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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6.00 | 1.32% | 459.00 | 450.00 | 464.00 | 459.00 | 459.00 | 459.00 | 30,995 | 13:30:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 82.07M | 66.32M | 0.8969 | 5.12 | 339.39M |
TIDMCTPE
RNS Number : 5527H
CT Private Equity Trust PLC
25 November 2022
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To: Stock Exchange For immediate release:
25 November 2022
CT Private Equity Trust PLC
Quarterly results for the three months ended 30 September 2022 (unaudited)
-- Net asset value of 711.75p per Ordinary Share reflecting a total return for the three months of 9.3 per cent for the Ordinary Shares
-- Quarterly dividend of 6.62p per Ordinary Share to be paid on 31 January 2023 -- Dividend yield of 6.3 per cent based on the period end share price (1). -- As at 30 September 2022 net debt was GBP23.7 million equivalent to a gearing level of 4.4%.
-- Since the period end San Siro has been sold realising GBP34.9 million for the Company representing 8.9x cost and 90% IRR.
(1) Calculated as dividends of 5.65p paid on 29 April 2022, 6.05p paid on 29 July 2022, 6.31p paid on 31 October 2022 and 6.62p payable on 31 January 2023, divided by the Company's share price of 390.00p as at 30 September 2022.
Manager's Review
Introduction
As at 30 September 2022 the net assets of the Company were GBP518.5 million giving a Net Asset Value ("NAV") per share of 711.75p, which taking into account the dividend of 6.05p paid on 29 July 2022, gives a total return of 9.3% for the quarter. The NAV total return over the nine-month period ended 30 September 2022 was 14.0%.
The share price total return for the quarter was -9.7% and -17.2% for the nine-month period ended 30 September 2022. The Company's shares have traded on a large discount to NAV which fails to reflect the underlying valuations.
At 30 September 2022 the Company had net debt of GBP23.7 million. The current net debt is around GBP32 million prior to the receipt of the proceeds from the sale of San Siro. The outstanding undrawn commitments are GBP192.8 million of which GBP25.7 million is to funds where the investment period has expired. The valuation has the usual time lag and is composed of approximately 20% September 2022 valuations and 80% June 2022 valuations.
A dividend of 6.31p was paid on 31 October 2022. In accordance with the Company's dividend policy the next dividend will be 6.62p which will be paid on 31 January 2023 to shareholders on the register on 6 January 2023, with an ex-dividend date of 5 January 2023.
New Investments
During the quarter two fund commitments, one secondary investment and three co-investments were made.
We have increased our commitment to healthcare specialist Apposite Healthcare III by GBP5 million bringing the total committed up to GBP10 million. The fund is half invested and progressing well. We have committed EUR8 million to Volpi III, which is the second of this Pan-European mid-market specialist's funds we have backed. GBP2.6 million was invested via a secondary purchase in Kurma Biofund, a life sciences fund managed from France. We have co-invested GBP7.9 million alongside The Rohatyn Group in Leader96, the Bulgaria based assembler of e-bikes. We have co-invested GBP5.1 million with Peloton in 123Dentist, a Canada based chain of dental practices. We have also co-invested GBP2.3 million with MVM in Neurolens, a US developer of an innovative prismatic lens technology to diagnose and treat digital vision syndrome. There were two follow-on investments in co-investments this quarter both of which were to fund add-on acquisitions. GBP0.8 million was added to complex care company Orbis and GBP0.7 million was added to payments company Aurora Payment Solutions.
There were a number of new investments made by the funds in quite an active quarter. In the UK, August Equity V has been active, drawing GBP1.8 million for veterinary chain Medivet, a follow-on for high acuity care provider Orbis and cyber security specialist Cyber 360. FPE Fund III called GBP0.9 million for Dynamic Planner a leading software provider to the UK wealth management sector. Apiary called GBP0.4 million for MediaSense (technology enabled adviser to global corporations) and GBP0.3 million for LearnPro (virtual reality e-learning solutions for emergency services such as police, fire and rescue, health services, etc.). In Germany, DBAG VIII and VIIIB have together called GBP0.7 million for Freiheit, a pioneer in agile software development and an additional GBP0.7 million for Dantherm (climate control solutions) which we previously had exposure to through Procuritas V. In France and Italy, Chequers Capital XVII has been active with GBP1.3 million called for three new investments and one partial reinvestment; My Mobility (transportation for disabled children and adults in France), Somacis (complex printed circuit boards in Italy), Selini (equipment rental in Italy) and reinvestment of part of the proceeds from Serma (electronics testing).
