------- --------- ----------- Profit/(loss) before finance costs and taxation 389 (1,231) (842) Finance costs (41) (373) (414) ---------------------------------------------- --------- --------- ----------- Profit/(loss) before taxation 348 (1,604) (1,256) Taxation (66) 66 - Profit/(loss) for period/total comprehensive income 282 (1,538) (1,256) Return per Ordinary Share 0.38p (2.08)p (1.70)p
BMO PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2018 (unaudited)
Revenue Capital Total GBP'000 GBP'000 GBP'000 ---------------------------------------------- --------- --------- --------- Income Losses on investments held at fair value - (2,881) (2,881) Exchange gains - 373 373 Investment income 448 - 448 Other income 24 - 24 ---------------------------------------------- --------- --------- --------- Total income 472 (2,508) (2,036) ---------------------------------------------- --------- --------- --------- Expenditure Investment management fee - basic fee (159) (476) (635) Investment management fee - performance - - - fee Other expenses (188) - (188) ---------------------------------------------- --------- --------- --------- Total expenditure (347) (476) (823) ---------------------------------------------- --------- --------- --------- Profit/(loss) before finance costs and taxation 125 (2,984) (2,859) Finance costs (106) (319) (425) ---------------------------------------------- --------- --------- --------- Profit/(loss) before taxation 19 (3,303) (3,284) Taxation (15) 15 - Profit/(loss) for period/total comprehensive income 4 (3,288) (3,284) Return per Ordinary Share 0.01p (4.45)p (4.44)p
BMO PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2018 (audited)
Revenue Capital Total GBP'000 GBP'000 GBP'000 -------------------------------------------- --------- --------- --------- Income Gains on investments held at fair value - 36,966 36,966 Exchange gains - 35 35 Investment income 2,340 - 2,340 Other income 81 - 81 -------------------------------------------- --------- --------- --------- Total income 2,421 37,001 39,422 -------------------------------------------- --------- --------- --------- Expenditure Investment management fee - basic fee (660) (1,980) (2,640) Investment management fee - performance fee - (2,277) (2,277) Other expenses (760) - (760) -------------------------------------------- --------- --------- --------- Total expenditure (1,420) (4,257) (5,677) -------------------------------------------- --------- --------- --------- Profit before finance costs and taxation 1,001 32,744 33,745 Finance costs (428) (1,286) (1,714) -------------------------------------------- --------- --------- --------- Profit before taxation 573 31,458 32,031 Taxation (109) 109 - Profit for year/total comprehensive income 464 31,567 32,031 Return per Ordinary Share 0.63p 42.69p 43.32p
BMO PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 As at 31 As at 31 December March 2019 March 2018 2018 (unaudited) (unaudited) (audited) GBP'000 GBP'000 GBP'000 --------------------------------------- ------------ ------------ ------------------ Non-current assets Investments at fair value through profit or loss 296,830 259,870 295,242 --------------------------------------- ------------ ------------ ------------------ Current assets Other receivables 34 304 142 Cash and cash equivalents 14,789 27,893 21,335 --------------------------------------- ------------ ------------ ------------------ 14,823 28,197 21,477 Current liabilities Other payables (4,126) (3,799) (4,267) Interest-bearing bank loan (25,799) - (26,821) --------------------------------------- ------------ ------------ ------------------ (29,925) (3,799) (31,088) Net current (liabilities)/assets (15,102) 24,398 (9,611) Total assets less current liabilities 281,728 284,268 285,631 --------------------------------------- ------------ ------------ ------------------ Non-current liabilities Interest-bearing bank loan - (26,033) - --------------------------------------- ------------ ------------ ------------------ Net assets 281,728 258,235 285,631 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 230,684 207,187 234,587 Revenue reserve - 4 - --------------------------------------- ------------ ------------ ------------------ Shareholders' funds 281,728 258,235 285,631 --------------------------------------- ------------ ------------ ------------------ Net asset value per Ordinary Share 381.01p 349.24p 386.29p
BMO PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months Three months Year ended ended 31 March ended 31 31 December 2019 March 2018 2018 (unaudited) (unaudited) (audited) ------------------------------ ---------------- ------------- ------------- GBP'000 GBP'000 GBP'000 Opening shareholders' funds 285,631 264,144 264,144 Profit for the period/total comprehensive income (1,256) (3,284) 32,031 Dividends paid (2,647) (2,625) (10,544) ------------------------------ ---------------- ------------- ------------- Closing shareholders' funds 281,728 258,235 285,631 ------------------------------ ---------------- ------------- -------------
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 2018. During the year to 31 December 2018, the management fee and bank loan interest were allocated 75 per cent to capital and 25 per cent to revenue. In accordance with the Board's expected long term split of returns in the form of capital gains and income, with effect from 1 January 2019 the allocation basis has been revised to 90 per cent to capital and 10 per cent to revenue.
2. Investment management fee: Three months ended Three months ended Year ended 31 December 31 March 2019 31 March 2018 2018 (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 68 619 687 159 476 635 660 1,980 2,640 Investment management fee - performance fee - - - - - - - 2,277 2,277 ------------------- --------- --------- --------- --------- --------- --------- --------- --------- --------- 68 619 687 159 476 635 660 4,257 4,917 ------------------- --------- --------- --------- --------- --------- --------- --------- --------- --------- 3. Finance costs: Three months ended Three months ended Year ended 31 December 31 March 2019 31 March 2018 2018 (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 41 373 414 106 319 425 428 1,286 1,714 4. Returns and net asset values Three months ended Three months Year ended 31 31 March 2019 ended 31 March December 2018 2018 (unaudited) (unaudited) (audited) The returns and net asset values per share are based on the following figures: Revenue Return GBP282,000 GBP4,000 GBP464,000 Capital Return (GBP1,538,000) (GBP3,288,000) GBP31,567,000 Net assets attributable GBP281,728,000 GBP258,235,000 GBP285,631,000 to shareholders Number of shares in issue during the year 73,941,429 73,941,429 73,941,429 Weighted average number of shares in issue during the year 73,941,429 73,941,429 73,941,429
5. The financial information for the three months ended 31 March 2019, 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 2017, on which the auditor issued an unqualified report, have been lodged with the Registrar of Companies. The quarterly report is available 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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May 23, 2019 06:41 ET (10:41 GMT)
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