REG - CT Private Eq Trust - 1st Quarter Results and Dividend Announcement
29/05/2024 12:00
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RNS Number : 3017Q CT Private Equity Trust PLC 29 May 2024
To: Stock Exchange For immediate release:
29 May 2024
CT Private Equity Trust PLC
Quarterly results for the three months ended 31 March 2024 (unaudited)
· Net asset value of 685.46p per share as at 31 March 2024
reflecting a total return for the three-month period of -1.4%.
· Quarterly dividend of 7.01p per Ordinary Share payable on 31 July
2024.
· Dividend yield of 6.4% based on the period end share price. ∞
· Strong realisations completed post quarter end.
∞ Calculated as dividends of 7.01p paid on 31 October 2023, 7.01p paid on 31
January 2024, 7.01p paid on 30 April 2024 and 7.01p payable on 31 July 2024
divided by the Company's share price of 440.00p as at 31 March 2024.
Manager's Review
Introduction
As at 31 March 2024 the net assets of the Company were £498.7 million giving
a Net Asset Value ("NAV") per share of 685.46p, which taking into account the
dividend of 7.01p paid on 31 January 2024 gives a total return of -1.4% for
the first quarter. This valuation comes only a few weeks after the full year
valuation and is largely composed of 31 December 2023 valuations with only
approximately 6% of valuations struck at 31 March 2024. This is in line with
the proportions in previous years. There has been minimal influence of
currency on the valuation this quarter.
The share price total return over the quarter was -4.6%.
At 31 March 2024 the Company had net debt of £99.1 million. The outstanding
undrawn commitments are £205 million of which £23 million is to funds where
the investment period has expired.
A dividend of 7.01p was paid on 30 April 2024. In accordance with the
Company's dividend policy the next dividend will be 7.01p which will be paid
on 31 July 2024 to shareholders on the register on 5 July 2024 with an
ex-dividend date of 4 July 2024.
New Investments
Four new fund commitments were made during the quarter.
£6 million has been committed to Corran Environmental II, a UK lower
mid-market growth fund with a focus on clean energy and environmental
companies. Corran is led by former SEP partner Gary Le Sueur and continues
with a similar strategy to SEP's Environmental Energies Fund which he led.
Indeed the initial asset for the fund, Vital Energi, has been acquired from
the Environmental Energies Fund. Vital is a district heating and energy
efficiency specialist which also owns and operates an energy-from-waste plant
at Drakelow in Derbyshire. The initial drawdown covering Vital was £2.8
million.
€5.0 million has been committed to the Agilitas Human Investment Fund. We
have invested with Agilitas both through funds and co-investments several
times over the years. The Human Investment Fund has an explicit investment
objective of helping people that are disadvantaged or in need. It is an
article 9 fund under the Sustainable Finance Disclosure Regulation.
€4.0 million has been committed to ARCHIMED MED Rise. ARCHIMED is the
leading France based healthcare specialist with whom we have invested several
times. This fund targets buy-outs of small healthcare businesses operating
within attractive niches.
Lastly, we have finalised our commitment to August Equity VI, the latest in a
series of commitments to this accomplished lower mid-market UK buy-out
specialist. We have committed £10 million to this fund.
There have been no new co-investments this quarter but there were three
significant follow-on investments to existing investments.
£4.1 million has been added to Contained Air Solutions, the Manchester based
manufacturer of microbiological safety cabinets. The new investment is to fund
two complementary acquisitions. Amercare is a UK based designer and supplier
of isolators for medical and pharmaceutical applications, including products
which address higher growth subsectors including cell therapy and
radiopharmacy. Biospherix is a US based niche provider of cleanroom grade
containment solutions aimed at the cell therapy market. These products control
the environmental conditions to optimise cell health and reproducibility.
£2.2 million has been called by deal leader Persistence Capital for Medspa,
the Canada based chain of aesthetics clinics to finance three acquisitions.
£0.7 million has been added to Aurora Payments Solutions, the US based
digital payments solution provider for over 20,000 merchants across the USA in
sectors including hospitality, transport and hotel sectors. This additional
amount is our share of a deferred consideration agreement and will be used to
fund several add-on acquisitions that are well progressed.
