REG - CT Private Eq Trust - Half-year Report
23/08/2023 07:15
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RNS Number : 1305K CT Private Equity Trust PLC 23 August 2023
To: Stock Exchange For immediate release:
23 August 2023
CT Private Equity Trust PLC
LEI: 2138009FW98WZFCGRN66
Unaudited results for the half year ended 30 June 2023
Financial Highlights
· Share price total return for the six-month period of 15.3%.
· During the six-month period the portfolio valuation rose 0.7% prior
to exchange rate movements.
· NAV of 680.75p per Ordinary Share as at 30 June 2023 reflecting a
total return for the six-month period of -2.3%.
· Total quarterly dividends of 13.96p per Ordinary Share year to date
representing an increase of 12.9% from the same period last year.
· Quarterly dividend of 6.95p paid on 31 July 2023
· Quarterly dividend of 7.01p to be paid on 31 October 2023
· Dividend yield of 5.8% based on the period end share price (1).
· As at 30 June 2023 net debt was £55.2 million equivalent to a
gearing level of 10.0%.
(1) Calculated as dividends of 6.62p paid on 31 January 2023, 6.79p
paid on 28 April 2023, 6.95p paid on 31 July 2023 and 7.01p payable on 31
October 2023, divided by the Company's share price of 473.00p as at 30 June
2023.
Chairman's Statement
Introduction
This report is for the six-month period ended 30 June 2023. At the period end
the Net Asset Value ("NAV") of CT Private Equity Trust PLC ("the Company") was
£495.9 million giving a NAV per share of 680.75p. Taking account of dividends
paid the NAV total return for the six-month period was -2.3%. With the share
price discount having decreased from 40.5% at 31 December 2022 to 30.5% at 30
June 2023, the share price total return for the period was an impressive
15.3%. These compare to a return of 2.6% for the FTSE All-Share Index for the
same period.
At the midpoint in the year the Company's NAV is down slightly. Most of this
movement is attributable to currency movements with sterling having been
relatively strong against both the euro and the dollar. This reduces, in
sterling terms, the value of the non-UK investments which is approximately
half of our portfolio. The underlying performance of the portfolio is broadly
flat which given the substantial economic challenges that are present
internationally, demonstrates an innate resilience in the companies comprising
your portfolio. Our best protection and defence against economic headwinds is
through maintaining and renewing a well-diversified portfolio of companies
with business models based on medium and longer term growth in demand for
their products or services. This coupled with buying price discipline on the
part of our managers and their investment partners provides the basis for
steady growth in value over the long term.
The specific pressures brought about by higher inflation and interest rates
and the consequent impacts on demand affect our portfolio companies in
different ways. Those with direct exposure to raw material cost increases or
to consumer demand are more quickly and immediately impacted. Others are more
dependent on fluctuations in business confidence and the associated propensity
for senior managers to make investments decisions. The value of private
companies is linked to these factors and is influenced by the availability and
cost of capital focussed on the sector. Changes can take some time to be
reflected in valuations with a resulting general smoothing effect. Longer term
factors also have a large part to play. Private Equity increasingly finds its
way into long term investment portfolios as the appreciation of this mode of
investment becomes more widespread by many types of investment
decision-makers. When asked, most categories of investors express a desire to
have a higher proportion of their portfolios in private equity. Your Company
provides an excellent conduit to high quality private equity investments which
is accessible to all types of investors. The recent 'Mansion House Reforms'
announced by the UK Chancellor of the Exchequer are broadly in accord with the
objective of increasing investment in private equity.
Dividends
In accordance with the Company's stated dividend policy, the Board declares a
quarterly dividend of 7.01p per ordinary share, payable on 31 October 2023 to
Shareholders on the register on 6 October 2023 with an ex-dividend date of 5
October 2023. Together with the last three dividends paid this represents a
dividend yield of 5.8% based on the period end share price.
Financing
The Company has a £95 million multi-currency revolving credit facility and a
term loan of €25 million. At 30 June 2023 exchange rates, these borrowing
facilities, which will mature in June 2024, result in a total borrowing
capacity of approximately £116.5 million.
As at 30 June 2023, the Company had cash of £13.3 million. With borrowings of
£68.5 million from the facilities, net debt was £55.2 million, equivalent to
a gearing level of 10.0% (31 December 2022: 0.7%). The total of outstanding
undrawn commitments at 30 June 2023 was £209 million and, of this,
approximately £25 million is to funds where the investment period has
expired.
Outlook
The broad range of investments provides exposure to many diverse business and
economic trends and as previously noted is a source of resilience and
protection against external pressures. The progress of our underlying
companies so far this year against their original business plans and
investment theses is encouraging and provides scope for positive developments
in the second half of 2023.
Richard Gray
Chairman
Manager's Review
Introduction
The first half of the year has seen excellent dealflow for us and some
evidence of a slowdown in dealmaking activity generally. The companies in the
portfolio are essentially in good shape with the macroeconomic pressures being
managed, on the whole, successfully. Realisations continue to be made at good
prices, but the volumes are down from the very strong previous two years. The
maturing element of the portfolio remains substantial and this should provide
realisations in the second half.
New Investments
Eight new fund commitments were made during the first half. Most of these have
been previously highlighted. Collectively they cover the mid-market
internationally and will lead to strong exposure to innovative products and
technologies, for example in software and in energy transition as well as to
other niche businesses in the broader consumer and industrial sectors. In each
case the funds are managed by highly skilled and motivated managers whom we
know well.
£8 million has been committed to Kester Capital III, a UK focussed lower
mid-market buyout manager whom we have backed before in two previous funds and
in a number of co-investments.
$8 million has been committed to MidOcean VI, a US mid-market buyout fund whom
we have backed through one of our other funds before.
£8 million has been committed to Axiom I, a debut mid-market enterprise
software fund, where we know the principals from earlier in their careers.
€5 million has been committed to Magnesium Capital I, a European energy
transition fund, led by an emerging manager with which we have co-invested
before.
€5 million has been committed to Hg Mercury 4, a lower mid-market software
and services fund investing in Europe and North America, following on from our
commitment to another fund series, Hg Saturn 3 which was committed to last
year.
