REG - CT Private Eq Trust - Quarterly Results and Dividend Announcement
28/11/2024 07:00
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RNS Number : 9152N CT Private Equity Trust PLC 28 November 2024
To: Stock Exchange For immediate release:
28 November 2024
CT Private Equity Trust PLC
Quarterly results for the three months ended 30 September 2024 (unaudited)
· Net asset value of 680.03p per Ordinary Share reflecting a total
return for the three months of -1.0 per cent for the Ordinary Shares
· Share price total return for the three-month period of 6.6%.
· Total quarterly dividends of 21.03p per Ordinary Share year to date
representing an increase of 3.3 per cent from the same period last year.
o Quarterly dividend of 7.01p paid on 31 July 2024
o Quarterly dividend of 7.01p paid on 31 October 2024
o Quarterly dividend of 7.01p to be paid on 31 January 2025
· Dividend yield of 6.2 per cent based on the period end share price
(1).
· As at 30 September 2024 net debt was £70.3 million equivalent to a
gearing level of 12.6%.
· Realisations year to date of £94.5 million. This represents an
increase of 75.3% in comparison to the same period last year.
(1) Calculated as dividends of 7.01p paid on 30 April 2024, 7.01p
paid on 31 July 2024, 7.01p paid on 31 October 2024 and 7.01p payable on 31
January 2025, divided by the Company's share price of 455.00p as at 30
September 2024.
Manager's Review
Introduction
As at 30 September 2024 the net assets of the Company were £486.2 million
giving a NAV per share of 680.03p, which taking into account the dividend of
7.01p per share paid on 31 July 2024, gives a total return for the third
quarter of -1.0%. The total return for the year to date is -0.2%. In the third
quarter, there was an adverse influence from currency of around 1.5% as both
the dollar and euro were weak against sterling. Underlying valuations are
slightly ahead for the year to date. It is worth bearing in mind that the
September valuation is largely based on June marks with only around 8% of
September valuations included.
The Company had net debt of £70.3 million at 30 September 2024. Outstanding
undrawn commitments were £192.0 million of which £21.5 million were to funds
where the investment period has expired.
The dividend for the quarter will be unchanged at 7.01p per share, payable on
31 January 2025 to shareholders on the register on 3 January 2025 with an
ex-dividend date of 2 January 2025.
New Investments
There was only one new investment in the quarter with £5 million committed to
Inflexion Enterprise Fund VI, the latest in a series of Inflexion funds
focusing on lower mid-market buyouts in the UK and Western Europe.
There were some small follow-on investments in our co-investment portfolio
which occurred just after the quarter end. £0.9 million was added to the
digital payments merchant acquirer Aurora Payment Solutions and £0.5 million
was added to police and local offence processing software provider Polaris
Software (formerly StarTraq).
The funds in the portfolio made a few notable new investments this quarter.
HG Saturn 3 called £1.7 million for three investments in Visma (£0.8
million, European and LatAm mission-critical cloud software), Iris (£0.7
million, tax and accounting software) and GGW (£0.1 million, German insurance
brokerage and MGA platform).
Med Platform II invested £0.8 million in two companies; Jeisys, a South
Korean based producer of energy based medical devices and Irrimax Corporation,
a US based wound irrigation and anti-microbial solutions provider. Volpi
invested £0.8 million in Yaveon (ERP software and consulting provider) and
Xalient (software and cybersecurity services provider) and Summa III called
£0.5 million for Axion (bioelectronic array and live-cell imaging
instruments). Inflexion called £0.5 million for a carve-out of the healthcare
division from AIM-listed GlobalData and £0.7 million for DwF, the global
legal and professional services firm.
In total the third quarter was fairly quiet for new investments with drawdowns
totalling just £9.3 million. Total new investment so far this year amounts to
£45.2 million which is down on last year by more than 50%.
Realisations
There were several good exits in the quarter, a number of which have already
been reported.
The largest exit was the sale of the Kester led co-investment in ATEC. The
combined proceeds from both the co-investment, the proportion held in the GCP
Europe II fund and the proportion held through The Aurora Fund position was
£18.5 million. This represented an excellent return over the seven-year
hold. ATEC is an insurance broker and managing general agent covering
caravans, small boats and beach huts. It has grown profits by almost fourfold
over the holding period.
The Buckthorn-led energy services company Coretrax was fully realised during
the quarter with the shares with which its acquirer, Expro, bought the company
being sold down successfully realising £10.3 million bringing the total
consideration to £13.7 million which at 1.7x cost and 11% IRR is a fair
result given the volatile conditions in its sector since the investment was
made nearly six years ago.