The funds in the portfolio were active over the period with a number of
interesting new investments initiated internationally.
Our UK based funds made a number of new investments with a technology or
scientific theme.
SEP VI invested a combined £1.6 million in Braincube, the France based
internet of industrial things software company which specialises in optimising
manufacturing processes, and Cora, an Irish software company specialising in
project management software for the aerospace, defence, healthcare and life
sciences sectors.
Kester Capital III called £0.7 million mainly for GXP Exchange, a leading
provider of good clinical/pharmacovigilance practice audit and related
consulting services to the pharmaceutical and biotech sectors.
FPE called £0.5 million for Vanda a provider of research and data to hedge
funds and investment banks.
MVM IV called £1.4 million for three healthcare companies with innovative
products; Bioprotect (biodegradable products which help with the treatment of
prostate cancer), Gynesonics (minimally invasive medical devices for the
treatment of uterine fibroids) and Isotec (carbon composite implants for the
treatment of cancer of the spine).
In Continental Europe and the USA there were also some interesting new
investments.
Corsair VI, the financial services specialists called £1.1 million for MJM, a
leading independent commercial insurance broker in Poland. Also in Poland
Avallon III called £0.6 million for MPPK a dog and cat food company.
In Germany and Sweden Verdane Edda III called £0.6 million for two companies;
Hornet Security (B2B cloud-based email security products) and Verified Global
(B2B SaaS for digitising business processes around identification and
authorisation).
In Italy Wisequity VI called £0.7 million for Serbios a leading Italian
biocontrols company (providing biological alternatives to pesticides and
agrochemicals). This is the first acquisition within Greenexta, a newly
established buy-and-build platform for natural solutions for agriculture.
Lastly in the USA MidOcean VI called £0.5 million for two companies;
MPearlRock (consumer products) and Re-Sourcing (staffing and consulting for
the finance, compliance and IT sectors).
The total drawn for new investments by funds and co-investments in the quarter
was £23.4 million.
Realisations
Despite the market having slowed down considerably there were a number of
realisations and associated distributions. These came from a wide range of
sectors and geographies.
August Equity IV returned £3.5 million through the sale of Agilio the
healthcare compliance software company achieving an exceptional return of 9.2x
cost and an IRR of 72%.
Graycliff IV returned £2.4 million through the sale of EMC, a switches and
transformers manufacturer, achieving another exceptional outcome of 8.2x cost
and an IRR of 146%. This was a relatively short hold of only two and a half
years.
Bencis V returned £1.9 million with the sale of Kooi, the mobile security
systems company. This also represented an exceptional return of 13.9x cost and
61% IRR.
Summa I returned £1.7 million through the sale of Pagero, a procure to pay
software as a service company, to Thomson Reuters. This represented 5.6x cost.
Montefiore IV returned £2.5 million with the sale to a continuation vehicle
of two of its holdings; EDG (digital services for French companies) and Groupe
Premium (life and pension insurance broker).
Avallon MBO II Fund made a final distribution of £1.4 million with the sale
of ORE (consulting and IT solutions for purchasing managers) and escrows from
Novotech (Polymer products).
The total for realisations and associated income in the quarter was £16.1
million.
Following the quarter end the proceeds from the sale of Jollyes, the large
format pet retailer, which has been acquired by TDR Capital were received.
These amounted to £18.3 million which represented an excellent 3.9x cost and
an IRR of 27%. During the six year hold the deal lead, Kester Capital, worked
with the company's management to transform the business with a doubling of
EBITDA to £11 million and an increase in the store estate from 64 to 100,
firmly establishing the company as the clear number 2 pet retailer in the UK.
Also following the quarter end we received the proceeds for the sale of well
bore plug and abandonment business Coretrax which has been sold to listed
energy services group Expro. The consideration for the company is a
combination of shares in Expro and cash. The cash component is 24% (£3.4
million) of the £13.9 million exit value. Whilst there is further upside
potential through the Expro shares, the current multiple of cost is 1.8x and
the IRR is 12%. Given the turbulence in the Energy sector in recent years this
is a fair outcome.
