Standard Life Investments

Press Release

Standard Life Private Equity Trust increases Net Asset Value

07  June  2017

The investment trust continues to deliver steady growth

Standard Life Private Equity Trust (SLPE.L), the SL Capital managed private equity focused investment trust, announces its half-year results for the six months ended 31 March 2017.

Financials

  Interim Results
(31 March, 2017)
FY 2016
(30 September, 2016)
 
Net Asset Value ("NAV") £567.2 million £532.6 million +6.5%
NAV per ordinary share 368.9p 346.4p +6.5%
Share price 307.0p 267.3p +14.9%
       
  Interim Results
(31 March, 2017)
Interim Results
(31 March, 2016)
 
Dividend 6.0p 1.8p  

 

Highlights:

  • Standard Life Private Equity Trust's ("the Company") NAV increased by 6.5% in the six month period ended 31 March 2017, with the NAV producing a total return of 7.4% of net realised gains and income from the portfolio.
  • In line with the new dividend policy of paying a minimum annual dividend of 12.0p per share, the Board has proposed an interim dividend of 6.0p per share (2016 Interim Dividend: 1.8p per share), to be paid on 21 July 2017 to shareholders on the Company's share register at 16 June 2017.
  • During the six month period ended 31 March 2017, the share price delivered a total return of 16.3% and the share price increased by 14.9% (from 267.3p to 307.0p).
  • The portfolio has continued to benefit from strong underlying trading and a positive flow of realisations. The net effect of these cash flows was that, as at the end of March, the Company had net liquid resources of £97.7 million (FY 2016: £105.9 million).
  • In support of the Company's investment strategy, its Manager made two new fund commitments (IK VIII and HgCapital 8) during the period. Furthermore, the Manager undertook three secondary fund purchases (Nordic Capital VII, TowerBrook Investors III and TowerBrook Investors IV).
  • The portfolio consists of 49 private equity fund interests and was valued at £470.2 million (FY 2016: 49 funds valued at £433.4 million).
  • The Company had total outstanding commitments of £312.2 million, compared to £305.9 million at FY 2016 (30 September, 2016).
  • The Company announces the retirement of David Warnock as Director from 7 June 2017 after almost 9 years. Simultaneously it is pleased to announce the appointment of Diane Seymour-Williams, who has held a number of senior positions, as an independent non-executive Director, with effect from 7 June 2017.

 

Roger Pim, Deputy Head of SL Capital Partners, commented:

Roger Pim

"The portfolio of private equity investments has made good progress in the past six months with total net asset value growth of 7.4%, reflecting the positive exit multiples on realised investments and a strong uplift in the value of the unrealised portfolio. The Company has continued to invest in high quality primary funds and in secondary transactions during the period and we are confident that these commitments will enhance our overall performance."

 

Edmond Warner, OBE, Chairman of Standard Life Private Equity Trust, concluded:

Edmond Warner

"The performance during the period to 31 March 2017 has built on the strong returns achieved during 2016. The share price has responded to this and it is encouraging that the discount had narrowed to 16.8% from 22.8% at the end of September 2016. The proposed interim dividend of 6.0p announced today confirms our intention to provide shareholders with long term total returns from both income and capital gain."

Standard life Investment