From the funds portfolio there were some excellent further exits.
Summa II sold Olink to Thermo Fisher raising £3.6 million. Olink has
developed a technology for analysing proteins which is used in human protein
biomarker research. The investment achieved a highly creditable 10x cost and
an IRR of 67%.
Italian fund Nem Imprese made its final exit with the sale of business
processing and outsourcing company Kauri yielding £2.1 million.
UK fund RJD Fund III exited veterinary education company Improve International
returning £1.4 million which represents 3.3x cost and an IRR of 49%.
Inflexion Enterprise Fund IV sold pet supplements company Lintbells yielding
£1.0 million (5.5x and an IRR of 34%).
Astorg VI has made the exits of two companies returning a combined £0.9
million. Acturis, a provider of software for the insurance sector (2.6x, 21%
IRR) and Audiotonix the designer and manufacturer of premium professional
audio equipment and software (2.6x, 25% IRR). In the case of Acturis, Astorg
remains invested in the company through its later funds.
In Finland Vaaka II has achieved a remarkable exit of Cloudpermit, a software
company serving building permit and land management functions mainly for
municipalities. This has been driven by a shift away from predominantly
paper-based process to a digital one, increasing the efficiency of the
permitting process. £0.7 million was returned which represents 8.7x cost and
53% IRR.
As can be noted from the above there remains a strong technology theme in the
companies achieving strong exits across the portfolio.
Total realisations in the quarter were £42.2 million which brings the
year-to-date total to £94.5 million, which compares with £61.8 million for
the whole of 2023.
Valuation movements
The overall valuation movement this quarter is slightly negative. Before
taking account of currency movements the underlying portfolio is up by 1.2%.
The weakness of both the euro (-1.9%) and the dollar (-5.8%) has resulted in a
FX movement in the portfolio of -£10.7 million over the quarter, which has
more than offset the gains.
The most notable movements in the quarter are as follows. ATEC (+£1.8
million) reflecting its sale at above the latest valuation, Weird Fish (+£1.8
million) due to improved trading, Educa Edtech (+£1.6 million) also trading
well and Ambio (+£1.0 million) based on an improved sales multiple. Several
of the funds are also up, led by GCP Europe II which holds ATEC (+£0.7
million). Avallon III is up by £0.6 million due to pet food company MPPK
trading well. RJD III (+£0.6 million) is up reflecting the sale of Improve
International above the holding value as noted above.
On the negative side there were a few actual downgrades of note. Breeze Group
(formerly Contained Air Solutions) was down by £1.0 million and Bulgarian
bike assembler Leader96 was down by £1.5 million. Breeze is in reasonable
shape having just completed some useful new additions, with the UK add-on
Amercare trading very well in the year to date. Leader96 faces a challenging
market which is destocking; however, an agreement with the banks has been
reached, part of the old factory has been sold and reinforcement of
management is under way. Most of the fund positions were slightly up or
slightly down, cancelling out one another.
Financing
The Company had net debt at the end of September of £70.3 million which is
well down from £91.3 million at June. This represents gearing of 12.6%.
Approximately half of the Company's borrowing facilities are unused with
plenty of headroom.
Outlook
The private equity market internationally has been going through a period of
adjustment for most of the last two years. Much higher interest rates and
external pressures such as inflation and world events have impacted the
dealmaking environment in 2023 and the first half of 2024. The latest trend is
more clearly upwards and growth in deal volume and value over 2023 is expected
for 2024 as a whole. The clear upswing in realisations across our portfolio
confirms this trend. As always business and consumer confidence is an
important factor. In many markets, including the US and the UK, 2024 has been
an election year and with each of these behind us there is clear scope for a
better trend to take root.