€8 million has been committed to Wisequity VI, the latest fund by one of the
leading Italian mid-market buyout managers.
€10 million has been committed to Montefiore Expansion Fund following our
previous commitments to Montefiore Fund IV and Fund V. The manager,
Montefiore, has elected to split its fund series in two and the Company has
elected to invest in the lower mid-market fund, which will make investments in
companies with enterprise values of between €25 million and €100 million
in the service sector mainly in France.
€2.7 million has been committed to KKA Fund II, the lower mid-market German
emerging manager.
Our dealflow of co-investments remains strong and during the first half we
completed seven new co-investments. These also give an international spread
across a diverse range of niche businesses.
We have invested £2.5 million in the MVM-led life sciences company GT
Medical. This company has developed an innovative brain cancer treatment
consisting of bioresorbable tiles with embedded radioactive caesium seeds. The
tiles are placed next to the tumour cavity and are eventually fully absorbed
by the body. Clinical trials are ongoing to prove the efficacy of this
treatment.
We have also invested £4.1 million (80% of our expected investment in the
business) in LeadVenture, a leading SaaS provider of digital retailing,
digital storefronts, e-commerce, proprietary data and vertical ERP dealer
management software (DMS). The company's customers are in the non-auto sector
such as RVs, agriculture machinery and transportation. The lead for the
investment is San Francisco based True Wind Capital.
£2.7 million (c.50% of our expected investment in the business) has been
invested in Cardo, a Wales based provider of repair, maintenance and upgrading
services mainly to the social housing sector. Much of the impetus comes from
the transition of this housing stock to become more energy efficient and
sustainable. The deal is led by Buckthorn whom we have co-invested with
several times and who specialise in energy transition investments.
£2.7 million (c.80% of our total £3.3 million commitment) has been invested
alongside August Equity in StarTraq, a provider of software to police forces
and local authorities allowing them to efficiently issue and process speeding
tickets. The technology has an increasing range of applications with, for
example, the capability of capturing accurately on camera drivers who are
using handheld mobile phones whilst driving. The company also has a large
untapped market opportunity internationally where it already has a small
foothold.
In addition, we have also invested £1.2 million (c.75% of a total £1.7
million commitment) alongside August Equity in One Touch, a market leading
software provider serving the social care market. This software allows carers
to meet client requirements more efficiently and the care companies themselves
to manage their staff productively in what is a closely regulated sector.
£7.8 million has been invested in the Volpi led co-investment in Cyclomedia
(a total €10 million commitment). Volpi has been invested in this
Netherlands headquartered provider of intelligent street-level geospatial data
and information solutions since 2018 and we are effectively rolling over and
slightly increasing our exposure to this high performing asset. Cyclomedia's
client base includes local municipalities who require comprehensive,
accessible and digitally formatted information on properties within their
areas, mainly for the purposes of local taxation and rates. From its Northern
European base, the company has begun a process of expansion internationally
and Volpi believe that there is considerable further growth to be achieved.
£6.5 million (100% of $8.0 million commitment) has been invested in Asbury
Carbons, a US based producer of milled graphite products with a diverse range
of industrial applications. The investment is led by New York based Mill Rock
Capital and Asbury is an intriguing opportunity to revitalise a
long-established company with operational improvements and product extensions.
In addition to these new commitments and co-investments our funds portfolio
continues to make new investments according to their respective strategies and
geographic focus.
Some of the more notable ones are as follows.
In the UK SEP VI called £1.1 million for its first two investments; Cresset
(drug discovery software used in the design of small molecules) and Pelion (an
internet of things connectivity business). Kester Capital has called £0.6
million for MAP Patient (leader in market access consulting services to the
pharmaceutical and biotech sectors which accelerates patient access to
ground-breaking medicines, devices and diagnostics). In different sectors,
Piper Equity has called £0.6 million for jewellery company Monica Vinader as
it continues with this investment from one fund to the next and £0.5 million
for tourist excursion company Rabbie's Trail Burners. Inflexion VI called
£0.7 million for a follow-on investment in K2 the IT recruitment specialist
which is acquiring a US company which focuses on enterprise integrations. Our
new investment in Magnesium Capital I (UK based manager, pan-European fund)
called £2.0 million immediately, investing £1.7 million in three investments
having been warehoused by the manager. Apposite Healthcare III called £1.2
million for various follow-ons, the largest being £0.8 million in Riverdale,
the UK dentistry provider. Kester II called £0.9 million for DC Byte, the
market intelligence and analytics provider for data centre operators and
developers.
In Germany, DBAG VIII called £0.5 million for Metalworks which designs and
manufactures high quality fashion accessories such as belt buckles, fasteners
and studs for luxury fashion brands. In Central Europe, Avallon III called
£0.6 million for TES the Czech based electro-mechanical engineering company
which was acquired from fund investment ARX.
There was notable activity in the Nordic region with Summa III calling £0.7
million in total, with £0.5 million for Velsera (a combination of three
health tech companies focussed on healthcare data analytics). Procuritas VII
called £1.9 million for Werksta, We Select and Nordic Biomarker. Werksta is
an automotive repair shop chain which the Company previously had exposure to
in Procuritas Fund V. We Select is a digital recruitment firm which integrates
social media to its platform and Nordic Biomarker produces advanced reagents
for IVD coagulation analysers which tests blood for abnormalities. Verdane XI
called £0.4 million for Apoteka, a fulfilment provider to the largest online
pharmacy in Denmark and Fashion Cloud, a B2B software company for the apparel
and footwear industry.
In the US, Level 5 Capital Partners II drew £2.6 million for four
investments, KidStrong, Restore, GoDog and 2U Laundry. The fund had invested
in these following the first close and we invested via the second close,
giving us excellent visibility into the performance of the assets thus far.
Level 5 concentrates on consumer-focussed franchise growth investments and is
based in Atlanta, Georgia. UK based manager HG, called £0.9 million in HG
Saturn 3, for investments in IFS / Workwave, the US ERP and payroll group.
