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RNS Number : 6312K CT Private Equity Trust PLC 29 May 2025
To: Stock Exchange For immediate release:
29 May 2025
CT Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2025 (unaudited)
· Net asset value of 693.40 pence per share as at 31 March 2025.
· A net asset value total return for the three-month period of
-0.8%.
· Quarterly dividend of 7.01 pence per Ordinary Share payable on 31
July 2025.
· Dividend yield of 6.1% based on the period end share price. ∞
∞ Calculated as dividends of 7.01 pence paid on 31 October 2024, 7.01 pence
paid on 31 January 2025, 7.01 pence paid on 30 April 2025 and 7.01 pence
payable on 31 July 2025 divided by the Company's share price of 459.00 pence
as at 31 March 2025.
Manager's Review
Introduction
As at 31 March 2025 the net assets of the Company were £495.8 million giving
a Net Asset Value per share of 693.40 pence which, taking account of the
dividend of 7.01 pence paid on 31 January 2025, gives a total return for the
quarter of -0.8%. This valuation is largely based on 31 December 2024 marks
with only 3.5% of 31 March 2025 valuations included.
The share price total return for the quarter was -4.6%. The discount to NAV at
quarter end was 33.8%, narrowing slightly to 30.9% at the time of writing.
At 31 March 2025 the Company had net debt of £90.4 million. The outstanding
undrawn commitments were £182.4 million of which £28.7 million is to funds
where the investment period has expired.
A dividend of 7.01 pence was paid on 30 April 2025. In accordance with the
Company's dividend policy the next dividend will be 7.01 pence which will be
paid on 31 July 2025 to shareholders on the register on 4 July 2025 with an
ex-dividend date of 3 July 2025.
New Investments
Only one new investment was made in the quarter.
€2.1 million was invested in the Finnish IT services company Frendy. This is
a co-investment alongside Procuritas, the long-established Nordic mid-market
specialist. Frendy was formed by Procuritas in 2021 through the amalgamation
of 10 companies with the aim of consolidating the fragmented IT services
market in Finland. The original investment thesis has taken longer than
expected and an opportunity arose for us to invest below the original entry
price. Growth is now coming through driven by the transition to the cloud and
strong demand for cyber-security. More companies have been added to the group
and a growing proportion of revenues are on a recurring subscription basis.
This is expected to be a shorter hold. CT Private Equity Trust holds 6.7% of
the business.
The funds in the portfolio have added a number of interesting investments
during the quarter. Software experts Axiom have called £1.8 million for
Project Enola, a UK based investigation management and intelligence platform
whose cloud based software is used by governments, police and investigation
teams within corporates. SEP VI has called £1.4 million for two companies;
Springtime, an Austrian accounts payable software company and Restrata a UK
based critical event and business resilience software provider. Following the
ubiquitous software theme, Volpi III has called £1.2 million for two
companies; Bluestar, a Danish product life cycle software company and
Telematrix, an Austrian provider of software for public transport. Verdane
Edda invested £0.8 million across two platforms: Eversports a DACH focused
software and sports facilities bookings platform; and Corlytics a regulatory
intelligence and policy management software for financial services
institutions and other regulated industries. In the consumer sector Piper
Private Equity have called £0.6 million for Yard Sale Pizza, a chain of 14
shops in London which also delivers by e-bike and partners with 160 pubs and
bars across London. The plan is to roll out the brand across London and other
cities.
In North America Level 5 Fund II and Purpose Brands called £0.8 million for
medical spa company Heyday. The company has 39 shops providing services such
as dermaplaning and laser facials. TorQuest VI called £1.0 million for its
first two investments; Mevotech is involved in the engineering, design and
distribution of driveline, steering and suspension parts for the auto
aftermarket; Athos is a funerary services company based in Quebec which is
aiming to consolidate the fragmented Canadian market.
The total invested in new companies by way of co-investment and funds in the
quarter was £15.7 million which was up 16% on Q4 2024 but down by 33%
compared with the first quarter of 2024.