Private equity is the most interventionist of asset classes where managers can
make adjustments as the world around them changes and there is a very strong
record of making good returns over the long term irrespective of the
background conditions. As we approach the end of 2024, the mood of our
investment partners is considerably better than it was earlier in the year and
both statistical and anecdotal evidence suggests good grounds for optimism as
we finish 2024 and enter 2025. We remain confident that we will continue to
build value for Shareholders over the short and longer term.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 30 September 2024 % of Total % of Total
30 September 2024 31 December 2023
Buyout Funds - Pan European* 11.2 10.5
Buyout Funds - UK 18.7 16.2
Buyout Funds - Continental Europe† 16.7 18.2
Secondary Funds 0.1 0.1
Private Equity Funds - USA 4.4 5.0
Private Equity Funds - Global 2.3 1.7
Venture Capital Funds 4.6 3.7
Direct Investments/Co-investments 42.0 44.6
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 2024
Inflexion Strategic Partners 16,342 2.9
Sigma 14,972 2.7
August Equity Partners V 11,363 2.0
Weird Fish 11,313 2.0
Aliante Equity 3 11,262 2.0
TWMA 10,847 1.9
San Siro 10,127 1.8
Axiom 1 9,942 1.8
Stirling Square Capital II 9,363 1.7
SEP V 9,110 1.6
114,641 20.4
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Stirling Square Capital II Europe 9,363 1.7
Apposite Healthcare III Europe 9,076 1.6
Apposite Healthcare II Europe 8,880 1.6
F&C European Capital Partners Europe 8,784 1.6
MED II Western Europe 3,286 0.6
Agilitas 2015 Fund Northern Europe 2,719 0.5
Magnesium Capital 1 Europe 2,392 0.4
Astorg VI Western Europe 2,231 0.4
Volpi III Northern Europe 2,080 0.4
Verdane XI Northern Europe 2,041 0.4
MED Platform II Global 1,700 0.3
Wisequity VI Italy 1,644 0.3
Summa III Northern Europe 1,611 0.3
Agilitas 2020 Fund Europe 1,261 0.2
TDR Capital II Western Europe 1,065 0.2
ARCHIMED MED III Global 1,061 0.2
Verdane Edda III Northern Europe 943 0.2
TDR II Annex Fund Western Europe 921 0.1
KKA II Europe 908 0.1
Inflexion Partnership III Europe 540 0.1
Agilitas 2024 HIF Europe 98 -
Volpi Capital Northern Europe 38 -
Total Buyout Funds - Pan European 62,642 11.2
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 16,342 2.9
August Equity Partners V United Kingdom 11,363 2.0
Axiom 1 United Kingdom 9,942 1.8
Inflexion Supplemental V United Kingdom 8,543 1.5
Inflexion Buyout Fund V United Kingdom 6,093 1.1
Apiary Capital Partners I United Kingdom 5,116 0.9
Inflexion Buyout Fund VI United Kingdom 4,811 0.9
August Equity Partners IV United Kingdom 4,551 0.8
Kester Capital II United Kingdom 3,854 0.7
FPE Fund II United Kingdom 3,846 0.7
Piper Private Equity VI United Kingdom 3,803 0.7
FPE Fund III United Kingdom 3,725 0.7
Inflexion Partnership Capital II United Kingdom 3,610 0.6
Inflexion Enterprise Fund V United Kingdom 3,206 0.6
Corran Environmental II United Kingdom 2,747 0.5
Inflexion Buyout Fund IV United Kingdom 2,481 0.4
Piper Private Equity VII United Kingdom 2,446 0.4
Inflexion Supplemental IV United Kingdom 1,457 0.3
Inflexion Enterprise Fund IV United Kingdom 1,439 0.3
Inflexion Partnership Capital I United Kingdom 1,078 0.2
Primary Capital IV United Kingdom 1,067 0.2
Horizon Capital 2013 United Kingdom 1,067 0.2
Kester Capital III United Kingdom 906 0.2
RJD Private Equity Fund III United Kingdom 404 0.1
Piper Private Equity V United Kingdom 227 -
GCP Europe II United Kingdom 127 -
August Equity Partners VI United Kingdom 46 -
Dunedin Buyout Fund II United Kingdom 17 -
Total Buyout Funds - UK 104,314 18.7
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 11,262 2.0
Bencis V Benelux 6,693 1.2
Avallon MBO Fund III Poland 6,246 1.1
DBAG VIII DACH 5,814 1.0
DBAG VII DACH 5,603 1.0
Vaaka III Finland 5,234 0.9
Chequers Capital XVII France 4,932 0.9
Capvis III CV DACH 4,931 0.9
Verdane Edda Nordic 4,163 0.8
Montefiore V France 4,118 0.7
Procuritas VI Nordic 3,799 0.7
ARX CEE IV Eastern Europe 3,030 0.5
Corpfin V Spain 3,015 0.5
Procuritas VII Nordic 2,720 0.5
Procuritas Capital IV Nordic 2,472 0.4
Italian Portfolio Italy 2,399 0.4
Capvis IV DACH 2,092 0.4
