Interim Management Statement

 
TIDMHPEQ 
 
15 November 2011 
 
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC 
 
Unaudited Interim Management Statement 
 
Review of the period from 1 July 2011 to 31 October 2011 
 
Henderson Private Equity Investment Trust plc ("the Company") presents its 
interim management statement for the period 1 July 2011 to 31 October 2011 in 
accordance with rule 4.3 of the UK Listing Authority's Disclosure and 
Transparency Rules. 
 
Investment Objective 
 
The investment objective of the Company is to conduct an orderly realisation of 
the assets of the Company in a manner that seeks to maximise their value and 
return cash to Shareholders promptly. 
 
Performance 
 
The Company's unaudited net asset value per ordinary share ("NAV") at 31 
October 2011 was 375.3p, a decrease of 1.9% compared with the NAV of 382.5p at 
30 June 2011. 
 
The Company's share price increased during the period by 1.3% from 274.0p to 
277.5p. The Company's share price discount to NAV was 26.1% at 31 October 2011. 
 
Portfolio Activity 
 
Good progress was maintained with the Company's asset realisation strategy 
during the period with the sale of four more investments. Two of these were 
limited partnership holdings, being Lyceum Capital Fund II A and Palatine 
Private Equity Fund. The Company also sold its interests in its only direct 
investment, The Logic Group Holdings Limited and, at the end of the period, 
disposed of its listed holding in Graphite Enterprise Trust plc. Total cash 
proceeds from these four asset sales were GBP9.7 million. Further asset sales are 
currently under consideration. 
 
The Company also received a number of distributions from its remaining 
portfolio of limited partnership fund investments during the period producing 
cash proceeds of GBP6.0 million. These same funds drew down GBP1.0 million from the 
Company to make new and follow-on investments. 
 
Financial Position 
 
During the current financial year, the combination of asset sale proceeds, the 
release from financial commitments to limited partnership fund investments 
which have been sold and distributions from the Company's remaining limited 
partnership fund investments has transformed the Company's liquidity position. 
As a result, it was possible for the Company to cancel its entire GBP30.0 million 
committed banking facility during the period, thereby generating considerable 
savings in bank charges. Furthermore, by 31 October the Company had accumulated 
GBP17.4 million in cash and cash equivalents. 
 
Tender Offer 
 
In view of the Company's recent strong cash generation the Board was able, on 
14 November 2011, to announce its intention to offer Shareholders an initial 
return of cash through a tender offer. Full details of the tender offer are 
described in the Shareholders' Circular dated 14 November 2011. 
 
Issued Share Capital 
 
The Company had 18,850,212 ordinary shares in issue at 31 October 2011 (30 June 
2011: 18,850,212). The 832,000 ordinary shares previously held in treasury were 
cancelled on 4 November 2011. 
 
Material Events and Transactions 
 
With the exception of those matters detailed above there were no material 
events or transactions during the period 1 July 2011 to 31 October 2011. 
 
Company Information 
 
Further information on the Company, including fact sheets, the annual and 
half-year reports and the Shareholder Circular may be found on the Manager's 
website www.itshenderson.com or www.hendersonprivateequitytrust.com. 
 
                                     ENDS 
 
For further information please contact: 
 
Ian Barrass 
 
Portfolio Manager 
 
Henderson Private Equity Investment Trust plc 
 
Telephone: [phone] 
 
 
 
END