REG - CT Private Eq Trust - 3rd Quarter Results and Dividend announcement
24/11/2023 07:00
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RNS Number : 5266U CT Private Equity Trust PLC 24 November 2023
To: Stock Exchange For immediate release:
24 November 2023
CT Private Equity Trust PLC
Quarterly results for the three months ended 30 September 2023 (unaudited)
· Net asset value of 696.30p per Ordinary Share reflecting a total
return for the three months of 3.3 per cent for the Ordinary Shares
· Share price total return for the three-month period of 0.4%.
· Total quarterly dividends of 20.97p per Ordinary Share year to date
representing an increase of 10.5% from the same period last year.
o Quarterly dividend of 6.95p paid on 31 July 2023
o Quarterly dividend of 7.01p paid on 31 October 2023
o Quarterly dividend of 7.01p to be paid on 31 January 2024
· Dividend yield of 5.9 per cent based on the period end share price
(1).
· As at 30 September 2023 net debt was £74.5 million equivalent to a
gearing level of 12.8%.
(1) Calculated as dividends of 6.79p paid on 28 April 2023, 6.95p
paid on 31 July 2023, 7.01p paid on 31 October 2023 and 7.01p payable on 31
January 2024, divided by the Company's share price of 468.00p as at 30
September 2023.
Manager's Review
Introduction
As at 30 September 2023 the net assets of the Company were £507.2 million
giving a Net Asset Value ("NAV") per share of 696.30p which taking account of
the dividend of 6.95p paid on 31 July 2023 gives a total return for the third
quarter of +3.3% and for the first nine months of 0.9%. This valuation is, as
usual, largely composed of 30 June valuations with around 11% of valuations
struck at 30 September 2023. The pound has been weaker against most major
currencies over the quarter and this has increased NAV by approximately 1.3%
during the three month period. In the year to date there has been minimal
impact of currency.
The share price total return over the quarter was 0.4%. The discount to NAV at
the latest practicable date, 23 November 2023, is 33.2% which compares with
32.8% as at 30 September 2023.
At 30 September 2023 the Company had net debt of £74.5 million. The
outstanding undrawn commitments were £215 million of which £27 million was
to funds where the investment period had expired.
A dividend of 7.01p was paid on 31 October 2023. In accordance with the
Company's dividend policy the next dividend will be 7.01p which will be paid
on 31 January 2024 to shareholders on the register on 5 January 2024 with an
ex-dividend date of 4 January 2024.
New Investments
During the quarter we made three new commitments to funds and two
co-investments.
CAD$10 million has been committed to Torquest VI, one of the leading Canadian
mid-market buyout funds.
£10 million was committed to Inflexion Partnership Capital III, the latest in
the series of funds from this key relationship. The latest fund is focused on
European mid-market minority buyout.
$5 million was committed to Purpose Brands, a US consumer franchise
co-investment fund. The fund is managed by American based Level 5 Capital
Partners, an emerging manager focused on consumer franchise businesses.
Our dealflow of co-investments remains strong with two new co-investments made
during the quarter.
The first co-investment is an Industrial Internet of Things (IIoT) software
company which provides software solutions primarily for manufacturing
processes. €5.2 million has been invested.
Utimaco is a Germany based company providing mission critical professional
cybersecurity and data intelligence solutions for critical infrastructures.
€6.0 million has been invested.
The funds in the portfolio continue to build out their portfolios with new
investments. The larger individual investments are as follows; Magnesium
Capital 1, the energy transition fund drew £0.9 million for SCADA (software
and control systems for the renewables sector) and Inpower (e-boilers for
district and industrial heating), Hg Saturn 3 drew £1.5 million for Access
(enterprise software) and IFS/Workwave (field service management software). In
the US Corsair Capital VI called £0.8 million for Hungerush (all in one point
of sale and restaurant management platform).
There were add on acquisitions to three co-investments; £0.9 million for
Startraq where Farthest Gate, a London based provider of parking, permitting
and licensing software for local authorities has been acquired, £0.8 million
for 1Med which has acquired Evamed, a French medical device focused clinical
research organisation (CRO) based in Caen and £0.5 million for funeral homes
company San Siro for prospective acquisitions.