Vaaka IV Finland 2,073 0.4
Montefiore IV France 1,840 0.3
Aurica IV Spain 1,514 0.3
Summa I Nordic 1,367 0.3
Summa II Nordic 1,329 0.2
Portobello Fund III Spain 1,204 0.2
Corpfin Capital Fund IV Spain 1,065 0.2
DBAG VIIB DACH 1,038 0.2
DBAG VIIIB DACH 885 0.2
Chequers Capital XVI France 675 0.1
DBAG Fund VI DACH 583 0.1
PineBridge New Europe II Eastern Europe 308 0.1
Ciclad 5 France 297 0.1
Procuritas Capital V Nordic 261 0.1
Vaaka II Finland 121 -
Montefiore Expansion France 106 -
Gilde Buyout Fund III Benelux 89 -
N+1 Private Equity Fund II Iberia 87 -
Capvis III DACH 50 -
DBAG Fund V DACH 5 -
Herkules Private Equity III Nordic 4 -
Total Buyout Funds - Continental Europe 93,424 16.7
Secondary Funds
The Aurora Fund Europe 330 0.1
Total Secondary Funds 330 0.1
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Total Private Equity Funds - USA
Blue Point Capital IV North America 7,329 1.3
Camden Partners IV United States 3,006 0.5
Level 5 Fund II United States 2,734 0.5
Purpose Brands (Level 5) United States 2,642 0.5
Graycliff IV North America 2,594 0.5
Blue Point Capital III North America 1,946 0.3
Stellex Capital Partners North America 1,701 0.3
MidOcean VI United States 1,563 0.3
Graycliff III United States 980 0.2
Blue Point Capital II North America 150 -
Total Private Equity Funds - USA 24,645 4.4
Private Equity Funds - Global
Corsair VI Global 6,528 1.2
Hg Saturn 3 Global 4,363 0.8
PineBridge GEM II Global 610 0.1
Hg Mercury 4 Global 508 0.1
F&C Climate Opportunity Partners Global 459 0.1
AIF Capital Asia III Asia 108 -
PineBridge Latin America II South America 55 -
Warburg Pincus IX Global 9 -
Total Private Equity Funds - Global 12,640 2.3
Venture Capital Funds
SEP V United Kingdom 9,110 1.6
MVM V Global 3,790 0.7
SEP VI Europe 3,161 0.6
Kurma Biofund II Europe 2,786 0.5
MVM VI Global 2,653 0.5
Northern Gritstone United Kingdom 2,000 0.4
SEP IV United Kingdom 1,113 0.2
Pentech Fund II United Kingdom 385 0.1
SEP II United Kingdom 260 -
Life Sciences Partners III Western Europe 248 -
SEP III United Kingdom 60 -
Environmental Technologies Fund Europe 56 -
Total Venture Capital Funds 25,622 4.6
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Direct Investments/Co-investments
Sigma United States 14,972 2.7
Weird Fish United Kingdom 11,313 2.0
TWMA United Kingdom 10,847 1.9
San Siro Italy 10,127 1.8
Aurora Payment Solutions United States 9,005 1.6
Utimaco DACH 8,852 1.6
Cyclomedia Netherlands 8,751 1.6
Cyberhawk United Kingdom 8,530 1.5
Breeze Group (CAS) United Kingdom 8,270 1.5
Amethyst Radiotherapy Europe 8,118 1.5
Asbury Carbons North America 6,831 1.2
Velos IoT (JT IoT) United Kingdom 6,741 1.2
Habitus Denmark 6,739 1.2
Prollenium North America 6,227 1.1
CARDO Group United Kingdom 6,204 1.1
Swanton United Kingdom 6,199 1.1
Family First United Kingdom 5,968 1.1
Orbis United Kingdom 5,799 1.0
Cybit (Perfect Image) United Kingdom 5,176 0.9
Rosa Mexicano United States 5,103 0.9
Polaris Software (StarTraq) United Kingdom 4,840 0.9
AccuVein United States 4,634 0.8
Educa Edtech Spain 4,583 0.8
123Dentist Canada 4,533 0.8
Braincube France 4,477 0.8
MedSpa Partners Canada 4,201 0.8
Dotmatics United Kingdom 4,043 0.7
1Med Switzerland 3,933 0.7
LeadVenture United States 3,913 0.7
Walkers Transport United Kingdom 3,729 0.7
Vero Biotech United States 2,956 0.5
PathFactory Canada 2,934 0.5
Omlet United Kingdom 2,832 0.5
Collingwood Insurance Group United Kingdom 2,671 0.5
AccountsIQ Ireland 2,530 0.5
Agilico (DMC Canotec) United Kingdom 2,516 0.5
GT Medical United States 2,236 0.4
Neurolens United States 2,215 0.4
Ambio Holdings United States 2,041 0.4
Alessa (Tier1 CRM) Canada 1,947 0.4
OneTouch United Kingdom 1,861 0.3
Bomaki Italy 1,466 0.3
Rephine United Kingdom 1,360 0.2
Avalon United Kingdom 1,234 0.2
Leader96 Bulgaria 704 0.1
Jollyes United Kingdom 397 0.1
TDR Algeco/Scotsman Europe 226 -
Coretrax United Kingdom 94 -
Total Direct Investments/Co-investments 234,878 42.0
Total Portfolio 558,495 100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
nine months ended 30 September 2024 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 83 83
Exchange gains - 4,443 4,443