Realisations
Although the private equity market slowed somewhat as we entered 2025, there
were a number of diverse exits or partial exits across the portfolio.
The largest inflow was of £3.1 million from our co-investment in electrical
components company Sigma which has been recapitalised with a partial return to
investors. The company had been in a sale process, but this will likely be
paused as the impact of potential tariffs is assessed. So far, the additional
costs have successfully been passed through to customers via price rises,
however the longer term impact on demand in the company's end markets may take
time to become clear.
Blue Point III returned £1.2 million (6.9x cost and 32% IRR) with the sale of
industrial services contractor Sylvan, which provides design, installation and
maintenance of industrial projects for clients in a range of sectors across
North America. This company was held for seven years and built profits through
derisking the supply chain by strategic acquisitions. Interestingly it was
bought and sold for around 4.0x EBITDA.
Primary IV returned £1.1 million (3.6x cost and 21% IRR) with the sale of
speciality signage company Metamark. MVM VI returned £1.1 million (4.0x cost
and 216% IRR) from Gynesonics the developer of a minimally invasive medical
device, Sonata, which is used for the treatment of uterine fibroids. Following
a short hold of just 15 months the company was sold to Nasdaq listed Hologic.
Vaaka III returned £0.9 million through a recapitalisation of Framery, the
Finland based provider of sound proof office pods and workspaces.
There were a number of other exits bringing the total for the quarter to
£10.3 million. This compares with £14.1 million in Q4 2024 and £16.1
million in Q1 2024.
Valuation Movements
There were very few significant movements in valuation in the first quarter.
Only 3.5% of the valuations were based on March 2025 marks with the remainder
based on December 2024 valuations. This is not unusual as the valuation is
compiled only a few weeks after the full year reports from our investments
have been finalised.
There were two helpful positives from US funds Graycliff IV and Blue Point III
which were up by £0.6 million and £0.4 million respectively, as a result of
recent exits. On the negative side Italian focused fund Wise Equity VI was
down by £0.7 million due to some pressures in the portfolio from the weaker
economic background. It is still quite early in the life of the fund.
Financing
At 31 March 2025 the Company had net debt of £90.4 million. This is up from
£76.5 million at 31 December 2024 but on a twelve-month basis is down by
around £9 million. In the quarter total realisations were below the total of
new investments by £5.4 million. The level of gearing at 31 March 2025 was
15.4%. The Company retains around £55 million of headroom in its borrowing
facility and the current debt level is eminently manageable. The small dip in
the first quarter's NAV is normal and in line with previous years.
Outlook
The private equity sector, in common with all other investment asset classes,
has monitored the economic announcements from the US in recent weeks.
Specifically attention has been paid to the proposed tariffs which have broken
the long-standing paradigm that largely free trade is a desirable economic
objective likely to bring increased prosperity to the greatest number of
people. Apart from the adverse economic consequences, which are widely
expected to follow, subsequent changes in the proposed tariffs have engendered
an unusual degree of uncertainty. Even though many private equity backed
companies are not directly affected by US trade tariffs, this kind of economic
intervention and high level of uncertainty is not good for deal-making.
Unsurprisingly we have seen some planned exits being postponed as buyers pause
to consider whether the target company will be affected or not. Uncertainty
also influences fund investors who are considering committing long term
capital to the asset class with the current situation providing the perfect
justification for holding off on new commitments. Most private equity
investors are attracted to companies and sectors with clear long-term growth
drivers provided that investment can be made at a price which adequately
reflects the risks of the planned growth being achieved. There are likely to
be changes in the value of private companies with some winners as well as
losers and other factors such as flight to quality coming into play over the
coming months.
Private equity is one of the most deliberative of investment management
disciplines with investors not committing capital until they are in full
possession of the facts and have made a full assessment of the future of a
company. This research usually takes several months or even years before an
investment is made. Once an investment has been made it cannot be easily
reversed if the market or the economic environment changes dramatically.