The total of new co-investments and drawdowns for funds and existing
co-investments in the quarter was £24.1 million. Of this approximately half
is for fund drawdowns and half for co-investments. Total new investment for
2023 to date is £98.7 million which is c.40% up on the same period in 2022.
Realisations
Although there has been a slowdown in exits by the third quarter, there were
several notable realisations in the portfolio.
We have completed the sell down of energy services company Ashtead Technology,
which is now listed, with a final £5.5 million realised. This brings total
proceeds to £20 million representing 2.5x cost and an IRR of 19%. This
investment was led by Buckthorn with whom we have three other co-investments.
The Agilitas 2015 Fund has had a good exit with the sale of Hydro
International, the water services company to CRH plc. This realised £2.1
million representing 3.1x cost.
ArchiMed II returned £1.0 million principally from the sale of gene therapy
company Polyplus. This represented 4.6x cost and an IRR of 75%.
Other notable exits include the sale by Inflexion 2012 Co-investment Fund of
the specialist design engineering services company PDMS which sells to the oil
and gas sector, returning £0.7 million. Summa II, the Nordic sustainable fund
returned £0.5 million from the sale of construction sector software company
Infobric which returned 3.8x cost and an IRR of 36%.
In total realisations for the quarter were £14.1 million which is slightly
down on Q2. This brings realisations in 2023 to date to £53.9 million which
is just over 30% down on the same period in 2022.
Valuation Changes
There were many valuation movements this quarter. Most of these were upwards
and they were quite well balanced between the funds and co-investment elements
of the portfolio.
The largest individual uplift was for Italian investment company Aliante
Equity 3 (+£3.1 million) which has benefitted from a revised third-party
valuation, good progress in the portfolio and debt reduction. August Equity IV
and August Equity V were up by £2.1 million and £1.0 million respectively.
Our holding in US fund Graycliff IV was up by £1.8 million reflecting good
fundamental progress across its portfolio. Amongst the co-investment portfolio
there were uplifts for TWMA (+£1.8 million), Utimaco (+£1.6 million),
Jollyes (+£1.5 million) and Coretrax (+£1.3 million). With the exception of
Utimaco, these are mature holdings well on the way towards exit.
Financing
The Company has maintained a strong investment programme throughout the year
which has turned out to exceed the total proceeds from realisations for the
year to date. This results in a net increase in debt with net debt standing at
£74.5 million at 30 September 2023. This equates to gearing of 12.8%, which
is well within our usual comfort range. The Company retains considerable
headroom in its borrowing facility. Our £116.7 million facility is due to be
renewed or extended by June 2024 and we have already commenced discussions
with the lenders on this topic.
Capital Allocation
The Company aims to maintain a fully invested portfolio and to provide a
strong dividend. The dividend which is 4% of NAV and is paid at the same or
higher levels is substantial and has grown in tandem with NAV since the
Company introduced this policy in 2012. We believe that a growing and
largely predictable dividend is highly appreciated by our shareholders and we
intend to direct and manage the Company with the long term growth of the
dividend as a high priority.
The Company, in common with the rest of the Private Equity investment trust
sector, trades on a substantial discount to NAV. Whilst the realisations from
our portfolio have consistently been at a substantial premium to previous
carrying value, usually well above 30%, this proof of the conservative nature
of the valuations does not seem to have had any bearing on the share ratings
which one could argue represent a 'double discount' to ultimate value.
The Company routinely takes buy-back powers and has used these sparingly when
necessary over the years. A purchase of a loose line of stock by the Company
is usually in the interests of all shareholders acting to stabilise the share
price. At a substantial discount to NAV this also immediately enhances NAV per
share. This is a one-off benefit, but it does act to reduce the asset base of
the Company potentially permanently and the capital used for buy-backs cannot
subsequently be used for longer term multi-year investments nor to fund the
dividend or to repay debt. The importance of the dividend has been mentioned
above.