Investment income 2,110 - 2,110
Other income 794 - 794
Total income 2,904 4,526 7,430
Expenditure
Investment management fee - basic fee (365) (3,284) (3,649)
Investment management fee - performance fee - - -
Other expenses (916) - (916)
Total expenditure (1,281) (3,284) (4,565)
Profit before finance costs and taxation 1,623 1,242 2,865
Finance costs (679) (6,115) (6,794)
Profit/(loss) before taxation 944 (4,873) (3,929)
Taxation - - -
Profit/(loss) for period/total comprehensive income 944 (4,873) (3,929)
Return per Ordinary Share 1.31p (6.77)p (5.46)p
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
year ended 31 December 2023 (audited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 25,226 25,226
Exchange gains - 863 863
Investment income 2,703 - 2,703
Other income 689 - 689
Total income 3,392 26,089 29,481
Expenditure
Investment management fee - basic fee (474) (4,263) (4,737)
Investment management fee - performance fee - (4,767) (4,767)
Other expenses (1,064) - (1,064)
Total expenditure (1,538) (9,030) (10,568)
Profit before finance costs and taxation 1,854 17,059 18,913
Finance costs (513) (4,616) (5,129)
Profit before taxation 1,341 12,443 13,784
Taxation - - -
Profit for year/total comprehensive income 1,341 12,443 13,784
Return per Ordinary Share 1.84p 17.08p 18.92p
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 30 September 2024 As at 30 September 2023 As at 31
December
2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 558,495 589,185 605,603
Current assets
Other receivables 3,196 1,551 841
Cash and cash equivalents 22,678 3,995 9,879
25,874 5,546 10,720
Current liabilities
Other payables (5,144) (9,036) (8,121)
Interest-bearing bank loan (44,222) (78,477) (97,109)
(49,366) (87,513) (105,230)
Net current liabilities (23,492) (81,967) (94,510)
Interest-bearing bank loan (48,760) - -
Net assets 486,243 507,218 511,093
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 3,818 10,026 9,597
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 446,421 461,188 465,492
Shareholders' funds 486,243 507,218 511,093
Net asset value per Ordinary Share 680.03p 696.30p 702.50p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Nine months ended Nine months ended Year
30 September 30 September 2023 ended
2024 31 December 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 511,093 517,675 517,675
Buyback of ordinary shares (5,779) - (429)
(Loss)/profit for the period/total
comprehensive income
13,784
(3,929) 4,374
Dividends paid (15,142) (14,831) (19,937)
Closing shareholders' funds
486,243 507,218 511,093
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 2023. Earnings for the nine months to 30
September 2024 should not be taken as a guide to the results for the year to
31 December 2024.
2. Investment management fee:
Nine months ended Nine months ended Year ended
30 September 2024 30 September 2023 31 December 2023
(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
365 3,284 3,649 354 3,187 3,541 474 4,263 4,737
Investment management fee - performance fee
- - - - 5,017 5,017 - 4,767 4,767
365 3,284 3,649 354 8,204 8,558 474 9,030 9,504
3. Finance costs:
Nine months ended Nine months ended Year ended
30 September 2024 30 September 2023 31 December 2023
(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 679 6,115 6,794 336 3,026 3,362 513 4,616 5,129
4. Returns and net asset values
Nine months ended Nine months ended Year ended
30 September 2024 30 September 2023 31 December 2023
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £944,000 £664,000 £1,341,000
Capital Return £(4,873,000) £3,710,000 £12,443,000
Net assets attributable to shareholders £486,243,000 £507,218,000 £511,093,000
Number of shares in issue at end of period (excluding shares held in treasury) 71,502,938 72,844,938 72,752,938
Weighted average number of shares in issue during the period 71,960,967 72,844,938 72,838,637
(excluding shares held in treasury)
5. The financial information for the nine months ended 30 September
2024, 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 2023,
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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