REG - CT Private Eq Trust - Quarterly net asset value and dividend
23/05/2023 11:45
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RNS Number : 3718A CT Private Equity Trust PLC 23 May 2023
To: Stock Exchange For immediate release:
23 May 2023
CT Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2023 (unaudited)
· Share price total return for the three-month period ended 31
March 2023 of 6.8%.
· NAV total return per share for the three-month period ended 31
March 2023 of -0.2%.
· NAV of 702.47p per share as at 31 March 2023.
· Quarterly dividend of 6.95p per Ordinary Share representing a
yield of 6.0%∞.
Introduction
As at 31 March 2023 the net assets of the Company were £511.7 million giving
a Net Asset Value ("NAV") per share of 702.47p, which taking account of the
dividend of 6.62p paid on 31 January 2023 gives a total return of -0.2% for
the first quarter. This valuation comes only a few weeks after the full year
valuation and is largely composed of 31 December 2022 valuations with c.10% of
valuations struck at 31 March 2023. This is in line with the proportions in
previous years. The pound has strengthened slightly over the quarter and this
has acted at a portfolio level to reduce the valuation by just under 1%
largely offsetting the small underlying gain in the overall valuation before
taking account of costs.
The share price total return over the quarter was 6.8%. More recently there
has been an improvement and at the time of writing (price 493p) the discount
to NAV is 30%.
At 31 March 2023 the Company had net debt of £21.2 million. The outstanding
undrawn commitments are £189 million, of which £26 million is to funds where
the investment period has expired.
A dividend of 6.79p was paid on 28 April 2023. In accordance with the
Company's dividend policy the next dividend will be 6.95p which will be paid
on 31 July 2023 to Shareholders on the register on 7 July 2023 with an
ex-dividend date of 6 July 2023.
New Investments
Three new fund commitments have been added during the quarter. £8 million has
been committed to Kester Capital III, a UK focussed lower mid-market buy-out
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
buy-out fund whom we have backed through one of our other funds before. Lastly
£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.
Two new co-investments were added. 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. This is thought to
extend life and promote recovery. 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 Truewind
Capital.
During the quarter we have made no fewer than six follow on investments into
co-investments. These are for various reasons; Med Spa (£1.9 million -
acquiring new clinics as part of the roll-out), Leader 96 (£1.2 million -
funding higher than expected working capital), TWMA (£1.1 million - improving
liquidity and funding capex for major new contracts), Aurora Payments (£1.0
million - funding add-ons and a shortfall due to a delay in the release of
funds in escrow), Vero Biotech (£0.9 million - helping fund the launch of the
third generation nitric oxide gas cassette device) and Accuvein (£0.8 million
- junior debt issue, slightly more than our pro-rata share).
Dealflow for both funds and co-investments remains strong and since the
quarter end we have made four commitments to funds and five co-investments.
The fund commitments and co-investments cover Europe and North America and
give diverse sectoral exposure.
We have made a $10 million commitment split evenly between Level 5 Capital
Partners II and its associated co-investment vehicle Purpose Brands. Level 5
concentrates on consumer-focussed franchise growth investments and is based in
Atlanta, Georgia. €5 million has been committed to Magnesium Capital I, a
European energy transition fund. €5 million has been committed to Hg Mercury
4, a lower mid-market software and services fund investing in Europe and North
America. Lastly, €8 million has been committed to Wise Equity VI, the latest
fund by one of the leading Italian mid-market buy-out managers.
The new co-investments cover a range of industries and geographies. €10
million has been invested in the Volpi led co-investment in Cyclomedia. Volpi
has been invested in this Netherlands based mapping and surveying company
since 2018 and we are increasing our exposure through a continuation vehicle.
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. $8.0 million has been invested in Asbury Carbons, a Pennsylvania
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. £5 million 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 coinvested with several
times and who specialise in energy transition investments. £2.7 million 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. We have also invested £1.2 million 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.
The funds in the portfolio have been active in making new investments. 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. 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.
The total of drawdowns from funds and co-investments in the quarter was £34.8
million (2022: £20.6 million). This combined with the investments made so far
this quarter is evidence of the strong dealflow accessible to the Company in
the mid-market tier of private equity internationally. Additionally, it is a
sign of continuing confidence on the part of our investment partners.