The long-term annualised return from investments is substantial and these
returns should be compared with the return from a share buy-back using the
same capital. The last 149 exits from the Company, which gave proceeds of
£318 million, from 2020 to 30 September 2023 have produced an average return
of 3.6x cost and an IRR of 27%, a strong annual return over a median holding
period of 5.6 years. Whilst the past is not necessarily a guide to the future,
these statistics provide some idea of the opportunity cost of using this
capital for buy-backs. These factors, namely the protection of a growing
dividend, the potential returns of new investments and the immediate
enhancement of NAV from buy-backs at a discount are carefully considered by
the Company's directors and management on a tactical and strategic basis when
determining the use of the Company's precious capital.
It is worth recording that the Company has recently underwritten the purchase
of its own shares in the recent past when a loose line of stock was in the
market. On that occasion it was not ultimately necessary for the shares to be
bought back. It should also be noted that the Company's substantial dividend
policy was initiated more than a decade ago as a means of allowing our
shareholders to benefit from the steady flow of realisations that the Company
achieves without the need to sell any of their shareholdings. Many
shareholders choose to reinvest their dividends back into the shares which, as
the Company routinely observes, is a good way of building up a larger
shareholding over time.
Outlook
The private equity sector internationally has gone through an adjustment phase
this year. Inflation and interest rates have been high and there is either
sluggish growth or mild recession in most of our target markets. The banking
environment is somewhat tighter than previously and some highly rated sectors
no longer command very high prices unconditionally. The international
environment is volatile with the external shock risk elevated. It is therefore
taking longer for deals to be confirmed with buyers and sellers starting off
with differing price expectations. That all said, business confidence is
robust and there remain healthy levels of turnover in private companies. Our
dealflow of investable companies is excellent. The exit boom of recent years
is now past and we are returning to more 'normal' conditions. The Company's
portfolio is fundamentally sound, conservatively valued and deriving strength
through its comprehensive diversification whilst having plenty of meaningful
holdings in companies with potential for superior returns. As we approach the
end of 2023 the prospects for further returns for shareholders in line with
our long-term growth trend is good. Your Company was recently named as Private
Equity and Growth Capital Investment Trust of the year by Investment Week.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 30 September 2023 % of Total % of Total
30 September 2023 31 December 2022
Buyout Funds - Pan European* 10.0 11.1
Buyout Funds - UK 16.5 15.4
Buyout Funds - Continental Europe† 17.6 20.1
Secondary Funds 0.1 0.1
Private Equity Funds - USA 5.3 4.3
Private Equity Funds - Global 1.6 1.2
Venture Capital Funds 3.5 3.7
Direct - Quoted - 1.1
Direct Investments/Co-investments 45.4 43.0
100.0 100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Holdings Total Valuation £'000 % of Total Portfolio
As at 30 September 2023
Sigma 16,457 2.8
Inflexion Strategic Partners 15,346 2.6
Coretrax 14,554 2.5
Jollyes 13,485 2.3
TWMA 11,765 2.0
Aliante Equity 3 11,528 1.9
Aurora Payment Solutions 10,618 1.8
San Siro 10,240 1.7
August Equity Partners V 9,780 1.6
SEP V 9,395 1.6
123,168 20.8
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Apposite Healthcare II Europe 8,865 1.5
