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REG - CT Private Eq Trust - Quarterly Results And Dividend Announcement

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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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