Valuation Changes
There was minimal impact from currency movements during the quarter with the
negative influence at the portfolio level from weaker European currencies
relative to Sterling substantially offset by the largely Euro denominated debt
reducing in value.
Several of the positive influences associated with the exits noted above were
already in the previous valuation. In addition there were healthy positives
based on strong trading from our co-investments in Utimaco (secure tokens and
cybersecurity) +£1.4 million and Cyberhawk (+£0.7 million). On the negative
side the larger downgrades were related to co-investments. Notably Rosa
Mexicano was down by £1.4 million with weaker trading necessitating a
refinancing, which has now been completed. Tier I CRM (now known as Alessa)
the provider of cloud-based software for KYC and AML compliance has struggled
with a substantial change in business model and market conditions since we
invested and is down by £1.3 million. There were a number of other minor
downgrades but as noted above many of the valuations remain based on 31
December marks.
Financing
At the quarter end net debt was £99.1 million. This is a perfectly
manageable level and leaves us with over £45 million of headroom on our
recently renewed banking facility. Following receipt of the Jollyes proceeds
and payment of dividends, performance fee, share buy-backs and completion of
drawdowns and further realisations the net debt at the time of writing is
around £95 million.
Following the quarter end the Company has bought back shares in two stages
totalling 1.25 million shares at 460p per share. This is 1.7% of the shares in
issue and cost £5.75 million. Based on the current NAV (31 March 2024) this
equates to a discount of 33% which means that there is an enhancement to NAV
for continuing shareholders of £2.8 million or 0.56% of NAV.
The combination of the dividends paid and these buybacks mean that
shareholders have received substantial benefits in terms of cash and NAV
enhancement which should eventually be reflected in a stronger share price.
The Company regularly reviews its capital allocation balancing the immediate
enhancement of buybacks against the longer term returns possible from new
investments with a paramount objective of maintaining and growing the
dividend. All of this must be done mindful of the need to maintain an
efficient balance sheet and to meet any drawdowns from funds comfortably.
Your Company has great experience in its 25-year history of managing such
parameters successfully.
Outlook
At this stage in the year it is only possible to form a preliminary view of
how the Company's portfolio will progress through the year. As noted before
the flow of realisations slowed notably in the second half last year. So far
this year exits have been healthy as exemplified by the Jollyes and Coretrax
sales. There are several other portfolio companies which are at different
stages of planning exits and where a realisation is expected this year.
Usually exits average over 30% above latest carrying value and so contribute
considerably to NAV growth. The other key driver of NAV is the fundamental
progress of the investee companies with advancing revenues and profits driving
long term gains.
2024 is an election year in both the USA and UK and in several other
countries. Historically changes in government on either side of the Atlantic
have not impeded the increased adoption of private equity but it is a factor
that will attract increasing focus.
The international business environment in recent months has shown some signs
of improvement and this has been reflected in the increased confidence shown
by our investment partners. It is therefore logical to expect an uptick in
deal activity as we progress through the year. Our portfolio is highly
diversified and it contains considerable exposure to sectors which have long
term growth characteristics.