Realisations
There have been many realisations across the portfolio this quarter. The
staged sell down of our remaining positions in the now listed Ashtead
Technology have generated £4.7 million. There is a further £4+ million still
to be realised as market conditions allow. 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 £0.4 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.
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. In France 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).
Also in France, Ciclad 4 exited wine drums company H&A Location returning
£0.7 million with an excellent return of 8x cost. 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. 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).
The total for realisations and associated income this quarter was £23.9
million which compares with £16.2 million at the same point in 2022.
Valuation Movements
There have been a few notable movements in valuation this quarter, although
without the 31 March reports available these have been limited. Jollyes, the
pet shop chain led by Kester is up by £1.4 million reflecting strong trading
performance. The combined TDR funds were up £1.4 million, as the remaining
holding of shares in Target Hospitality increased in price. The Italian sub
portfolio is up by £1.1 million mainly due to an uplift for ultra high-end
furniture company Giorgetti. Other notable positives are from Kester Capital
II, which is up by £0.9 million following the exit of Vixio noted above and
Apiary I which is up by £0.8 million reflecting progress across the portfolio
and including a superb recovery for TAG, the travel management company to the
global live music and entertainment touring industry. TAG is now trading
strongly, well up from the nadir of the pandemic. There were a few negative
movements, with for example Agilitas 2015 down £1.1 million reflecting a,
hopefully, temporary portfolio company downgrade and follow-on. Corsair VI was
down by £0.5 million as it experiences the J-curve effect as it builds out
its portfolio. TWMA is down £0.3 million as forecasts, which remain
encouraging, are taking longer to materialise. In summary, in a usually quiet
quarter for valuation movements the portfolio has held up well as would be
expected at this stage in the year.
Financing
The Company has drawn down more of its borrowing facility during the quarter
and afterwards. This has been to build up the portfolio with new investments
to provide future returns. The realisation proceeds are ahead of last year and
very healthy. There are a number of further realisations in process which may
complete during the current quarter. The gearing level of the Company was
around 4% at the end of March and it will rise a little as the new investments
noted above are made depending on the timing of realisation proceeds. As we
expect the return on investments to comfortably outstrip the cost of borrowing
over the long term this moderate gearing should enhance NAV. We retain most of
the revolving credit facility available to cover any difference between
realisations and new investments. Later in the year we will engage with the
bank well ahead of the expiry of the facility in June 2024.
Outlook
The economic background with high inflation and sluggish growth
internationally remains challenging. As ever the impact across the portfolio
is uneven with consumer facing businesses more affected, although many of
these have staged impressive recoveries over the last two years. From the
review of our portfolio, it is clear that companies which offer innovative
products and services and which exhibit well defined growth trends are
achieving good exits and are unsurprisingly entering the portfolio as new
investments. Whilst our portfolio is overwhelmingly composed of buyouts many
of these companies have a technology foundation, whether in software or its
application or in the broad and innovative healthcare sectors, underpinning
their specific investment theses. Our investment partners search energetically
across Europe and further afield for these companies which can offer excellent
returns in the medium and long term. The current flow of realisations which
has continued very well so far this year indicates underlying momentum in the
portfolio maintaining our confidence that Shareholders will continue to
benefit as the year progresses.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
∞ Calculated as dividends of 6.31p paid on 31 October 2022, 6.62p paid on 31
January 2023, 6.79p paid on 28 April 2023 and 6.95p payable on 31 July 2023
divided by the Company's share price of 445.00p as at 31 March 2023.