Med Platform II called GBP0.8 million for California based Natus Medical (screening and diagnostics for neurological conditions).
The total of new investment drawn for co-investments and funds in the quarter was GBP32.5 million. Total new investment for the first nine months of the year is GBP69.8 million. This is well balanced by total realisations of GBP79.6 million for the same period.
Realisations
There were a number of significant realisations during the quarter from both the funds and co-investment elements of the portfolio.
The largest realisation was from European buyout fund Volpi where we received a distribution of GBP7.4 million which was the proceeds from the sale of Irish IT managed services provider Version 1. This represents an excellent 5.9x cost and an IRR of 39%.
GCP Europe II, managed by Kester Capital, achieved a strong exit of contract research organisation Avania Clinical which specialises in medical devices. GBP6.7 million was received representing 8.4x and an IRR of 46%. Our co-investment in RGI, the Italy based provider of software to the Insurance sector, was sold returning GBP3.6 million. This investment was led by Corsair Capital and achieved 1.6x and an IRR of 12%. There is scope for the return to improve through deferred consideration depending on the final exit proceeds when new owner CVC sells.
Part of our holding in energy services company Ashtead Technology, which is now listed on AIM, was sold down during the quarter returning GBP2.8 million.
Inflexion has had another active period for exits. From the various funds we have received GBP2.3 million from the sale of wealth management company Succession (3.4x, 20% IRR), GBP1.2 million from IT recruitment specialist K2 (5.0x, 36% IRR) and GBP0.9 million from Virgin Experience Days (23.7x, 64% IRR).
In the Nordics, Verdane Edda has returned GBP1.7 million from the sale of vitamin K2 producer Kappa Bioscience (4.3x, 80% IRR). Summa II also sold chemicals management software company EcoOnline returning GBP0.5 million. In France, Chequers Capital XVII exited electronics testing company Serma returning GBP0.8 million (2.4x, 32% IRR). Chequers rolled over some of the proceeds into the new Ardian led deal as noted above.
Lastly in Poland, Avalon MBO Fund II exited engineering and technical building services company Stangl Technik through a sale to Astorg returning GBP0.5 million (5.8x, 50% IRR).
This has been a strong quarter for realisations with a total of GBP31.9 million of proceeds, including associated income, received. This brings the total for the first nine months of the year to GBP79.6 million.
There have been further realisations following the quarter end most notably the exit of Italian funeral homes company San Siro which was sold by Augens Capital to French Infrastructure fund Antin on 10 November 2022. This exit was at a value of GBP34.9 million for the Company, 75% of this will be received in cash and 25% rolled into the new deal. This represents an uplift of GBP23.3 million on the previous carrying value and a return of 8.9x cost and an IRR of circa. 90%. The investment thesis of building a chain of funeral homes and adding other facilities such as crematoria has been followed very well and this has resulted in this exceptional outcome.
Valuation Changes
There have been numerous valuation changes over the quarter. These are mostly positive but there has been a sizeable minority of downgrades reflecting a range of pressures on the businesses internationally.
The largest uplift as noted above was the GBP23.3 million uplift for San Siro. There was a GBP3.9 million uplift for the holding in F&C European Capital Partners LP, which reflects the removal of the discount on purchase earlier in the year. The Company as the sole remaining LP will hold the assets until realisation and hence a discount to reflect an immediate liquidation value is no longer appropriate. August Equity Partners IV (+GBP2.7 million) is up reflecting an imminent realisation of ISO compliance services company AMTIVO at an excellent 8.0x cost. GCP Europe II (+GBP3.1 million) records a gain reflecting the sale of Avania Clinical. Other good uplifts have been recorded by Coretrax (+GBP0.9 million), Rosa Mexicano (+GBP0.9 million) and Corpfin IV (+GBP0.8 million).