F&C European Capital Partners Europe 8,858 1.5
Stirling Square Capital II Europe 8,277 1.4
Apposite Healthcare III Europe 7,381 1.3
ArchiMed II Western Europe 4,132 0.7
Agilitas 2015 Fund Northern Europe 3,639 0.6
Magnesium Capital 1 Europe 3,265 0.6
Astorg VI Western Europe 3,188 0.5
KKA II Europe 1,513 0.3
Summa III Northern Europe 1,480 0.3
Volpi III Northern Europe 1,316 0.2
Silverfleet European Dev Fund Europe 1,233 0.2
Agilitas 2020 Fund Europe 1,199 0.2
TDR Capital II Western Europe 1,175 0.2
TDR II Annex Fund Western Europe 1,012 0.2
Verdane XI Northern Europe 732 0.1
Med Platform II Global 714 0.1
ArchiMed MED III Global 649 0.1
Volpi Capital Northern Europe 76 -
Wisequity VI Italy 71 -
Verdane Edda III Northern Europe 25 -
Total Buyout Funds - Pan European 58,800 10.0
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 15,346 2.6
August Equity Partners V United Kingdom 9,780 1.6
August Equity Partners IV United Kingdom 8,166 1.4
Axiom 1 United Kingdom 6,266 1.1
Inflexion Supplemental V United Kingdom 6,211 1.1
Apiary Capital Partners I United Kingdom 5,898 1.0
Inflexion Buyout Fund V United Kingdom 5,657 1.0
Kester Capital II United Kingdom 4,236 0.7
Piper Private Equity VI United Kingdom 4,066 0.7
Inflexion Buyout Fund IV United Kingdom 3,416 0.6
Inflexion Partnership Capital II United Kingdom 3,100 0.5
Inflexion Enterprise Fund IV United Kingdom 3,015 0.5
FPE Fund III United Kingdom 2,850 0.5
FPE Fund II United Kingdom 2,752 0.5
Inflexion Buyout Fund VI United Kingdom 2,275 0.4
Inflexion Enterprise Fund V United Kingdom 2,152 0.4
RJD Private Equity Fund III United Kingdom 2,030 0.3
Inflexion Supplemental IV United Kingdom 1,545 0.3
GCP Europe II United Kingdom 1,495 0.2
Horizon Capital 2013 United Kingdom 1,265 0.2
Piper Private Equity VII United Kingdom 1,146 0.2
Primary Capital IV United Kingdom 1,126 0.2
Inflexion Partnership Capital I United Kingdom 1,019 0.2
Dunedin Buyout Fund II United Kingdom 860 0.1
Kester Capital III United Kingdom 796 0.1
Piper Private Equity V United Kingdom 387 0.1
Inflexion 2012 Co-Invest Fund United Kingdom 127 -
Inflexion 2010 Fund United Kingdom 89 -
Total Buyout Funds - UK 97,071 16.5
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 11,528 1.9
Bencis V Benelux 9,348 1.6
DBAG VII DACH 5,388 0.9
Vaaka III Finland 5,269 0.9
Capvis III CV DACH 5,152 0.9
Avallon MBO Fund III Poland 4,769 0.8
Montefiore IV France 4,677 0.8
Italian Portfolio Italy 4,623 0.8
Chequers Capital XVII France 4,148 0.7
Procuritas VI Nordic 3,999 0.7
DBAG VIII DACH 3,945 0.7
Summa II Nordic 3,836 0.7
Verdane Edda Nordic 3,511 0.6
ARX CEE IV Eastern Europe 3,101 0.5
Montefiore V France 2,979 0.5
Capvis IV DACH 2,727 0.5
Corpfin Capital Fund IV Spain 2,675 0.4
Procuritas Capital IV Nordic 2,442 0.4
NEM Imprese III Italy 2,338 0.4
Procuritas VII Nordic 2,271 0.4
Corpfin V Spain 2,122 0.4
Summa I Nordic 2,100 0.4
DBAG Fund VI DACH 1,710 0.3
Portobello Fund III Spain 1,355 0.2
Vaaka II Finland 1,345 0.2
Vaaka IV Finland 1,319 0.2
Avallon MBO Fund II Poland 1,037 0.2
DBAG VIIB DACH 998 0.2
Chequers Capital XVI France 800 0.1
DBAG VIIIB DACH 608 0.1
Ciclad 5 France 553 0.1
PineBridge New Europe II Eastern Europe 458 0.1
Procuritas Capital V Nordic 126 -
Gilde Buyout Fund III Benelux 93 -
Capvis III DACH 51 -
N+1 Private Equity Fund II Iberia 42 -
Montefiore Expansion France 26 -
Ciclad 4 France 18 -
DBAG Fund V DACH 5 -
Total Buyout Funds - Continental Europe 103,492 17.6
Secondary Funds
The Aurora Fund Europe 678 0.1
Total Secondary Funds 678 0.1
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Total Private Equity Funds - USA
Blue Point Capital IV North America 8,088 1.4
Graycliff IV North America 4,648 0.8
Camden Partners IV United States 3,268 0.6
Graycliff III United States 3,235 0.5
Stellex Capital Partners North America 3,109 0.5
Blue Point Capital III North America 2,822 0.5