Deal flow for new investment in funds and co-investments remains excellent and
we intend to judiciously deploy capital in the best of these opportunities
building the foundations for continuing growth in shareholder value.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment Business Limited
Portfolio Summary
Portfolio Distribution at 31 March 2024 % of Total % of Total
31 March 2024 31 December 2023
Buyout Funds - Pan European* 10.6 10.5
Buyout Funds - UK 16.3 16.2
Buyout Funds - Continental Europe† 16.9 18.2
Secondary Funds 0.1 0.1
Private Equity Funds - USA 4.7 5.0
Private Equity Funds - Global 1.8 1.7
Venture Capital Funds 4.2 3.7
Direct - Quoted - -
Direct Investments/Co-investments 45.4 44.6
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 2024
Jollyes * 18,912 3.1
Sigma 15,894 2.6
Inflexion Strategic Partners 15,052 2.5
Coretrax* 13,915 2.3
Aliante Equity 3 11,374 1.9
TWMA 11,120 1.8
ATEC (CETA) 10,631 1.8
August Equity Partners V 10,408 1.7
Aurora Payment Solutions 10,327 1.7
San Siro 10,230 1.7
127,863 21.1
*Sold following the period end
Portfolio Holdings
Investment Geographic Focus Total % of Total Portfolio
Valuation
£'000
Buyout Funds - Pan European
Stirling Square Capital II Europe 8,894 1.5
F&C European Capital Partners Europe 8,832 1.5
Apposite Healthcare II Europe 8,663 1.4
Apposite Healthcare III Europe 7,830 1.3
Magnesium Capital 1 Europe 5,739 0.9
MED II Western Europe 4,215 0.7
Agilitas 2015 Fund Northern Europe 3,416 0.6
Astorg VI Western Europe 3,011 0.5
Volpi III Northern Europe 2,511 0.4
Summa III Northern Europe 1,365 0.2
Verdane XI Northern Europe 1,226 0.2
TDR Capital II Western Europe 1,183 0.2
Agilitas 2020 Fund Europe 1,144 0.2
ArchiMed MED III Global 1,060 0.2
TDR II Annex Fund Western Europe 1,019 0.2
Med Platform II Global 923 0.2
KKA II Europe 887 0.1
Wisequity VI Italy 787 0.1
Silverfleet European Dev Fund Europe 712 0.1
Verdane Edda III Northern Europe 631 0.1
Agilitas 2024 HIF Europe 241 -
Volpi Capital Northern Europe 45 -
Total Buyout Funds - Pan European 64,334 10.6
Buyout Funds - UK
Inflexion Strategic Partners United Kingdom 15,052 2.5
August Equity Partners V United Kingdom 10,408 1.7
Inflexion Supplemental V United Kingdom 7,427 1.2
Axiom 1 United Kingdom 6,580 1.1
Apiary Capital Partners I United Kingdom 6,303 1.0
Inflexion Buyout Fund V United Kingdom 5,768 0.9
August Equity Partners IV United Kingdom 4,631 0.8
Kester Capital II United Kingdom 4,270 0.7
Piper Private Equity VI United Kingdom 3,919 0.6
Inflexion Partnership Capital II United Kingdom 3,443 0.6
Inflexion Enterprise Fund IV United Kingdom 3,413 0.6
FPE Fund II United Kingdom 3,344 0.5
FPE Fund III United Kingdom 3,204 0.5
Inflexion Enterprise Fund V United Kingdom 2,985 0.5
Corran Environmental II United Kingdom 2,773 0.5
Inflexion Buyout Fund IV United Kingdom 2,646 0.4
Inflexion Buyout Fund VI United Kingdom 2,464 0.4
Piper Private Equity VII United Kingdom 1,875 0.3
Inflexion Supplemental IV United Kingdom 1,442 0.2
GCP Europe II United Kingdom 1,352 0.2
Kester Capital III United Kingdom 1,189 0.2
RJD Private Equity Fund III United Kingdom 1,130 0.2
Horizon Capital 2013 United Kingdom 1,067 0.2
Inflexion Partnership Capital I United Kingdom 1,063 0.2
Primary Capital IV United Kingdom 1,042 0.2
Piper Private Equity V United Kingdom 313 0.1
Inflexion 2012 Co-Invest Fund United Kingdom 28 -
Inflexion 2010 Fund United Kingdom 18 -
Dunedin Buyout Fund II United Kingdom 12 -
Total Buyout Funds - UK 99,161 16.3
Investment Geographic Focus Total % of Total Portfolio
Valuation £'000
Buyout Funds - Continental Europe
Aliante Equity 3 Italy 11,374 1.9
Bencis V Benelux 9,128 1.5
Avallon MBO Fund III Poland 5,824 1.0
DBAG VII DACH 5,562 0.9
Capvis III CV DACH 5,350 0.9