The total of new investments for both funds and co-investments in the first
half is £74.6 million which is considerably ahead of last year where at the
same point we were at £37.3 million. It is likely that the amount deployed
for 2023 will exceed the total for 2022 (£88 million) but it will probably be
in line with the overall increase in the size of the portfolio.
Realisations
There have been many realisations across the portfolio in the first half. The
staged sell down of our remaining positions in the now listed Ashtead
Technology have generated £7.4 million. There is a further £5 million still
to be realised as market conditions allow. So far the investment has achieved
more than 2.5x cost and an IRR of 19%. Kester Capital II returned £2.7
million (4.8x, 60% IRR) from the sale of Vixio, the leader in the provision of
regulator and compliance intelligence to the payments market. Our longstanding
partner Inflexion have had a series of exits across their range of funds.
£1.6 million was returned from travel company Scott Dunn where the holding
period coincided with a crisis for the industry due to the pandemic (1.4x, 4%
IRR). £1.1 million came in from the sale of software services company Mobica
where Inflexion's Partnership Capital Fund has made an excellent return (5.6x,
29% IRR). £0.7 million was returned from international foreign exchange
specialist Global Reach Group (3.1x, 19% IRR). Lastly Inflexion also exited
the social media and influencer marketing agency Goat returning £0.5 million
(3.9x, 78% IRR).
As noted above, Piper exited jewellery company Monica Vinader returning £0.4
million in a sale to Bridgepoint (2.1x, 11% IRR). Piper have continued in the
investment alongside Bridgepoint in Piper VII.
Volpi have sold Medinet (insourced solutions provider to the healthcare
sector) returning £1.7 million (3.2x cost, 18% IRR). We have received the
final tranche from the sale of apprenticeship and training company Babington,
which was £0.7 million, bringing the final return to 0.9x cost. There was a
distribution of £1.3 million from F&C European Capital Partners which was
acquired last year in a secondary transaction.
The flow of realisations has continued in Continental Europe. In Spain,
Corpfin IV returned £4.0 million (6.1x, 51% IRR) from the sale of care
company Grupo 5. There have been a number of exits from our French managed
funds. Chequers XVI exited Paris based landfill site operator Environnement
Conseil Travaux (ECT) returning £0.8 million. Chequers XVII sold premium zips
business Riri returning £1.2 million (2.4x, 34% IRR). Chequers XVI have sold
Italy based Bozzetto (speciality chemicals for the textiles industry)
returning £0.5 million (4.3x cost, 28% IRR). Chequers XVII has exited MTA
(HVAC equipment), which is also Italy based, returning £0.7 million (3.2x
cost, 40% IRR). Also in France, Ciclad 4 exited wine drums company H&A
Location returning £0.7 million with an excellent return of 8x cost. Ciclad 5
has sold specialist vehicle axle manufacturer Paillard (1.8x cost, 10% IRR)
and has refinanced Edeis (engineering project management) returning an
aggregate £0.7 million. In Germany DBAG's various funds have achieved a
number of exits. £0.4 million came in from speciality chemicals producer
Heytex (1.2x cost). £1.0 million was returned from Italian company Pmflex a
leading European manufacturer of electrical installation conduits (2.3x, 65%
IRR). DBAG also sold prison phone communications company Telio returning £0.5
million. DBAG VII have sold Cloudflight (IT services provider focussed on
digitalisation and cloud-based transformation) returning £1.1 million (4.4x
cost, 52% IRR). In Central Europe ARX exited electro-mechanical engineering
company TES in the sale to a consortium including Avallon noted above. This
returned £1.2 million (2.7x, 40% IRR). In Finland workplace booth company
Framery is staging a strong post covid recovery and has been refinanced
returning £0.3 million.
In total realisations for the first six months were £39.8 million. This is
around 80% of the cumulative total at this point last year.
Valuation Movements
There were many valuation changes over the first half although none of them
were individually large and before accounting for exchange rate changes the
net effect was essentially neutral. Around 85% of valuations were based on 31
March 2023 with only 15% up to date at 30 June. Of the June valuations
received at the time of writing there was not much of a trend with little
change.
The largest uplift in the period was for pet shop chain Jollyes (+£2.2
million) which continues to trade well in what has proven to be a defensive
sector. Ashtead Technology which is now listed and is being realised has seen
a rising share price and this led to an uplift over the first half of £1.1
million. Our co-investment in radiotherapy company Amethyst was up by £0.7
million as the company makes good progress. In our funds portfolio there have
been a number of moderate increases driven largely by exits and good
underlying trading. These include Kester Capital II (+£1.0 million), Chequers
Capital XVII (+£0.9 million), August Equity V (+£0.8 million) and ArchiMed
II (+£0.6 million). The ArchiMed II uplift reflected the imminent sale, now
completed, of gene therapy transvective reagent company Polyplus to Sartorius.
This achieved over 4.0x cost and an IRR of over 60%.
There were a number of downgrades over the first half.
Ambio, the active pharmaceutical ingredient (API) company based in the USA and
China, was down by £2.8 million. This is due to the putative Hong Kong
listing being postponed and some headwinds from a slow recovery from lockdown
and delays in shipments resulting from an industrial accident in March which
has affected production.
Our large holding in electrical components company Sigma is down by £1.4
million conservatively reflecting the potential impact of the global slowdown
on trading.
Our energy services holdings in TWMA (-£1.2 million) has seen a reduction in
business in the USA as a result of lower gas prices which has caused a modest
undershoot on forecasted profit, although its substantial new contracts in the
UAE are expected to significantly boost rig count and profitability next year.
There has been some pressure on the valuations of companies which are consumer
facing. Bomaki (Italian restaurant chain) is down by £1.2 million reflecting
soft sales performance, a negative consumer environment and higher than
expected raw material costs. Weird Fish, our UK based casual clothing company,
is down by £1.7 million as the company continues to suffer from a reduction
in e-commerce sales. Omlet, the chicken coop company, has seen revenues and
EBITDA under pressure due to weak consumer confidence and it is down by £0.7
million. Specialist care home and schools company Orbis is down by £0.7
million as a result of underperformance of the core Welsh business which has
encountered staffing problems.