Private equity does however possess the ability to work with the management of
investee companies to tackle any challenges and in adverse or uncertain
periods the first priority of private equity managers is to support and assist
their existing portfolio. Your portfolio is unusually diverse covering
hundreds of companies internationally with exposure to multiple sectors and
their associated economic trends and drivers. This diversification has proven
to be a strength historically and it will doubtless prove to be of benefit now
in protecting and building shareholder value. From here we expect that after a
period of assessment the improvement in private equity activity levels which
we saw during 2024 will resume.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 31 March 2025 % of Total % of Total
31 March 2025 31 December 2024
Buyout Funds - Pan European* 12.2 11.6
Buyout Funds - UK 19.5 19.2
Buyout Funds - Continental Europe† 15.3 15.5
Secondary Funds - -
Private Equity Funds - USA 4.6 4.4
Private Equity Funds - Global 2.6 2.7
Venture Capital Funds 4.4 4.5
Direct Investments/Co-investments 41.4 42.1
100.0 100.0
* Europe including the UK.
† Europe excluding the UK.
Ten Largest Individual Holdings Total Valuation £'000 % of Total Portfolio
As at 31 March 2025
Inflexion Strategic Partners 19,296 3.3
Weird Fish 14,845 2.5
Sigma 12,521 2.1
August Equity Partners V 12,129 2.1
TWMA 12,087 2.1
Utimaco 10,791 1.8
San Siro 10,588 1.8
Aurora Payment Solutions 9,699 1.6
Inflexion Supplemental V 9,697 1.6
Stirling Square Capital II 9,601 1.6
121,254 20.5
Portfolio Holdings
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Buyout Funds - Pan European
Stirling Square Capital II Europe 9,601 1.6
Apposite Healthcare III Europe 9,415 1.6
F&C European Capital Partners Europe 8,949 1.5
Apposite Healthcare II Europe 8,457 1.4
Verdane XI Northern Europe 3,572 0.6
Volpi III Northern Europe 3,453 0.6
Summa III Northern Europe 3,309 0.6
MED II Western Europe 3,195 0.6
Agilitas 2015 Fund Northern Europe 3,093 0.5
Magnesium Capital 1 Europe 2,512 0.4
Astorg VI Western Europe 2,310 0.4
Wisequity VI Italy 2,275 0.4
MED Platform II Global 2,145 0.4
Verdane Edda III Northern Europe 1,965 0.3
KKA II Europe 1,858 0.3
ARCHIMED MED III Global 1,470 0.3
Agilitas 2020 Fund Europe 1,282 0.2
TDR Capital II Western Europe 1,235 0.2
TDR II Annex Fund Western Europe 1,059 0.2
Inflexion Partnership III Europe 526 0.1
Agilitas 2024 HIF Europe 125 -
Inflexion Enterprise Fund VI Europe 53 -
Total Buyout Funds - Pan European 71,859 12.2
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 19,296 3.3
August Equity Partners V United Kingdom 12,129 2.1
Inflexion Supplemental V United Kingdom 9,697 1.6
Axiom 1 United Kingdom 6,799 1.2
Inflexion Buyout Fund V United Kingdom 6,795 1.1
Apiary Capital Partners I United Kingdom 6,456 1.1
Inflexion Buyout Fund VI United Kingdom 5,738 1.0
FPE Fund III United Kingdom 5,006 0.8
FPE Fund II United Kingdom 4,866 0.8
August Equity Partners IV United Kingdom 4,497 0.8
Kester Capital II United Kingdom 4,395 0.7
Corran Environmental II United Kingdom 4,207 0.7
Inflexion Partnership Capital II United Kingdom 4,055 0.7
Piper Private Equity VII United Kingdom 3,922 0.7
Piper Private Equity VI United Kingdom 3,884 0.7
Kester Capital III United Kingdom 3,067 0.5
Inflexion Buyout Fund IV United Kingdom 2,225 0.4
Inflexion Enterprise Fund V United Kingdom 2,116 0.4