Vaaka III Finland 5,255 0.9
Summa II Nordic 4,770 0.8
Chequers Capital XVII France 4,680 0.8
DBAG VIII DACH 4,654 0.8
Montefiore V France 4,096 0.7
Procuritas VI Nordic 3,869 0.6
Verdane Edda Nordic 3,774 0.6
ARX CEE IV Eastern Europe 3,177 0.5
Italian Portfolio Italy 3,114 0.5
Corpfin V Spain 2,758 0.5
Procuritas Capital IV Nordic 2,746 0.5
Corpfin Capital Fund IV Spain 2,536 0.4
NEM Imprese III Italy 2,364 0.4
Procuritas VII Nordic 2,068 0.3
Capvis IV DACH 2,029 0.3
Montefiore IV France 2,011 0.3
Aurica IV Spain 1,647 0.3
Vaaka II Finland 1,368 0.2
Vaaka IV Finland 1,279 0.2
Portobello Fund III Spain 1,270 0.2
Summa I Nordic 1,059 0.2
DBAG VIIB DACH 1,027 0.2
DBAG VIIIB DACH 718 0.1
Chequers Capital XVI France 716 0.1
DBAG Fund VI DACH 679 0.1
PineBridge New Europe II Eastern Europe 485 0.1
Ciclad 5 France 384 0.1
Procuritas Capital V Nordic 206 -
Montefiore Expansion France 139 -
Gilde Buyout Fund III Benelux 91 -
N+1 Private Equity Fund II Iberia 90 -
Capvis III DACH 51 -
DBAG Fund V DACH 5 -
Total Buyout Funds - Continental Europe 102,353 16.9
Private Equity Funds - USA
Blue Point Capital IV North America 7,825 1.3
Camden Partners IV United States 3,202 0.5
Graycliff IV North America 2,967 0.5
Graycliff III United States 2,890 0.5
Stellex Capital Partners North America 2,835 0.5
Level 5 Fund II United States 2,406 0.4
Purpose Brands (Level 5) United States 2,300 0.4
Blue Point Capital III North America 2,069 0.3
MidOcean VI United States 1,831 0.3
Blue Point Capital II North America 151 -
Healthpoint Capital Partners III United States 51 -
Total Private Equity Funds - USA 28,527 4.7
Investment Geographic Total % of
Focus Valuation Total
£'000 Portfolio
Private Equity Funds - Global
Corsair VI Global 7,127 1.2
Hg Saturn 3 Global 2,691 0.4
PineBridge GEM II Global 675 0.1
F&C Climate Opportunity Partners Global 525 0.1
AIF Capital Asia III Asia 92 -
PineBridge Latin America II South America 58 -
Warburg Pincus IX Global 9 -
Total Private Equity Funds - Global 11,177 1.8
Venture Capital Funds
SEP V United Kingdom 9,497 1.6
MVM V Global 4,400 0.7
Kurma Biofund II Europe 3,500 0.6
SEP VI Europe 3,062 0.5
MVM VI Global 1,548 0.3
Northern Gritstone United Kingdom 1,500 0.2
SEP IV United Kingdom 1,188 0.2
Pentech Fund II United Kingdom 386 0.1
SEP II United Kingdom 273 -
Life Sciences Partners III Western Europe 244 -
Environmental Technologies Fund Europe 56 -
SEP III United Kingdom 36 -
Total Venture Capital Funds 25,690 4.2
Secondary Funds
The Aurora Fund Europe 590 0.1
Total Secondary Funds 590 0.1
Direct Investments/Co-investments
Jollyes United Kingdom 18,912 3.1
Sigma United States 15,894 2.6
Coretrax United Kingdom 13,915 2.3
TWMA United Kingdom 11,120 1.8
ATEC (CETA) United Kingdom 10,631 1.8
Aurora Payment Solutions United States 10,327 1.7
San Siro Italy 10,230 1.7
Contained Air Solutions United Kingdom 9,470 1.6
Weird Fish United Kingdom 9,351 1.5
Cyclomedia Netherlands 8,912 1.5
Cyberhawk United Kingdom 8,490 1.4
Utimaco DACH 8,446 1.4
Amethyst Radiotherapy Europe 8,016 1.3
Velos IoT (JT IoT) United Kingdom 6,723 1.1
Asbury Carbons North America 6,538 1.1
Prollenium North America 6,381 1.0
Swanton United Kingdom 6,273 1.0
Orbis United Kingdom 5,731 1.0
Family First United Kingdom 5,676 0.9
Rosa Mexicano United States 5,124 0.9
Cybit (Perfect Image) United Kingdom 4,983 0.8
CARDO Group (Sigma II) United Kingdom 4,920 0.8
StarTraq United Kingdom 4,858 0.8
AccuVein United States 4,824 0.8
123Dentist Canada 4,805 0.8
Braincube France 4,592 0.8
MedSpa Partners Canada 4,390 0.7
1Med Switzerland 4,338 0.7
Habitus Denmark 4,256 0.7
Dotmatics United Kingdom 4,186 0.7
Omlet United Kingdom 4,019 0.7
LeadVenture United States 3,830 0.6
Agilico (DMC Canotec) United Kingdom 3,740 0.6