Very few funds recorded notable declines with Agilitas 2015 (-£1.0 million)
and Corsair VI (-£0.8 million) down slightly over the first half.
Financing
As drawdowns and co-investment activity has exceeded realisations and
associated distributions so far this year we are using more of the revolving
credit facility with net debt at £55.2 million at 30 June 2023. This is
gearing of 10% which is well within the comfortable range. The balance between
new investments and realisations is monitored closely. Although the current
facility does not expire until June 2024 we are already engaging with lenders
to discuss terms and the size of a new facility.
The pound has strengthened against both the euro and the dollar over the first
half and the impact of currency movements is around 2% of starting NAV which
accounts for most of the valuation movement.
Outlook
The slight decline in this overall valuation and the limited change seen in
the latest June valuations is not surprising given the ongoing challenges in
most economies where there is a background of high inflation and rising
interest rates and sluggish growth at best. Most businesses within our
portfolio continue to grow both revenues and profits at rates which are
consistent with achieving the original investment theses. There are specific
exceptions, generally but not exclusively, in consumer facing sectors, where
we are relatively lightly invested, and where pressures on demand have been
anticipated for some time. For a significant number of companies forecasts
have shifted to the right which again is unsurprising given the post covid
slowdown. Business confidence is the key determinant of the deal making
environment in the private equity sector and while this has definitely
moderated, it remains for the most part robust.
After a number of very active years a reduction in deal making is to be
expected and in the latest figures it can be seen that this is clearly
happening. At the micro level this manifests itself as transactions taking
longer to conclude than usual or dropping away completely often when financing
fails to materialise. We have seen a few postponements of much heralded exits
and this trend may well continue. The vast majority of our investee companies
are involved in markets where there is long term growth and where they have
some form of advantage over their competitors. These factors coupled with
strong management supplemented by experienced private equity leadership gives
our portfolio an excellent chance of overcoming current challenges and
delivering strong returns for our shareholders over the long term.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Ten Largest Holdings Total Valuation £'000 % of Total Portfolio
As at 30 June 2023
Sigma 15,803 2.9
Inflexion Strategic Partners 15,346 2.8
Coretrax 13,220 2.4
Jollyes 11,937 2.2
TWMA 10,004 1.8
Aurora Payment Solutions 9,761 1.8
Bencis V 9,669 1.7
SEP V 9,618 1.7
Apposite Healthcare II 9,191 1.7
ATEC (CETA) 8,875 1.6
113,424 20.6
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Apposite Healthcare II Europe 9,191 1.7
F&C European Capital Partners Europe 8,523 1.5
Stirling Square Capital II Europe 7,726 1.4
Apposite Healthcare III Europe 7,187 1.3
Agilitas 2015 Fund Northern Europe 5,071 0.9
ArchiMed II Western Europe 5,004 0.9
Astorg VI Western Europe 3,042 0.6
Magnesium Capital 1 Europe 1,931 0.4
Volpi III Northern Europe 1,342 0.2
Silverfleet European Dev Fund Europe 1,232 0.2
Agilitas 2020 Fund Europe 1,204 0.2
TDR Capital II Western Europe 1,159 0.2
TDR II Annex Fund Western Europe 998 0.2
ArchiMed MED III Global 678 0.1
Med Platform II Global 363 0.1
Volpi Capital Northern Europe 76 -
Wisequity VI Italy 29 -
Total Buyout Funds - Pan European 54,756 9.9
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 15,346 2.8
August Equity Partners V United Kingdom 8,663 1.6
Axiom 1 United Kingdom 6,247 1.1
August Equity Partners IV United Kingdom 6,055 1.1
Inflexion Supplemental V United Kingdom 5,967 1.1
Apiary Capital Partners I United Kingdom 5,929 1.1
Inflexion Buyout Fund V United Kingdom 5,799 1.1
Kester Capital II United Kingdom 4,118 0.7
Piper Private Equity VI United Kingdom 4,056 0.7
Inflexion Buyout Fund IV United Kingdom 3,790 0.7
Inflexion Enterprise Fund IV United Kingdom 3,064 0.6
Inflexion Partnership Capital II United Kingdom 2,874 0.5
FPE Fund II United Kingdom 2,689 0.5
FPE Fund III United Kingdom 2,327 0.4
Inflexion Enterprise Fund V United Kingdom 2,130 0.4
RJD Private Equity Fund III United Kingdom 1,921 0.3
Inflexion Buyout Fund VI United Kingdom 1,795 0.3
Inflexion Supplemental IV United Kingdom 1,759 0.3
GCP Europe II United Kingdom 1,456 0.3
Horizon Capital 2013 United Kingdom 1,253 0.2
Piper Private Equity VII United Kingdom 1,230 0.2
Primary Capital IV United Kingdom 1,197 0.2
Inflexion Partnership Capital I United Kingdom 1,188 0.2
Dunedin Buyout Fund II United Kingdom 975 0.2
Inflexion 2012 Co-Invest Fund United Kingdom 678 0.1
Kester Capital III United Kingdom 664 0.1
Inflexion 2010 Fund United Kingdom 405 0.1
Piper Private Equity V United Kingdom 395 0.1
August Equity Partners III United Kingdom 1 -
Total Buyout Funds - UK 93,971 17.0
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Bencis V Benelux 9,669 1.7
Aliante Equity 3 Italy 8,330 1.5
DBAG VII DACH 5,171 0.9
Vaaka III Finland 5,106 0.9
Capvis III CV DACH 5,008 0.9
Italian Portfolio Italy 4,926 0.9
Montefiore IV France 4,644 0.8