Inflexion Supplemental IV United Kingdom 1,449 0.2
Inflexion Enterprise Fund IV United Kingdom 1,434 0.2
Inflexion Partnership Capital I United Kingdom 1,266 0.2
RJD Private Equity Fund III United Kingdom 467 0.1
Horizon Capital 2013 United Kingdom 377 0.1
Primary Capital IV United Kingdom 321 0.1
Piper Private Equity V United Kingdom 163 -
August Equity Partners VI United Kingdom 109 -
GCP Europe II United Kingdom 91 -
Dunedin Buyout Fund II United Kingdom 5 -
Total Buyout Funds - UK 114,832 19.5
Investment Geographic Total % of
Focus Valuation Total Portfolio
£'000
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 8,467 1.4
Avallon MBO Fund III Poland 6,429 1.1
DBAG VII DACH 5,843 1.0
Bencis V Benelux 5,296 0.9
Vaaka III Finland 5,008 0.8
Capvis III CV DACH 4,710 0.8
Verdane Edda Nordic 4,509 0.8
Montefiore V France 4,303 0.7
DBAG VIII DACH 4,185 0.7
Corpfin V Spain 4,136 0.7
Procuritas VII Nordic 3,874 0.7
Procuritas VI Nordic 3,773 0.6
Chequers Capital XVII France 3,720 0.6
ARX CEE IV Eastern Europe 2,980 0.5
Procuritas Capital IV Nordic 2,595 0.4
Italian Portfolio Italy 2,517 0.4
Vaaka IV Finland 2,388 0.4
Aurica IV Spain 2,138 0.4
Capvis IV DACH 1,816 0.3
Montefiore IV France 1,591 0.3
Summa II Nordic 1,513 0.3
Summa I Nordic 1,490 0.2
Corpfin Capital Fund IV Spain 1,145 0.2
DBAG VIIB DACH 1,074 0.2
Portobello Fund III Spain 1,019 0.2
DBAG VIIIB DACH 956 0.2
DBAG Fund VI DACH 922 0.2
Chequers Capital XVI France 629 0.1
Vaaka II Finland 379 0.1
Ciclad 5 France 357 0.1
PineBridge New Europe II Eastern Europe 205 -
Montefiore Expansion France 182 -
Gilde Buyout Fund III Benelux 99 -
Procuritas Capital V Nordic 72 -
Capvis III DACH 50 -
DBAG Fund V DACH 5 -
Total Buyout Funds - Continental Europe 90,375 15.3
Secondary Funds
The Aurora Fund Europe 193 -
Total Secondary Funds 193 -
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - USA
Blue Point Capital IV North America 7,396 1.2
Purpose Brands (Level 5) United States 3,477 0.6
Level 5 Fund II United States 3,433 0.6
Camden Partners IV United States 3,129 0.5
MidOcean VI United States 2,190 0.4
Graycliff IV North America 2,141 0.4
Stellex Capital Partners North America 1,543 0.3
Blue Point Capital III North America 1,224 0.2
Graycliff III United States 1,032 0.2
TorQuest VI North America 994 0.2
Blue Point Capital II North America 157 -
Total Private Equity Funds - USA 26,716 4.6
Private Equity Funds - Global
Corsair VI Global 8,090 1.4
Hg Saturn 3 Global 4,823 0.8
Hg Mercury 4 Global 1,244 0.2
PineBridge GEM II Global 739 0.1
F&C Climate Opportunity Partners Global 398 0.1
AIF Capital Asia III Asia 108 -
PineBridge Latin America II South America 57 -
Warburg Pincus IX Global 10 -
Total Private Equity Funds - Global 15,469 2.6
Venture Capital Funds
SEP V United Kingdom 9,022 1.5
SEP VI Europe 4,896 0.8
MVM V Global 4,330 0.7
Kurma Biofund II Europe 2,768 0.5
MVM VI Global 1,931 0.3
Northern Gritstone United Kingdom 1,698 0.3
SEP IV United Kingdom 946 0.2
Pentech Fund II United Kingdom 377 0.1
SEP III United Kingdom 59 -
Environmental Technologies Fund Europe 57 -
Life Sciences Partners III Western Europe 31 -
SEP II United Kingdom 4 -
Total Venture Capital Funds 26,119 4.4
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Direct Investments/Co-investments
Weird Fish United Kingdom 14,845 2.5
Sigma United States 12,521 2.1
TWMA United Kingdom 12,087 2.1
Utimaco DACH 10,791 1.8
San Siro Italy 10,588 1.8