Portfolio Summary
Ten Largest Individual Holdings Total Valuation £'000 % of Total Portfolio
As at 31 March 2023
Sigma 17,681 3.3
Inflexion Strategic Partners 14,980 2.8
Coretrax 14,061 2.6
Jollyes 11,078 2.1
TWMA 10,844 2.0
Aurora Payment Solutions 10,442 1.9
F&C European Capital Partners 10,117 1.9
Bencis V 9,721 1.8
SEP V 9,189 1.7
Apposite Healthcare II 8,828 1.6
116,941 21.7
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
F&C European Capital Partners Europe 10,117 1.9
Apposite Healthcare II Europe 8,828 1.6
Stirling Square Capital II Europe 7,766 1.4
Volpi Capital Northern Europe 6,772 1.3
Apposite Healthcare III Europe 5,986 1.1
Agilitas 2015 Fund Northern Europe 5,053 0.9
ArchiMed II Western Europe 4,509 0.8
Astorg VI Western Europe 3,189 0.6
TDR Capital II Western Europe 1,411 0.3
Silverfleet European Dev Fund Europe 1,215 0.2
TDR II Annex Fund Western Europe 1,202 0.2
Agilitas 2020 Fund Europe 743 0.1
Med Platform II Global 599 0.1
Volpi III Northern Europe 295 0.1
ArchiMed MED III Global 279 0.1
Total Buyout Funds - Pan European 57,964 10.7
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 14,980 2.8
August Equity Partners V United Kingdom 7,576 1.4
Apiary Capital Partners I United Kingdom 6,325 1.2
Axiom 1 United Kingdom 6,233 1.1
Inflexion Supplemental V United Kingdom 5,581 1.0
August Equity Partners IV United Kingdom 5,499 1.0
Inflexion Buyout Fund V United Kingdom 5,488 1.0
Piper Private Equity VI United Kingdom 4,224 0.8
Kester Capital II United Kingdom 4,007 0.7
Inflexion Buyout Fund IV United Kingdom 3,634 0.7
Inflexion Enterprise Fund IV United Kingdom 2,711 0.5
FPE Fund II United Kingdom 2,556 0.5
Inflexion Partnership Capital II United Kingdom 2,484 0.5
FPE Fund III United Kingdom 2,039 0.4
Inflexion Enterprise Fund V United Kingdom 1,983 0.4
RJD Private Equity Fund III United Kingdom 1,963 0.4
Inflexion Supplemental IV United Kingdom 1,593 0.3
GCP Europe II United Kingdom 1,433 0.3
Horizon Capital 2013 United Kingdom 1,298 0.2
Piper Private Equity VII United Kingdom 1,280 0.2
Primary Capital IV United Kingdom 1,195 0.2
Inflexion Buyout Fund VI United Kingdom 1,123 0.2
Inflexion Partnership Capital I United Kingdom 935 0.2
Dunedin Buyout Fund II United Kingdom 925 0.2
Inflexion 2012 Co-Invest Fund United Kingdom 836 0.1
Kester Capital III United Kingdom 756 0.1
Inflexion 2010 Fund United Kingdom 504 0.1
Piper Private Equity V United Kingdom 405 0.1
August Equity Partners III United Kingdom 2 -
Total Buyout Funds - UK 89,568 16.6
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Bencis V Benelux 9,721 1.8
Aliante Equity 3 Italy 8,518 1.6
DBAG VII DACH 5,912 1.1
Vaaka III Finland 5,449 1.0
Capvis III CV DACH 5,105 0.9
Italian Portfolio Italy 4,967 0.9
Summa II Nordic 4,888 0.9
Montefiore IV France 4,314 0.8
Chequers Capital XVII France 4,058 0.7
Procuritas VI Nordic 4,018 0.7
DBAG VIII DACH 3,562 0.7
Verdane Edda Nordic 3,333 0.6
Avallon MBO Fund III Poland 3,317 0.6
Procuritas Capital IV Nordic 3,143 0.6
ARX CEE IV Eastern Europe 3,008 0.6
Corpfin Capital Fund IV Spain 2,720 0.5
Capvis IV DACH 2,532 0.5
NEM Imprese III Italy 2,368 0.4
Summa I Nordic 2,233 0.4
Montefiore V France 2,142 0.4
Vaaka II Finland 1,767 0.3
DBAG Fund VI DACH 1,539 0.3
Corpfin V Spain 1,521 0.3
Vaaka IV Finland 1,318 0.2
Chequers Capital XVI France 1,206 0.2
Portobello Fund III Spain 1,107 0.2
Ciclad 5 France 1,054 0.2
DBAG VIIB DACH 884 0.2
Avallon MBO Fund II Poland 831 0.2
Procuritas VII Nordic 621 0.1
DBAG VIIIB DACH 588 0.1
Verdane XI Northern Europe 463 0.1
PineBridge New Europe II Eastern Europe 433 0.1
Summa III Northern Europe 315 0.1
Procuritas Capital V Nordic 295 0.1
Gilde Buyout Fund III Benelux 92 -
Capvis III DACH 51 -
N+1 Private Equity Fund II Iberia 43 -
DBAG Fund V DACH 31 -
Total Buyout Funds - Continental Europe 99,467 18.4
Private Equity Funds - USA