Summa II Nordic 4,298 0.8
Chequers Capital XVII France 4,103 0.7
DBAG VIII DACH 4,012 0.7
Procuritas VI Nordic 3,926 0.7
Avallon MBO Fund III Poland 3,585 0.7
Verdane Edda Nordic 3,370 0.6
ARX CEE IV Eastern Europe 3,020 0.5
Montefiore V France 2,917 0.5
Corpfin Capital Fund IV Spain 2,761 0.5
Capvis IV DACH 2,540 0.5
Procuritas Capital IV Nordic 2,534 0.5
Procuritas VII Nordic 2,401 0.4
NEM Imprese III Italy 2,341 0.4
Summa I Nordic 2,250 0.4
Corpfin V Spain 1,787 0.3
DBAG Fund VI DACH 1,629 0.3
Vaaka II Finland 1,566 0.3
Vaaka IV Finland 1,419 0.3
Portobello Fund III Spain 1,159 0.2
Summa III Northern Europe 952 0.2
Avallon MBO Fund II Poland 935 0.2
DBAG VIIB DACH 925 0.2
Verdane XI Northern Europe 821 0.2
Chequers Capital XVI France 791 0.1
DBAG VIIIB DACH 643 0.1
PineBridge New Europe II Eastern Europe 444 0.1
Ciclad 5 France 374 0.1
Procuritas Capital V Nordic 288 0.1
Gilde Buyout Fund III Benelux 92 -
Capvis III DACH 50 -
N+1 Private Equity Fund II Iberia 42 -
Ciclad 4 France 18 -
DBAG Fund V DACH 5 -
Total Buyout Funds - Continental Europe 100,852 18.2
Private Equity Funds - USA
Blue Point Capital IV North America 7,808 1.4
Camden Partners IV United States 3,407 0.6
Stellex Capital Partners North America 3,069 0.6
Graycliff III United States 3,043 0.6
Graycliff IV North America 2,778 0.5
Blue Point Capital III North America 2,675 0.5
Level 5 Fund II United States 2,602 0.5
MidOcean VI United States 756 0.1
Blue Point Capital II North America 152 -
HealthpointCapital Partners III United States 122 -
Total Private Equity Funds - USA 26,412 4.8
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - Global
Corsair VI Global 4,279 0.8
Hg Saturn 3 Global 1,059 0.2
PineBridge GEM II Global 921 0.2
F&C Climate Opportunity Partners Global 728 0.1
PineBridge Latin America II South America 56 -
AIF Capital Asia III Asia 39 -
Warburg Pincus IX Global 3 -
Total Private Equity Funds - Global 7,085 1.3
Venture Capital Funds
SEP V United Kingdom 9,618 1.7
MVM V Global 4,276 0.8
Kurma Biofund II Europe 2,262 0.4
SEP IV United Kingdom 1,545 0.3
Northern Gritstone United Kingdom 1,040 0.2
SEP VI Europe 979 0.2
Pentech Fund II United Kingdom 436 0.1
SEP II United Kingdom 275 -
Life Sciences Partners III Western Europe 248 -
Environmental Technologies Fund Europe 61 -
SEP III United Kingdom 43 -
MVM VI Global 4 -
Total Venture Capital Funds 20,787 3.7
Direct - Quoted
Ashtead United Kingdom 5,185 0.9
Total Direct - Quoted 5,185 0.9
Secondary Funds
The Aurora Fund Europe 670 0.1
Total Secondary Funds 670 0.1
Direct Investments/Co-investments
Sigma United States 15,803 2.9
Coretrax United Kingdom 13,220 2.4
Jollyes United Kingdom 11,937 2.2
TWMA United Kingdom 10,004 1.8
Aurora Payment Solutions United States 9,761 1.8
ATEC (CETA) United Kingdom 8,875 1.6
San Siro Italy 8,631 1.6
AccuVein United States 8,356 1.5
Amethyst Radiotherapy Europe 7,802 1.4
Cyclomedia Netherlands 7,779 1.4
Velos IoT (JT IoT) United Kingdom 6,818 1.2
Leader96 Bulgaria 6,704 1.2
Swanton United Kingdom 6,682 1.2
Prollenium North America 6,615 1.2
Rosa Mexicano United States 6,363 1.2
Asbury Carbons North America 6,338 1.1
Weird Fish United Kingdom 5,867 1.1
Family First United Kingdom 5,436 1.0
Walkers Transport United Kingdom 5,257 0.9
Cybit (Perfect Image) United Kingdom 5,116 0.9
Cyberhawk United Kingdom 5,055 0.9
Orbis United Kingdom 4,894 0.9
123Dentist Canada 4,755 0.9
Dotmatics United Kingdom 4,537 0.8
Omlet United Kingdom 4,371 0.8
1Med Switzerland 4,364 0.8
Agilico (DMC Canotec) United Kingdom 4,000 0.7
Contained Air Solutions United Kingdom 3,969 0.7
LeadVenture United States 3,847 0.7
PathFactory Canada 3,754 0.7
Habitus Denmark 3,597 0.7
MedSpa Partners Canada 3,549 0.6
Ambio Holdings United States 3,450 0.6
Avalon United Kingdom 3,402 0.6
Alessa (Tier1 CRM) Canada 3,399 0.6
Collingwood Insurance Group United Kingdom 3,034 0.5
StarTraq United Kingdom 2,702 0.5
CARDO Group (Sigma II) United Kingdom 2,661 0.5
Vero Biotech United States 2,518 0.5
Neurolens United States 2,418 0.4
GT Medical United States 1,884 0.3
Bomaki Italy 1,756 0.3
Rephine United Kingdom 1,674 0.3
OneTouch United Kingdom 1,246 0.2
TDR Algeco/Scotsman Europe 246 -
Total Direct Investments/Co-investments 244,446 44.1
Total Portfolio 554,164 100.0
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2023
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Losses on investments held at fair value - (10,390) (10,390)
Exchange gains - 1,643 1,643
Investment income 1,167 - 1,167
Other income 389 - 389
Total income 1,556 (8,747) (7,191)
Expenditure
Investment management fee - basic fee (234) (2,110) (2,344)
Investment management fee - performance fee - - -
Other expenses (563) - (563)
Total expenditure (797) (2,110) (2,907)
Profit/(loss) before finance costs and taxation 759 (10,857) (10,098)
Finance costs (192) (1,722) (1,914)
Profit/(loss) before taxation 567 (12,579) (12,012)
Taxation - - -
Profit/(loss) for period/total comprehensive income 567 (12,579) (12,012)
Return per Ordinary Share 0.78p (17.27)p (16.49)p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Statement of Comprehensive Income for the
half year ended 30 June 2022
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 26,375 26,375
Exchange losses - (1,028) (1,028)
Investment income 1,890 - 1,890
Other income 60 - 60
Total income 1,950 25,347 27,297
Expenditure
Investment management fee - basic fee (224) (2,012) (2,236)