Walkers Transport United Kingdom 3,645 0.6
Educa Edtech Spain 3,213 0.5
PathFactory Canada 3,003 0.5
Leader96 Bulgaria 2,990 0.5
Collingwood Insurance Group United Kingdom 2,671 0.4
Vero Biotech United States 2,640 0.4
Neurolens United States 2,228 0.4
Alessa (Tier1 CRM) Canada 2,070 0.3
GT Medical United States 1,895 0.3
OneTouch United Kingdom 1,863 0.3
Rephine United Kingdom 1,505 0.3
Ambio Holdings United States 1,494 0.2
Bomaki Italy 1,268 0.2
Avalon United Kingdom 1,234 0.2
TDR Algeco/Scotsman Europe 256 0.1
Babington United Kingdom 88 -
Total Direct Investments/Co-investments 275,964 45.4
Total Portfolio 607,796 100.0
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
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 (2.20)p (1.57)p
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 31 March 2024 As at 31 March 2023 As at 31 December 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments at fair value through profit or loss 607,796 540,137 605,603
Current assets
Other receivables 3,115 1,441 841
Cash and cash equivalents 16,534 15,305 9,879
19,649 16,746 10,720
Current liabilities
Other payables (13,129) (8,688) (8,121)
Interest-bearing bank loan (65,746) (14,937) (97,109)
(78,875) (23,625) (105,230)
Net current liabilities (59,226) (6,879) (94,510)
Total assets less current liabilities 548,570 533,258 511,093
Non-current liabilities
Interest-bearing bank loan (49,880) (21,547) -
Net assets 498,690 511,711 511,093
Equity
Called-up ordinary share capital 739 739 739
Share premium account 2,527 2,527 2,527
Special distributable capital reserve 9,597 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 453,089 465,681 465,492
Shareholders' funds 498,690 511,711 511,093
Net asset value per Ordinary Share 685.46p 702.47p 702.50p
CT PRIVATE EQUITY TRUST PLC
Reconciliation of Movements in Shareholders' Funds
Three months ended Three months ended Year
31 March 31 March ended
2024 2023 31 December 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Opening shareholders' funds 511,093 517,675 517,675
Buyback of ordinary shares - - (429)
(Loss)/profit for the period/total
comprehensive income
(7,303)
(1,142) 13,784
Dividends paid (5,100) (4,822) (19,937)
Closing shareholders' funds 498,690 511,711 511,093
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 three months to 31 March
2024 should not be taken as a guide to the results for the year to 31 December
2024.
2. Investment management fee:
Three months ended Three months ended Year ended
31 March 2024 31 March 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
122 1,099 1,221 118 1,065 1,183 474 4,263 4,737
Investment management fee - performance fee
- - - - - - - 4,767 4,767
122 1,099 1,221 118 1,065 1,183 474 9,030 9,504
3. Finance costs:
Three months ended Three months ended Year ended
31 March 2024 31 March 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 218 1,965 2,183 79 709 788 513 4,616 5,129
4. Returns and net asset values
Three months ended Three months ended Year ended
31 March 2024 31 March 2023 31 December 2023
(unaudited)
(unaudited)
(audited)
The returns and net asset values per share are based on the following figures:
Revenue Return £76,000 £463,000 £1,341,000
Capital Return (£7,379,000) (£1,605,000) £12,443,000
Net assets attributable to shareholders £498,690,000 £511,711,000 £511,093,000
Number of shares in issue at the period end 72,752,938 72,844,938 72,752,938
Weighted average number of shares in issue during the period 72,752,938 72,844,938 72,838,637
5. The financial information for the three months ended 31 March 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, 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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