Blue Point Capital IV North America 7,922 1.5
Camden Partners IV United States 3,484 0.6
Graycliff III United States 3,013 0.6
Stellex Capital Partners North America 2,967 0.6
Blue Point Capital III North America 2,844 0.5
Graycliff IV North America 2,650 0.5
MidOcean VI United States 1,031 0.2
Blue Point Capital II North America 156 -
HealthpointCapital Partners III United States 135 -
Total Private Equity Funds - USA 24,202 4.5
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - Global
Corsair VI Global 3,777 0.7
PineBridge GEM II Global 947 0.2
F&C Climate Opportunity Partners Global 859 0.2
AIF Capital Asia III Asia 69 -
PineBridge Latin America II South America 57 -
Hg Saturn 3 Global 14 -
Warburg Pincus IX Global 3 -
Total Private Equity Funds - Global 5,726 1.1
Venture Capital Funds
SEP V United Kingdom 9,189 1.7
MVM V Global 4,151 0.8
Kurma Biofund II Europe 2,642 0.5
SEP IV United Kingdom 1,669 0.3
SEP VI Europe 1,135 0.2
Northern Gritstone United Kingdom 1,050 0.2
Pentech Fund II United Kingdom 393 0.1
SEP II United Kingdom 275 0.1
Life Sciences Partners III Western Europe 250 -
MVM VI Global 130 -
Environmental Technologies Fund Europe 64 -
SEP III United Kingdom 43 -
Total Venture Capital Funds 20,991 3.9
Direct - Quoted
Ashtead United Kingdom 4,673 0.9
Total Direct - Quoted 4,673 0.9
Secondary Funds
The Aurora Fund Europe 805 0.1
Total Secondary Funds 805 0.1
Direct Investments/Co-investments
Sigma United States 17,681 3.3
Coretrax United Kingdom 14,061 2.6
Jollyes United Kingdom 11,078 2.1
TWMA United Kingdom 10,844 2.0
Aurora Payment Solutions United States 10,442 1.9
San Siro Italy 8,787 1.6
ATEC (CETA) United Kingdom 8,644 1.6
AccuVein United States 8,346 1.5
Weird Fish United Kingdom 7,535 1.4
Amethyst Radiotherapy Europe 7,300 1.4
Velos IoT (JT IoT) United Kingdom 7,250 1.3
Leader96 Bulgaria 7,223 1.3
Swanton United Kingdom 6,837 1.3
Prollenium North America 6,821 1.3
Rosa Mexicano United States 6,580 1.2
Ambio Holdings United States 6,402 1.2
Orbis United Kingdom 5,600 1.0
Cybit (Perfect Image) United Kingdom 5,439 1.0
Walkers Transport United Kingdom 5,162 1.0
Cyberhawk United Kingdom 5,045 0.9
Family First United Kingdom 5,045 0.9
Omlet United Kingdom 5,027 0.9
123Dentist Canada 4,781 0.9
1Med Switzerland 4,499 0.8
Dotmatics United Kingdom 4,497 0.8
Agilico (DMC Canotec) United Kingdom 4,008 0.7
Contained Air Solutions United Kingdom 3,949 0.7
LeadVenture United States 3,882 0.7
Habitus Denmark 3,543 0.7
Alessa (Tier1 CRM) Canada 3,496 0.7
MedSpa Partners Canada 3,412 0.6
Avalon United Kingdom 3,315 0.6
PathFactory Canada 3,216 0.6
Bomaki Italy 2,978 0.6
Collingwood Insurance Group United Kingdom 2,977 0.6
Vero Biotech United States 2,456 0.5
GT Medical United States 2,426 0.5
Neurolens United States 2,218 0.4
Ashtead United Kingdom 1,622 0.3
Rephine United Kingdom 1,248 0.2
Babington United Kingdom 771 0.1
TDR Algeco/Scotsman Europe 298 0.1
Total Direct Investments/Co-investments 236,741 43.8
Total Portfolio 540,137 100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2023 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Losses on investments held at fair value - (68) (68)
Exchange gains - 237 237
Investment income 724 - 724
Other income 220 - 220
Total income 944 169 1,113
Expenditure
Investment management fee - basic fee (118) (1,065) (1,183)
Investment management fee - performance fee - - -
Other expenses (284) - (284)
Total expenditure (402) (1,065) (1,467)
Profit/(loss) before finance costs and taxation 542 (896) (354)
Finance costs (79) (709) (788)
Profit/(loss) before taxation 463 (1,605) (1,142)
Taxation - - -
Profit/(loss) for period/ total comprehensive income 463 (1,605) (1,142)
Return per Ordinary Share 0.63p (2.20p) (1.57p)
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2022 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 8,143 8,143