Investment management fee - performance fee - (5,283) (5,283)
Other expenses (533) - (533)
Total expenditure (757) (7,295) (8,052)
Profit before finance costs and taxation 1,193 18,052 19,245
Finance costs (120) (1,077) (1,197)
Profit before taxation 1,073 16,975 18,048
Taxation - - -
Profit for period/total comprehensive income 1,073 16,975 18,048
Return per Ordinary Share 1.45p 22.99p 24.44p
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
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 losses - (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
The total column is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
CT Private Equity Trust PLC
Amounts Recognised as Dividends
Six months ended 30 June 2023 (unaudited) Six months ended 30 June 2022 (unaudited)
£'000 £'000 Year ended 31 December 2022
(audited)
£'000
Quarterly Ordinary Share dividend of 5.27p per share for the quarter ended 30 - 3,897 3,897
September 2021
Quarterly Ordinary Share dividend of 5.65p per share for the quarter ended 31 - 4,177 4,178
December 2021
Quarterly Ordinary Share dividend of 6.05p per share for the quarter ended 31 - - 4,407
March 2022
Quarterly Ordinary Share dividend of 6.31p per share for the quarter ended 30 - - 4,596
June 2022
Quarterly Ordinary Share dividend of 6.62p per share for the quarter ended 30 4,822 - -
September 2022
Quarterly Ordinary Share dividend of 6.79p per share for the quarter ended 31 4,946 - -
December 2022
9,768 8,074 17,078
CT Private Equity Trust PLC
Balance Sheet
As at 30 June 2023 As at 30 June 2022 As at 31 December 2022
(unaudited) (unaudited)
(audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 554,164 500,851 528,557
Current assets
Other receivables 704 280 389
Cash and cash equivalents 13,343 22,377 34,460
14,047 22,657 34,849
Current liabilities
Other payables (3,782) (8,110) (7,411)
Interest-bearing bank loan (68,534) (16,124) (16,618)
(72,316) (24,234) (24,029)
Net current (liabilities)/assets (58,269) (1,577) 10,820
Non-current liabilities
Interest-bearing bank loan - (20,867) (21,702)
Net assets 495,895 478,407 517,675
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 449,865 432,377 471,645
Shareholders' funds 495,895 478,407 517,675
Net asset value per Ordinary Share 680.75p 656.75p 710.65p
CT Private Equity Trust PLC
Statement of Changes in Equity
Special Distributable Capital Reserve Special Distributable Revenue Reserve
Share Premium Account Capital Redemption Reserve
Share Capital Capital Reserve Revenue Reserve
Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
For the six months ended 30 June 2023 (unaudited)
Net assets at 1 January 2023 739 2,527 10,026 31,403 1,335 471,645 - 517,675
Buyback of ordinary shares - - - - - - - -
Profit for the period/total comprehensive income
- - - -
567
- (12,579) (12,012)
Dividends paid - - - - - (9,201) (567) (9,768)
Net assets at 30 June 2023 739 2,527 10,026 31,403 1,335 449,865 - 495,895
For the six months ended 30 June 2022 (unaudited)
Net assets at 1 January 2022 739 2,527 15,040 31,403 1,335 422,403 - 473,447
Buyback of ordinary shares - - (5,014) - - - - (5,014)
Profit for the period/total comprehensive income
- - - -
1,073
- 16,975 18,048
Dividends paid - - - - - (7,001) (1,073) (8,074)
Net assets at 30 June 2022 739 2,527 10,026 31,403 1,335 432,377 - 478,407
For the year ended 31 December 2022 (audited)
Net assets at 1 January 2022 739 2,527 15,040 31,403 1,335 422,403 - 473,447
Buyback of ordinary shares - - (5,014) - - - - (5,014)
Profit for the period/total comprehensive income
- - - -
-
63,379 2,941
66,320
Dividends paid - - - - - (14,137) (2,941) (17,078)
Net assets at 31 December 2022 739 2,527 10,026 31,403 1,335 471,645 - 517,675
CT Private Equity Trust PLC
Cash Flow Statement
Six months ended Six months ended Year ended
30 June 2023 30 June 2022 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Loss/profit before taxation (12,012) 18,048 66,320
Adjustments for:
Gain on disposals of investments (21,084) (21,950) (62,951)
Loss/(gain) on amount of fair value movement
31,474 (4,425) (14,379)
Exchange differences (1,643) 1,028 2,083
Finance costs 1,914 1,197 2,548
Increase in other receivables (4) (46) (2)
(Decrease)/increase in other payables (4,253) 1,239 358
Net cash outflow from operating activities (5,608) (4,909) (6,023)
Investing activities
Purchases of investments (74,468) (37,294) (88,593)
Sales of investments 38,471 45,865 120,413
Net cash (outflow)/inflow from investing activities (35,997) 8,571 31,820
Financing activities
Drawdown of bank loans, net of costs 31,437 - -
Arrangement cost of loan facility (28) (28) (28)
Interest paid (1,426) (772) (1,919)
Buyback of ordinary shares - (5,014) (5,014)
Equity dividends paid (9,768) (8,074) (17,078)
20,215 (13,888)
Net cash inflow/(outflow) from financing activities (24,039)
Net (decrease)/increase in cash and cash equivalents (21,390) (10,226) 1,758
Currency gains/(losses) 273 (99) -
Net (decrease)/increase in cash and cash equivalents (21,117) (10,325) 1,758
Opening cash and cash equivalents 34,460 32,702 32,702
Closing cash and cash equivalents 13,343 22,377 34,460
Directors' Statement of Principal Risks and Uncertainties
The principal risks identified in the Annual Report and Accounts for the year
ended 31 December 2022 were:
• Economic, macro and political;
• Liquidity and capital structure;
• Regulatory;
• Personnel issues;
• Fraud and cyber;
• Market;
• ESG; and
• Operational.