Aurora Payment Solutions United States 9,699 1.6
Amethyst Radiotherapy Europe 9,204 1.6
Breeze Group (CAS) United Kingdom 8,020 1.4
Cyclomedia Netherlands 7,958 1.4
CARDO Group United Kingdom 7,185 1.2
Asbury Carbons North America 7,124 1.2
Velos IoT (JT IoT) United Kingdom 6,853 1.2
Prollenium North America 6,689 1.1
Swanton United Kingdom 6,611 1.1
Habitus Denmark 6,473 1.1
Orbis United Kingdom 6,282 1.1
Family First United Kingdom 6,178 1.1
Cyberhawk United Kingdom 5,996 1.0
Polaris Software (StarTraq) United Kingdom 5,806 1.0
Rosa Mexicano United States 5,449 0.9
Cybit (Perfect Image) United Kingdom 4,874 0.8
MedSpa Partners Canada 4,805 0.8
123Dentist Canada 4,729 0.8
Braincube France 4,652 0.8
LeadVenture United States 4,412 0.8
1Med Switzerland 4,163 0.7
AccuVein United States 4,146 0.7
Walkers Transport United Kingdom 4,127 0.7
Dotmatics United Kingdom 3,934 0.7
PathFactory Canada 3,544 0.6
Collingwood Insurance Group United Kingdom 3,452 0.6
Vero Biotech United States 3,266 0.6
GT Medical United States 3,209 0.5
Educa Edtech Spain 3,072 0.5
AccountsIQ Ireland 2,462 0.4
Neurolens United States 2,266 0.4
OneTouch United Kingdom 2,122 0.4
Omlet United Kingdom 2,039 0.3
Alessa (Tier1 CRM) Canada 2,022 0.3
Agilico (DMC Canotec) United Kingdom 1,734 0.3
Frendy Finland 1,716 0.3
Bomaki Italy 1,516 0.3
Rephine United Kingdom 1,289 0.2
Avalon United Kingdom 1,234 0.2
Ambio Holdings United States 1,175 0.2
Jollyes United Kingdom 786 0.1
Leader96 Bulgaria 732 0.1
TDR Algeco/Scotsman Europe 277 -
Total Direct Investments/Co-investments 244,114 41.4
Total Portfolio 589,677 100.0
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2025 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Losses on investments held at fair value - (548) (548)
Exchange losses - (1,151) (1,151)
Investment income 810 - 810
Other income 108 - 108
Total income 918 (1,699) (781)
Expenditure
Investment management fee - basic fee (123) (1,103) (1,226)
Investment management fee - performance fee - - -
Other expenses (300) - (300)
Total expenditure (423) (1,103) (1,526)
Profit/(loss) before finance costs and taxation 495 (2,802) (2,307)
Finance costs (171) (1,536) (1,707)
Profit/(loss) before taxation 324 (4,338) (4,014)
Taxation - - -
Profit/(loss) for period/ total comprehensive income 324 (4,338) (4,014)
Return per Ordinary Share 0.45p (6.06)p (5.61)p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
three months ended 31 March 2024 (unaudited)
Revenue Capital Total
£'000 £'000 £'000
Income
Losses on investments held at fair value - (5,683) (5,683)
Exchange gains - 1,368 1,368
Investment income 570 - 570
Other income 180 - 180
Total income 750 (4,315) (3,565)
Expenditure
Investment management fee - basic fee (122) (1,099) (1,221)
Investment management fee - performance fee - - -
Other expenses (334) - (334)
Total expenditure (456) (1,099) (1,555)
Profit/(loss) before finance costs and taxation 294 (5,414) (5,120)
Finance costs (218) (1,965) (2,183)
Profit/(loss) before taxation 76 (7,379) (7,303)
Taxation - - -
Profit/(loss) for period/ total comprehensive income 76 (7,379) (7,303)
Return per Ordinary Share 0.10p (10.14)p (10.04)p
CT PRIVATE EQUITY TRUST PLC
Statement of Comprehensive Income for the
year ended 31 December 2024 (audited)
Revenue Capital Total
£'000 £'000 £'000
Income
Gains on investments held at fair value - 25,144 25,144
Exchange gains - 5,055 5,055
Investment income 3,270 - 3,270
Other income 961 - 961