Downgrades include Ambio Holdings (-GBP1.8 million) where despite an exit being widely anticipated in the press, MVM have used a lower valuation. Alessa (formerly known as Tier I CRM) has been reduced by GBP1.4 million as the company has had a major change of focus with the exit of the original CRM business. Amethyst Radiotherapy is down by GBP0.6 million with the manager using a lower valuation multiple. Other downgrades include Agilitas 2015 (-GBP0.9 million), Procuritas IV (-GBP0.8 million) and DBAG VII (-GBP0.5 million).
Financing
The Company is currently modestly geared and this will reduce significantly on receipt of the San Siro proceeds. Most of the borrowing facility remains available and the facility is in place until June 2024. The cost of borrowing is increasing but moderate gearing should still enhance shareholder returns over the medium and longer term. The total of outstanding commitments remains within a manageable band. Realisations are likely to come in below the record-breaking total for 2021 but given the continuing strong run of exits the total will be very healthy.
Outlook
Reports from the funds and co-investments are increasingly reflecting the pressures which many investee companies are facing. These include general inflation, energy price rises and supply chain issues to name a few. Demand in most areas, outside certain consumer facing sectors, remains robust and many companies are continuing to benefit from some post Covid catch up. Confidence levels within the private equity sector and most of their underlying companies remains good and this is manifested in strong deal pipelines. In the tech-enabled area, which has proved very popular with private equity in recent years, there has been a shift in buying interest towards fast growing companies which are already profitable in preference to those with revenue growth but without current profitability. In this regard our portfolio is well positioned. The high degree of diversification across the portfolio, which spans the mid-market sector across Europe and further afield, also continues to be a distinct strength. As we approach the end of 2022, we have confidence that the Company will continue to build value for shareholders over the medium and longer term.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Ten Largest Holdings Total Valuation GBP'000 % of Total Portfolio
As at 30 September 2022
============================= ================================ ===============================
San Siro 34,907 6.4
============================= ================================ ===============================
Inflexion Strategic Partners 19,295 3.5
============================= ================================ ===============================
Sigma 18,006 3.3
============================= ================================ ===============================
TWMA 14,154 2.6
============================= ================================ ===============================
Coretrax 12,950 2.4
============================= ================================ ===============================
Aliante Equity 3 11,225 2.0
============================= ================================ ===============================
Weird Fish 10,770 2.0
============================= ================================ ===============================
August Equity Partners IV 10,657 2.0
============================= ================================ ===============================
Bencis V 10,352 1.9
============================= ================================ ===============================
Aurora Payment Solutions 9,673 1.8
============================= ================================ ===============================
151,989 27.9
=============================================================== ===============================
Portfolio Holdings
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== =================== ============== ============
Buyout Funds - Pan European
Apposite Healthcare II Europe 8,625 1.6
F&C European Capital Partners Europe 8,474 1.6
Stirling Square Capital II Europe 6,747 1.2
Apposite Healthcare III Europe 5,834 1.1
Volpi Capital Northern Europe 5,808 1.1
Agilitas 2015 Fund Northern Europe 4,754 0.9
ArchiMed II Western Europe 4,384 0.8
Astorg VI Western Europe 3,535 0.6
Silverfleet European Dev Fund Europe 1,860 0.3
Med Platform II Global 869 0.2
TDR II Annex Fund Western Europe 235 -
TDR Capital II Western Europe 211 -
ArchiMed MED III Global 201 -
Agilitas 2020 Fund Europe 29 -