These risks are described in more detail under the heading "Principal Risks"
within the Strategic Report in the Company's Annual Report and Accounts for
the year ended 31 December 2022.
At present the global economy continues to suffer considerable disruption due
to inflationary pressures, the war in Ukraine and the after effects of the
COVID-19 pandemic. The Directors continue to review the key risk matrix for
the Company which identifies the risks that the Company is exposed to, the
controls in place and the actions being taken to mitigate them.
It is also noted that:
· An analysis of the performance of the Company since 1 January 2023 is
included within the Chairman's Statement and the Manager's Review.
· The Company's five-year borrowing facility is composed of a €25
million term loan and a £95 million multi-currency revolving credit facility.
As at 30 June 2023 borrowings were £68.5 million. The interest rate payable
is variable.
· Note 8 details the Board's consideration for the continued
applicability of the principle of Going Concern when preparing this report.
On behalf of the Board
Richard Gray
Chairman
Statement of Directors' Responsibilities in Respect of the Half Yearly
Financial Report
We confirm that to the best of our knowledge:
• the condensed set of financial statements have been prepared in accordance
with applicable UK-adopted International Accounting Standards on a going
concern basis and give a true and fair view of the assets, liabilities,
financial position and return of the Company;
• the Chairman's Statement, Investment Manager's Review and the Directors'
Statement of Principal Risks and Uncertainties (together constituting the
Interim Management Report) include a fair review of the information required
by the Disclosure Guidance and Transparency Rule ('DTR') 4.2.7R, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the financial statements;
• the Directors' Statement of Principal Risks and Uncertainties is a fair
review of the principal risks and uncertainties for the remainder of the
financial year; and
• the half-yearly report includes a fair review of the information required
by DTR 4.2.8R, being related party transactions that have taken place in the
first six months of the current financial year and that have materially
affected the financial position or performance of the Company during the
period, and any changes in the related party transactions described in the
last Annual Report that could do so.
On behalf of the Board
Richard Gray
Chairman
Notes (unaudited)
1. The condensed company financial statements have been prepared on a
going concern basis in accordance with International Financial Reporting
Standard ('IFRS') IAS 34 'Interim Financial Reporting' and the accounting
policies set out in the statutory accounts for the year ended 31 December
2022. The condensed financial statements do not include all of the information
and disclosures required for a complete set of IFRS financial statements and
should be read in conjunction with the financial statements for the year ended
31 December 2022, which were prepared in accordance with the Companies Act
2006 and UK adopted international accounting standards.
2. Earnings for the six months to 30 June 2023 should not be taken as a
guide to the results for the year to 31 December 2023.
3. Investment management fee:
Six months to Six months to Year ended
30 June 2023 30 June 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
Investment management fee - basic fee 234 2,110 2,344 224 2,012 2,236 464 4,172 4,636
Investment management fee - performance fee - - - - 5,283 5,283 - 5,402 5,402
234 2,110 2,344 224 7,295 7,519 464 9,574 10,038
4. Finance costs:
Six months to Six months to Year ended
30 June 2023 30 June 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 192 1,722 1,914 120 1,077 1,197 254 2,294 2,548
5. The return per Ordinary Share is based on a net loss on ordinary
activities after taxation of £12,012,000 (30 June 2022 - profit £18,048,000;
31 December 2022 - profit £66,320,000) and on 72,844,938 (30 June
2022-73,847,912; 31 December 2022 -73,342,303) shares, being the weighted
average number of Ordinary Shares in issue during the period.
6. The net asset value per Ordinary Share is based on net assets at the
period end of £495,895,000 (30 June 2022 - £478,407,000; 31 December 2022 -
£517,675,000) and on 72,844,938 (30 June 2022 - 72,844,938; 31 December 2022
- 72,844,938 shares, being the number of Ordinary Shares in issue at the
period end.
7. The fair value measurements for financial assets and liabilities are
categorised into different levels in the fair value hierarchy based on inputs
to valuation techniques used. The different levels are defined as follows:
Level 1 reflects financial instruments quoted in an active market.
Level 2 reflects financial instruments whose fair value is evidenced by
comparison with other observable current market transactions in the same
instrument or based on a valuation technique whose variables includes only
data from observable markets.
Level 3 reflects financial instruments whose fair value is determined in whole
or in part using a valuation technique based on assumptions that are not
supported by prices from observable market transactions in the same instrument
and not based on available observable market data.
Level 1 Level 2 Level 3 Total
£'000 £'000 £'000 £'000
30 June 2023
Financial assets
Investments 5,185 - 548,979 554,164
Financial liabilities
Multi-currency revolving credit facility - (47,413) - (47,413)
Term loan - (21,430) - (21,430)
30 June 2022
Financial assets
Investments 570 - 500,281 500,851
Financial liabilities
Multi-currency revolving credit facility - (16,124) - (16,124)
Term loan - (21,510) - (21,510)
31 December 2022
Financial assets
Investments 5,477 - 523,080 528,557
Financial liabilities
Multi-currency revolving credit facility - (16,618) - (16,618)
Term loan - (22,166) - (22,166)
There were no transfers between levels in the fair value hierarchy in the
period ended 30 June 2023. Transfers between levels of the fair value
hierarchy are deemed to have occurred at the date of the event that caused the
transfer.
Valuation techniques
Quoted fixed asset investments held are valued at bid prices which equate to
their fair values. When fair values of publicly traded equities are based on
quoted market prices in an active market without any adjustments, the
investments are included within Level 1 of the hierarchy. The Company
invests primarily in private equity funds and co-investments via limited
partnerships or similar fund structures. Such vehicles are mostly unquoted
and in turn invest in unquoted securities. The fair value of a holding is
based on the Company's share of the total net asset value of the fund or share
of the valuation of the co-investment calculated by the lead private equity
manager on a quarterly basis. The lead private equity manager derives the net
asset value of a fund from the fair value of underlying investments. The fair
value of these underlying investments and the Company's co-investments is
calculated using methodology which is consistent with the International
Private Equity and Venture Capital Valuation Guidelines ('IPEG'). In
accordance with IPEG these investments are generally valued using an
appropriate multiple of maintainable earnings, which has been derived from
comparable multiples of quoted companies or recent transactions. The Columbia
Threadneedle private equity team has access to the underlying valuations used
by the lead private equity managers including multiples and any adjustments.