Exchange losses - (249) (249)
Investment income 1,332 - 1,332
Other income 17 - 17
Total income 1,349 7,894 9,243
Expenditure
Investment management fee - basic fee (110) (994) (1,104)
Investment management fee - performance fee - (5,245) (5,245)
Other expenses (274) - (274)
Total expenditure (384) (6,239) (6,623)
Profit before finance costs and taxation 965 1,655 2,620
Finance costs (59) (534) (593)
Profit before taxation 906 1,121 2,027
Taxation 6 - 6
Profit for period/ total comprehensive income 912 1,121 2,033
Return per Ordinary Share 1.23p 1.52p 2.75p
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
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 March 2023 As at 31 March 2022 As at 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 540,137 496,873 528,557
Current assets
Other receivables 1,441 249 389
Cash and cash equivalents 15,305 23,986 34,460
16,746 24,235 34,849
Current liabilities
Other payables (8,688) (13,312) (7,411)
Interest-bearing bank loan (14,937) (15,828) (16,618)
(23,625) (29,140) (24,029)
Net current (liabilities)/assets (6,879) (4,905) 10,820
Total assets less current liabilities 533,258 491,968 539,377
Non-current liabilities
Interest-bearing bank loan (21,547) (20,385) (21,702)
Net assets 511,711 471,583 517,675
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 10,026 15,040 10,026
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 465,681 420,539 471,645
Shareholders' funds 511,711 471,583 517,675
Net asset value per Ordinary Share 702.47p 637.78p 710.65p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months ended Three months ended Year
31 March 31 March ended
2023 2022 31 December 2022
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 517,675 473,447 473,447
Buyback of ordinary shares - - (5,014)
(Loss)/profit for the period/total
comprehensive income
(1,142)
2,033 66,320
Dividends paid (4,822) (3,897) (17,078)
Closing shareholders' funds 511,711 471,583 517,675
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 three months to 31 March
2023 should not be taken as a guide to the results for the year to 31 December
2023.
2. Investment management fee:
Three months ended Three months ended Year ended
31 March 2023 31 March 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
118 1,065 1,183 110 994 1,104 464 4,172 4,636
Investment management fee - performance fee
- - - - 5,245 5,245 - 5,402 5,402
118 1,065 1,183 110 6,239 6,349 464 9,574 10,038
3. Finance costs:
Three months ended Three months ended Year ended
31 March 2023 31 March 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 79 709 788 59 534 593 254 2,294 2,548
4. Returns and net asset values
Three months ended Three months ended Year ended
31 March 2023 31 March 2022 31 December 2022
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £463,000 £912,000 £2,941,000
Capital Return (£1,605,000) £1,121,000 £63,379,000
Net assets attributable to shareholders £511,711,000 £471,583,000 £517,675,000
Number of shares in issue at the period end 72,844,938 73,941,429 72,844,938
Weighted average number of shares in issue during the period 72,844,938 73,941,429 73,342,303
5. The financial information for the three months ended 31 March 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, will be lodged shortly with the
Registrar of Companies. The quarterly report will be available shortly on
the Company's website www.ctprivateequitytrust.com
Legal Entity Identifier: 2138009FW98WZFCGRN66
For more information, please contact:
Hamish Mair (Investment Manager) 0131 718 1184
Scott McEllen (Company Secretary) 0131 718 1137
hamish.mair@columbiathreadneedle.com
(mailto:hamish.mair@columbiathreadneedle.com) /
scott.mcellen@columbiathreadneedle.com
(mailto:scott.mcellen@columbiathreadneedle.com)
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