Total Buyout Funds - Pan European 51,566 9.4
======================================================= ============== ============
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 19,295 3.5
August Equity Partners IV United Kingdom 10,657 2.0
August Equity Partners V United Kingdom 5,280 1.0
Apiary Capital Partners I United Kingdom 5,046 0.9
Piper Private Equity VI United Kingdom 4,611 0.8
Inflexion Supplemental V United Kingdom 4,508 0.8
Inflexion Buyout Fund V United Kingdom 4,039 0.7
Inflexion Buyout Fund IV United Kingdom 3,501 0.6
Kester Capital II United Kingdom 3,118 0.6
Inflexion Partnership Capital II United Kingdom 2,744 0.5
RJD Private Equity Fund III United Kingdom 2,733 0.5
Inflexion Enterprise Fund IV United Kingdom 2,519 0.5
FPE Fund II United Kingdom 2,474 0.5
Dunedin Buyout Fund II United Kingdom 2,310 0.4
Horizon Capital 2013 United Kingdom 1,938 0.4
FPE Fund III United Kingdom 1,799 0.3
Inflexion Enterprise Fund V United Kingdom 1,773 0.3
Inflexion Partnership Capital I United Kingdom 1,764 0.3
Inflexion 2012 Co-Invest Fund United Kingdom 1,734 0.3
Inflexion Supplemental IV United Kingdom 1,434 0.3
Primary Capital IV United Kingdom 1,314 0.2
Piper Private Equity V United Kingdom 1,108 0.2
GCP Europe II United Kingdom 1,001 0.2
Inflexion 2010 Fund United Kingdom 916 0.2
Inflexion Buyout Fund VI United Kingdom 168 -
Piper Private Equity VII United Kingdom 32 -
August Equity Partners III United Kingdom 2 -
Total Buyout Funds - UK 87,818 16.0
======================================================= ============== ============
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
================================== =================== ============== ============
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 11,225 2.0
Bencis V Benelux 10,352 1.9
Chequers Capital XVII France 5,947 1.1
DBAG VII DACH 5,229 1.0
Vaaka III Finland 5,210 0.9
Corpfin Capital Fund IV Spain 5,059 0.9
Capvis III CV DACH 5,023 0.9
Montefiore IV France 4,213 0.8
Procuritas VI Nordic 4,133 0.8
ARX CEE IV Eastern Europe 3,993 0.7
Italian Portfolio Italy 3,862 0.7
Summa II Nordic 3,728 0.7
Procuritas Capital IV Nordic 3,497 0.6
Verdane Edda Nordic 3,235 0.6
DBAG VIII DACH 2,519 0.5
Capvis IV DACH 2,427 0.4
Summa I Nordic 2,299 0.4
Chequers Capital XVI France 2,284 0.4
DBAG Fund VI DACH 2,079 0.4
Avallon MBO Fund III Poland 2,038 0.4
NEM Imprese III Italy 1,924 0.3
Vaaka II Finland 1,818 0.3
Montefiore V France 1,528 0.3
Ciclad 5 France 1,100 0.2
Portobello Fund III Spain 1,075 0.2
DBAG VIIB DACH 1,037 0.2
Corpfin V Spain 874 0.2
Ciclad 4 France 813 0.1
Vaaka IV Finland 761 0.1
PineBridge New Europe II Eastern Europe 651 0.1
Avallon MBO Fund II Poland 633 0.1
DBAG VIIIB DACH 490 0.1
Procuritas VII Nordic 459 0.1
DBAG Fund V DACH 364 0.1
Procuritas Capital V Nordic 360 0.1
Gilde Buyout Fund III Benelux 92 -
N+1 Private Equity Fund II Iberia 64 -
Capvis III DACH 51 -
Summa III Northern Europe (123) -
Total Buyout Funds - Continental
Europe 102,323 18.6
======================================================= ============== ============
Investment Geographic Focus Total % of Total
Valuation Portfolio
GBP'000
==================================== ====================== ========== ==========
Total Private Equity Funds - USA
Blue Point Capital IV North America 8,672 1.6 Graycliff III United States 4,475 0.8 Camden Partners IV United States 3,309 0.6 Blue Point Capital III North America 3,110 0.6 Stellex Capital Partners North America 2,853 0.5 Graycliff IV North America 2,106 0.4 HealthpointCapital Partners III United States 534 0.1 Blue Point Capital II North America 269 - ========================================== =============== ======= ===== Total Private Equity Funds - USA 25,328 4.6 =========================================================== ======= ===== Private Equity Funds - Global F&C Climate Opportunity Partners Global 868 0.2 PineBridge GEM II Global 765 0.1 AIF Capital Asia III Asia 101 - PineBridge Latin America II South America 63 - Warburg Pincus IX Global 21 - Total Private Equity Funds - Global 1,818 0.3 =========================================================== ======= ===== Venture Capital Funds SEP V United Kingdom 8,788 1.6 MVM V Global 4,064 0.7 Kurma Biofund II Europe 3,450 0.6 SEP IV United Kingdom 1,480 0.3 Northern Gritstone United Kingdom 1,000 0.2 Pentech Fund II United Kingdom 658 0.1 Life Sciences Partners III Western Europe 363 0.1 SEP II United Kingdom 276 0.1 Alta Berkeley VI Europe 64 - Environmental Technologies Fund Europe 63 - SEP III United Kingdom 44 - Total Venture Capital Funds 20,250 3.7 =========================================================== ======= ===== Direct - Quoted Ashtead United Kingdom 4,190 0.8 Antero Global 584 0.1 Laredo Petroleum USA 31 - ========================================== =============== ======= ===== Total Direct - Quoted 4,805 0.9 =========================================================== ======= ===== Secondary Funds The Aurora Fund Europe 371 0.1 ========================================== =============== ======= ===== Total Secondary Funds 371 0.1 =========================================================== ======= ===== Direct - Investments/Co-investments San Siro Italy 34,907 6.4 Sigma United States 18,006 3.3 TWMA United Kingdom 14,154 2.6 Coretrax United Kingdom 12,950 2.4 Weird Fish United Kingdom 10,770 2.0 Aurora Payment Solutions United States 9,673 1.8 Jollyes United Kingdom 8,646 1.6 AccuVein United States 8,638 1.6 Leader96 Bulgaria 8,073 1.5 Ambio Holdings United States 7,843 1.4 Swanton United Kingdom 6,726 1.2 Rosa Mexicano United States 6,702 1.2 Velos IoT (JT IoT) United Kingdom 6,695 1.2 1Med Switzerland 6,095 1.1 Avalon United Kingdom 6,055 1.1 Orbis United Kingdom 5,537 1.0 Amethyst Radiotherapy Europe 5,419 1.0 Omlet United Kingdom 5,277 1.0 123Dentist Canada 5,216 1.0 ATEC (CETA) United Kingdom 5,102 0.9 Cyberhawk United Kingdom 5,016 0.9 Prollenium North America 4,801 0.9 Contained Air Solutions United Kingdom 4,790 0.9 Ashtead United Kingdom 4,622 0.8 Dotmatics United Kingdom 4,458 0.8 Alessa (Tier1 CRM) Canada 4,110 0.7 Walkers Transport United Kingdom 4,088 0.7 Perfect Image United Kingdom 4,063 0.7 PathFactory Canada 4,058 0.7 Habitus Denmark 3,596 0.7 Agilico (DMC Canotec) United Kingdom 3,480 0.6 Collingwood Insurance Group United Kingdom 3,241 0.6 Bomaki Italy 2,975 0.5 Babington United Kingdom 2,929 0.5 Neurolens United States 2,463 0.4 Vero Biotech United States 1,547 0.3 Rephine United Kingdom 1,417 0.3 Stone Computers United Kingdom 282 0.1 Pet Network Eastern Europe 110 - TDR Algeco/Scotsman Europe 62 - Total Direct - Investments/Co-investments 254,592 46.4 =========================================================== ======= ===== Total Portfolio 548,871 100.0 =========================================================== ======= =====
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2022 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
------------------------------------------ --------- --------- ---------
Income
Gains on investments held at fair value - 71,703 71,703
Exchange losses - (1,757) (1,757)
Investment income 3,971 - 3,971
Other income 121 - 121
------------------------------------------ --------- --------- ---------
Total income 4,092 69,946 74,038
------------------------------------------ --------- --------- ---------
Expenditure
Investment management fee - basic fee (343) (3,084) (3,427)
Investment management fee - performance
fee - (5,443) (5,443)
Other expenses (822) - (822)
------------------------------------------ --------- --------- ---------
Total expenditure (1,165) (8,527) (9,692)
------------------------------------------ --------- --------- ---------
Profit before finance costs and taxation 2,927 61,419 64,346
Finance costs (182) (1,639) (1,821)
------------------------------------------ --------- --------- ---------
Profit before taxation 2,745 59,780 62,525
Taxation - - -
Profit for period/total comprehensive
income 2,745 59,780 62,525
Return per Ordinary Share 3.73p 81.32p 85.05p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2021 (unaudited)
Revenue Capital Total
GBP'000 GBP'000 GBP'000
------------------------------------------ --------- --------- ---------
Income
Gains on investments held at fair value - 87,235 87,235
Exchange gains - 2,790 2,790
Investment income 4,488 - 4,488
Other income 1 - 1
------------------------------------------ --------- --------- ---------
Total income 4,489 90,025 94,514
------------------------------------------ --------- --------- ---------
Expenditure
Investment management fee - basic fee (283) (2,550) (2,833)
Investment management fee - performance
fee - (4,427) (4,427)
Other expenses (744) - (744)
------------------------------------------ --------- --------- ---------
Total expenditure (1,027) (6,977) (8,004)
------------------------------------------ --------- --------- ---------
Profit before finance costs and taxation 3,462 83,048 86,510
Finance costs (193) (1,738) (1,931)
------------------------------------------ --------- --------- ---------