The Columbia Threadneedle private equity team generally values the Company's
holdings in line with the lead managers but may make adjustments where they do
not believe the underlying managers' valuations represent fair value. On a
quarterly basis, the Columbia Threadneedle private equity team present the
valuations to the Board. This includes a discussion of the major assumptions
used in the valuations, which focuses on significant investments and
significant changes in the fair value of investments. If considered
appropriate, the Board will approve the valuations.
The interest-bearing bank loans are recognised in the Balance Sheet at
amortised cost in accordance with IFRS. The fair value of the term loan is
based on a marked to market basis. The fair value is calculated using a
discounted cash flow technique based on relevant interest rates. The fair
value of the multi-currency revolving credit facility is not materially
different to the carrying value. The fair values of all of the Company's other
financial assets and liabilities are not materially different from their
carrying values in the balance sheet.
Significant unobservable inputs for Level 3 valuations
The Company's unlisted investments are all classified as Level 3 investments.
The fair values of the unlisted investments have been determined principally
by reference to earnings multiples, with adjustments made as appropriate to
reflect matters such as the sizes of the holdings and liquidity. The weighted
average earnings multiple for the portfolio as at 30 June 2023 was 11.6 times
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) (30 June
2022: 12.2 times EBITDA; 31 December 2022: 11.6 times EBITDA).
The significant unobservable input used in the fair value measurement
categorised within Level 3 of the fair value hierarchy together with a
quantitative sensitivity analysis are shown below:
Period ended Input Sensitivity used* Effect on fair value £'000
30 June 2023 Weighted average earnings multiple 1x 64,954
30 June 2022 Weighted average earnings multiple 1x 52,813
31 December 2022 Weighted average earnings multiple 1x 61,833
* The sensitivity analysis refers to an amount added or deducted from the
input and the effect this has on the fair value.
The fair value of the Company's unlisted investments is sensitive to changes
in the assumed earnings multiples. The managers of the underlying funds assume
an earnings multiple for each holding. An increase in the weighted average
earnings multiple would lead to an increase in the fair value of the
investment portfolio and a decrease in the multiple would lead to a decrease
in the fair value.
The following table shows a reconciliation of all movements in the fair value
of financial instruments categorised within Level 3 between the beginning and
the end of the period:
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Balance at beginning of period 523,080 482,747 482,747
Purchases 74,468 37,294 88,593
Transfers - - (626)
Sales (37,140) (45,865) (117,003)
Gains on disposal 19,753 21,950 60,167
Holding losses/gains (31,182) 4,155 9,202
Balance at end of period 548,979 500,281 523,080
8. In assessing the going concern basis of accounting the Directors have
had regard to the guidance issued by the Financial Reporting Council. They
have considered the current cash position of the Company, the availability of
the Company's loan facility and compliance with its banking covenants. They
have also considered period end cash balances and forecast cashflows, the
operational resilience of the Company and its service providers and the annual
dividend.
As at 30 June 2023, the Company had outstanding undrawn commitments of £208.9
million. Of this amount, approximately £24.9 million is to funds where the
investment period has expired and the Manager would expect very little of this
to be drawn. Of the outstanding undrawn commitments remaining within their
investment periods, the Manager would expect that a significant amount will
not be drawn before these periods expire. The Company has a committed
borrowing facility comprising a term loan of €25 million and a revolving
credit facility of £95 million. This facility is due to expire on 19 June
2024 when its five-year term concludes.
At 30 June 2023 the Company had fully drawn the term loan of €25 million and
had drawn £47.4 million of the revolving credit facility, leaving £47.6
million of the revolving credit facility available. This available proportion
of the facility can be used to fund any shortfall between the proceeds
received from realisations and drawdowns made from funds in the Company's
portfolio or funds required for co-investments. Under normal circumstances
this amount of 'headroom' in the facility would be more than adequate to meet
any such shortfall.
At present the global economy continues to suffer disruption due to
inflationary pressures, the war in Ukraine and the after effects of the
COVID-19 pandemic and the Directors have given serious consideration to the
consequences of these for the private equity market in general and for the
cashflows and asset values of the Company specifically over the next twelve
months. The Company has a number of loan covenants and at present the
Company's financial situation does not suggest that any of these covenants are
close to being breached.
Furthermore, the Directors have considered in detail a number of remedial
measures that are open to the Company which it may take if such a covenant
breach appears possible. These include reducing commitments and raising cash
through engaging with the private equity secondaries market. The Managers have
considerable experience in the private equity secondaries market through the
activities of the Company and through the management of other private equity
funds. The Directors have considered other actions which the Company may take
in the event that a covenant breach was imminent including taking measures to
increase the Company's asset base through an issuance of equity either for
cash or pursuant to the acquisition of other private equity assets. The
Directors have also considered the likelihood of the Company making
alternative banking arrangements with its current lender or another lender.
Having considered the likelihood of the events which could cause a covenant
breach and the remedies available to the Company, the Directors are of the
view that the Company is well placed to manage such an eventuality
satisfactorily.
Based on this information the Directors believe that the Company has the
ability to meet its financial obligations as they fall due for a period of at
least twelve months from the date of approval of these financial statements.
Accordingly, these financial statements have been prepared on a going concern
basis.
9. These are not statutory accounts in terms of Section 434 of the
Companies Act 2006 and have not been audited or reviewed by the Company's
auditors. The information for the year ended 31 December 2022 has been
extracted from the latest published financial statements which received an
unqualified audit report and have been filed with the Registrar of Companies.
No statutory accounts in respect of any period after 31 December 2022 have
been reported on by the Company's auditors or delivered to the Registrar of
Companies. The Half-Year Report will be available shortly at the Company's
website address, www.ctprivateequitytrust.com.
For more information, please contact:
Hamish Mair (Fund Manager) 0131 718 1184
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com)
Scott McEllen (Company Secretary) 0131 718 1137
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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