Standard Life Private Eqty Trst PLC Month End Net Asset Value(s) (6556Z)

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RNS Number : 6556Z

Standard Life Private Eqty Trst PLC

15 January 2020

15 January 2020

Standard Life Private Equity Trust plc ("SLPET" or "the Company") announces its estimated net asset value per share ("NAV") at 31 December 2019

-- Estimated NAV at 31 December 2019 was 438.8 pence (estimated NAV at 30 November 2019 was 441.3 pence)

-- SLPET received GBP16.9 million of distributions and paid GBP8.1 million of drawdowns during December

   --      Outstanding commitments of GBP394.6 million at 31 December 2019 

SLPET's valuation policy for private equity funds and co-investments is based on the latest valuations reported by the managers of the funds and co-investment in which the Company has interests. In the case of SLPET's valuation at 31 December 2019, 99.7% by value of the portfolio valuations were dated 30 September 2019.

Estimated NAV

At 31 December 2019, SLPET's estimated NAV was 438.8 pence (estimated net assets GBP674.7 million), representing a 0.6% per share decrease from the estimated NAV at 30 November 2019 of 441.3 pence (estimated net assets GBP678.5 million). The 2.5 pence per share decrease in the NAV reflected unrealised foreign exchange losses arising primarily from a 0.6% depreciation in the euro versus sterling during December.

The 23.1 pence per share decrease in the NAV from 30 September actual NAV of 461.9p reflected the dividend paid in October and unrealised foreign exchange losses arising primarily from a 4.4% depreciation in the euro versus sterling during the last three months of calendar year 2019.

Draw downs and distributions

SLPET received GBP16.9 million of distributions and paid GBP8.1 million of drawdowns during December. The distributions received generated realised gains and income of GBP9.3 million.

Fund activity

On 3 December 2019, a new commitment of EUR8m was made to PAI Strategic Partnerships SCSp, a continuation fund of PAI V.

Commitments

The Company had GBP394.6 million of outstanding commitments at 31 December 2019. The Manager continues to believe that around GBP62.0 million of the Company's existing outstanding commitments are unlikely to be drawn.

Balance sheet and credit facility

The Company had resources available for investment of GBP43.2 million at 31 December 2019. In addition, the Company has an undrawn GBP100 million syndicated revolving credit facility, provided by Citibank and Societe Generale that expires in December 2024.

Future announcements

The Company is expecting to announce its estimated NAV at 31 January 2020 on 14 February 2020. As reported in the Company's Annual Report, the Company's Quarterly Update to 31 December 2019 and actual NAV will be issued in April, rather than March as has previously been the case, in order to ensure that the Quarterly Update contains the latest available valuations from the managers of its investments.

Additional detail about SLPET's NAV and investment diversification can be found on SLPET's website (www.slpet.co.uk). 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 Alan Gauld at SL Capital Partners LLP (0131 372 2200)

Note:-

Standard Life 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 Private Equity Trust PLC is independent of Standard Life Aberdeen plc and Phoenix Group Holdings.

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 or co-investment 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 or co-investment lead 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, for example, where sales proceeds are available. 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 updates. A breakdown of SLPET's portfolio can be obtained in the latest monthly factsheet, which is published on SLPET's website at:

www.slpet.co.uk

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 [e-mail] or visit www.rns.com.

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January 15, 2020 02:00 ET (07:00 GMT)