Purpose Brands (Level 5) United States 2,458 0.4
Level 5 Fund II United States 2,286 0.4
MidOcean VI United States 1,069 0.2
Blue Point Capital II North America 156 -
HealthpointCapital Partners III United States 36 -
Total Private Equity Funds - USA 31,175 5.3
Private Equity Funds - Global
Corsair VI Global 5,099 0.9
Hg Saturn 3 Global 2,589 0.4
PineBridge GEM II Global 865 0.2
F&C Climate Opportunity Partners Global 725 0.1
AIF Capital Asia III Asia 69 -
PineBridge Latin America II South America 58 -
Hg Mercury 4 Global 34 -
Warburg Pincus IX Global 9 -
Total Private Equity Funds - Global 9,448 1.6
Venture Capital Funds
SEP V United Kingdom 9,395 1.6
MVM V Global 4,151 0.7
Kurma Biofund II Europe 2,704 0.5
SEP IV United Kingdom 1,268 0.2
Northern Gritstone United Kingdom 1,010 0.2
SEP VI Europe 927 0.1
1Pentech Fund II United Kingdom 436 0.1
MVM VI Global 423 0.1
SEP II United Kingdom 273 -
Life Sciences Partners III Western Europe 251 -
Environmental Technologies Fund Europe 56 -
SEP III United Kingdom 43 -
Total Venture Capital Funds 20,937 3.5
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Direct Investments/Co-investments
Sigma United States 16,457 2.8
Coretrax United Kingdom 14.554 2.5
Jollyes United Kingdom 13,485 2.3
TWMA United Kingdom 11,765 2.0
Aurora Payment Solutions United States 10,618 1.8
San Siro Italy 10,240 1.7
ATEC (CETA) United Kingdom 9,113 1.5
Amethyst Radiotherapy Europe 8,296 1.4
Cyclomedia Netherlands 8,013 1.4
AccuVein United States 7,679 1.3
Utimaco DACH 7,200 1.2
Leader96 Bulgaria 7,107 1.2
Velos IoT (JT IoT) United Kingdom 7,050 1.2
Prollenium North America 6,809 1.2
Rosa Mexicano United States 6,761 1.1
Asbury Carbons North America 6,554 1.1
Swanton United Kingdom 6,477 1.1
Cyberhawk United Kingdom 5,632 1.0
Orbis United Kingdom 5,477 0.9
Weird Fish United Kingdom 5,465 0.9
Family First United Kingdom 5,431 0.9
1Med Switzerland 5,339 0.9
Cybit (Perfect Image) United Kingdom 5,116 0.9
123Dentist Canada 4,848 0.8
Dotmatics United Kingdom 4,538 0.8
SEP VI Co-investment 3 France 4,479 0.8
Omlet United Kingdom 4,371 0.7
StarTraq United Kingdom 4,240 0.7
Agilico (DMC Canotec) United Kingdom 4,159 0.7
LeadVenture United States 3,954 0.7
Walkers Transport United Kingdom 3,908 0.7
Habitus Denmark 3,752 0.6
MedSpa Partners Canada 3,721 0.6
PathFactory Canada 3,608 0.6
Ambio Holdings United States 3,557 0.6
Alessa (Tier1 CRM) Canada 3,540 0.6
Contained Air Solutions United Kingdom 3,501 0.6
Avalon United Kingdom 3,441 0.6
Vero Biotech United States 2,733 0.5
Collingwood Insurance Group United Kingdom 2,671 0.5
CARDO Group (Sigma II) United Kingdom 2,661 0.5
Neurolens United States 2,453 0.4
GT Medical United States 1,963 0.3
Rephine United Kingdom 1,575 0.3
Bomaki Italy 1,484 0.3
OneTouch United Kingdom 1,450 0.2
TDR Algeco/Scotsman Europe 264 -
Babington United Kingdom 75 -
Total Direct - Investments/Co-investments 267,584 45.4
Total Portfolio 589,185 100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2023 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 14,181 14,181
Exchange gains - 759 759
Investment income 1,618 - 1,618
Other income 552 - 552
Total income 2,170 14,940 17,110
Expenditure
Investment management fee - basic fee (354) (3,187) (3,541)
Investment management fee - performance fee - (5,017) (5,017)
Other expenses (816) - (816)
Total expenditure (1,170) (8,204) (9,374)
Profit before finance costs and taxation 1,000 6,736 7,736
Finance costs (336) (3,026) (3,362)
Profit before taxation 664 3,710 4,374
Taxation - - -
Profit for period/total comprehensive income 664 3,710 4,374
Return per Ordinary Share 0.91p 5.09p 6.00p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2022 (unaudited)
Revenue Capital Total
£'000 £'000 £'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