Profit before taxation 3,269 81,310 84,579
Taxation - - -
Profit for period/total comprehensive
income 3,269 81,310 84,579
Return per Ordinary Share 4.42p 109.97p 114.39p
CT 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
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 30 As at 30 As at 31
September September December
2022 2021 2021
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
----------------------------------- ------------ ------------ ----------
Non-current assets
Investments at fair value through
profit or loss 548,871 448,007 483,047
----------------------------------- ------------ ------------ ----------
Current assets
Other receivables 717 1,074 230
Cash and cash equivalents 14,062 37,098 32,702
----------------------------------- ------------ ------------ ----------
14,779 38,172 32,932
Current liabilities
Other payables (7,364) (6,988) (6,610)
Interest-bearing bank loan (16,437) (23,758) (15,726)
----------------------------------- ------------ ------------ ----------
(23,801) (30,746) (22,336)
Net current (liabilities)/assets (9,022) 7,426 10,596
----------------------------------- ------------ ------------ ----------
Interest-bearing bank loan (21,373) (20,613) (20,196)
Net assets 518,476 434,820 473,447
----------------------------------- ------------ ------------ ----------
Equity
Called-up ordinary share capital 728 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital
reserve 10,037 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 472,446 383,776 422,403
Shareholders' funds 518,476 434,820 473,447
----------------------------------- ------------ ------------ ----------
Net asset value per Ordinary
Share 711.75p 588.06p 640.30p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Nine months Nine months Year ended
ended 30 September ended 30 31 December
2022 September 2021
2021
(unaudited) (unaudited) (audited)
------------------------------ -------------------- ------------ -------------
GBP'000 GBP'000 GBP'000
Opening shareholders' funds 473,447 359,483 359,483
Buyback of ordinary shares (5,014) - -
Profit for the period/total
comprehensive income 62,525 84,579 126,733
Dividends paid (12,482) (9,242) (12,769)
------------------------------ -------------------- ------------ -------------
Closing shareholders' funds 518,476 434,820 473,447
------------------------------ -------------------- ------------ -------------
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 nine months to 30 September 2022 should not be taken as a guide to the results for the year to 31 December 2022.
2. Investment management fee:
Nine months ended Nine months ended Year ended 31 December
30 September 2022 30 September 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 343 3,084 3,427 283 2,550 2,833 394 3,546 3,940
Investment
management
fee - performance
fee - 5,443 5,443 - 4,427 4,427 - 4,502 4,502
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
343 8,527 8,870 283 6,977 7,260 394 8,048 8,442
------------------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
3. Finance costs:
Nine months ended Nine months ended Year ended 31 December
30 September 2022 30 September 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 182 1,639 1,821 193 1,738 1,931 255 2,298 2,553
4. Returns and net asset values
Nine months ended Nine months Year ended 31
30 September 2022 ended 30 September December 2021
2021
(unaudited) (unaudited) (audited)
The returns and net asset
values per share are based
on the following figures:
Revenue Return GBP2,745,000 GBP3,269,000 GBP5,080,000
Capital Return GBP59,780,000 GBP81,310,000 GBP121,653,000
Net assets attributable GBP518,476,000 GBP434,820,000 GBP473,447,000
to shareholders
Number of shares in issue
at end of period (excluding
shares held in treasury) 72,844,938 73,941,429 73,941,429
Weighted average number
of shares in issue during
the period
(excluding shares held in
treasury) 73,509,913 73,941,429 73,941,429
5. The financial information for the nine months ended 30 September 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, have been lodged with the Registrar of Companies. The quarterly report is available on the Company's website www.ctprivateequitytrust.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@columbiathreadneedle.com / scott.mcellen@columbiathreadneedle.com
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(END) Dow Jones Newswires
November 25, 2022 02:00 ET (07:00 GMT)
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