Total income 4,231 30,199 34,430
Expenditure
Investment management fee - basic fee (489) (4,404) (4,893)
Investment management fee - performance fee - - -
Other expenses (1,226) - (1,226)
Total expenditure (1,715) (4,404) (6,119)
Profit before finance costs and taxation 2,516 25,795 28,311
Finance costs (864) (7,778) (8,642)
Profit before taxation 1,652 18,017 19,669
Taxation - - -
Profit for year/total comprehensive income 1,652 18,017 19,669
Return per Ordinary Share 2.30p 25.08p 27.38p
CT PRIVATE EQUITY TRUST PLC
Balance Sheet
As at 31 March 2025 As at 31 March 2024 As at 31 December 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 589,677 607,796 584,097
Current assets
Other receivables 841 3,115 1,110
Cash and cash equivalents 7,836 16,534 16,000
8,677 19,649 17,110
Current liabilities
Other payables (4,324) (13,129) (3,859)
Interest-bearing bank loan - (65,746) -
(4,324) (78,875) (3,859)
Net current assets/(liabilities) 4,353 (59,226) 13,251
Total assets less current liabilities 594,030 548,570 597,348
Non-current liabilities
Interest-bearing bank loan (98,227) (49,880) (92,519)
Net assets 495,803 498,690 504,829
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 3,818 9,597 3,818
Special distributable revenue reserve 31,403 31,403 31,403
Capital redemption reserve 1,335 1,335 1,335
Capital reserve 455,981 453,089 465,007
Shareholders' funds 495,803 498,690 504,829
Net asset value per Ordinary Share 693.40p 685.46p 706.03p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months ended Three months ended Year
31 March 31 March ended
2025 2024 31 December 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 504,829 511,093 511,093
Buyback of ordinary shares - - (5,779)
(Loss)/profit for the period/total
comprehensive income
(4,014)
(7,303) 19,669
Dividends paid (5,012) (5,100) (20,154)
Closing shareholders' funds 495,803 498,690 504,829
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 2024. Earnings for the three months to 31 March
2025 should not be taken as a guide to the results for the year to 31 December
2025.
2. Investment management fee:
Three months ended Three months ended Year ended
31 March 2025 31 March 2024 31 December 2024
(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
123 1,103 1,226 122 1,099 1,221 489 4,404 4,893
Investment management fee - performance fee
- - - - - - - - -
123 1,103 1,226 122 1,099 1,221 489 4,404 4,893
3. Finance costs:
Three months ended Three months ended Year ended
31 March 2025 31 March 2024 31 December 2024
(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 171 1,536 1,707 218 1,965 2,183 864 7,778 8,642
4. Returns and net asset values
Three months ended Three months ended Year ended
31 March 2025 31 March 2024 31 December 2024
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £324,000 £76,000 £1,652,000
Capital Return (£4,338,000) (£7,379,000) £18,017,000
Net assets attributable to shareholders £495,803,000 £498,690,000 £504,829,000
Number of shares in issue at the period end 71,502,938 72,752,938 71,502,938
Weighted average number of shares in issue during the period 71,502,938 72,752,938 71,845,834
5. The financial information for the three months ended 31 March 2025,
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 2024, 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 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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