year ended 31 December 2022 (audited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 77,330 77,330
Exchange gains - (2,083) (2,083)
Investment income 4,550 - 4,550
Other income 186 - 186
Total income 4,736 75,247 79,983
Expenditure
Investment management fee - basic fee (464) (4,172) (4,636)
Investment management fee - performance fee - (5,402) (5,402)
Other expenses (1,077) - (1,077)
Total expenditure (1,541) (9,574) (11,115)
Profit before finance costs and taxation 3,195 65,673 68,868
Finance costs (254) (2,294) (2,548)
Profit before taxation 2,941 63,379 66,320
Taxation - - -
Profit for year/total comprehensive income 2,941 63,379 66,320
Return per Ordinary Share 4.01p 86.42p 90.43p
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 30 September 2023 As at 30 September 2022 As at 31
December
2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 589,185 548,871 528,557
Current assets
Other receivables 1,551 717 389
Cash and cash equivalents 3,995 14,062 34,460
5,546 14,779 34,849
Current liabilities
Other payables (9,036) (7,364) (7,411)
Interest-bearing bank loan (78,477) (16,437) (16,618)
(87,513) (23,801) (24,029)
Net current (liabilities)/assets (81,967) (9,022) 10,820
Interest-bearing bank loan - (21,373) (21,702)
Net assets 507,218 518,476 517,675
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 10,026 10,026 10,026
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 461,188 472,446 471,645
Shareholders' funds 507,218 518,476 517,675
Net asset value per Ordinary Share 696.30p 711.75p 710.65p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Nine months ended Nine months ended Year
30 September 30 September 2022 ended
2023 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 517,675 473,447 473,447
Buyback of ordinary shares - (5,014) (5,014)
Profit for the period/total
comprehensive income
66,320
4,374 62,525
Dividends paid (14,831) (12,482) (17,078)
Closing shareholders' funds
507,218 518,476 517,675
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 2022. Earnings for the nine months to 30
September 2023 should not be taken as a guide to the results for the year to
31 December 2023.
2. Investment management fee:
Nine months ended Nine months ended Year ended
30 September 2023 30 September 2022 31 December 2021
(unaudited)
(unaudited)
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment management fee - basic fee
354 3,187 3,541 343 3,084 3,427 464 4,172 4,636
Investment management fee - performance fee
- 5,017 5,017 - 5,443 5,443 - 5,402 5,402
354 8,204 8,558 343 8,527 8,870 464 9,574 10,038
3. Finance costs:
Nine months ended Nine months ended Year ended
30 September 2023 30 September 2022 31 December 2022
(unaudited)
(unaudited)
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Interest payable on bank loans 336 3,026 3,362 182 1,639 1,821 254 2,294 2,548
4. Returns and net asset values
Nine months ended Nine months ended Year ended
30 September 2023 30 September 2022 31 December 2022
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £664,000 £2,745,000 £2,941,000
Capital Return £3,710,000 £59,780,000 £63,379,000
Net assets attributable to shareholders £507,218,000 £518,476,000 £517,675,000
Number of shares in issue at end of period (excluding shares held in treasury) 72,844,938 72,844,938 72,844,938
Weighted average number of shares in issue during the period 72,844,938 73,509,913 73,342,303
(excluding shares held in treasury)
5. The financial information for the nine months ended 30 September
2023, 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 2022,
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 573 8314
Scott McEllen (Company Secretary) 0131 573 8372
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com) /
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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