CT Private Equity Trust PLC 1st Quarter Results and Dividend Announcement
RNS Number : 3017Q
CT Private Equity Trust PLC
29 May 2024
To: StockExchange | Forimmediate release: |
29 May2024 |
CT Private Equity TrustPLC
Quarterly results for the threemonths ended 31 March 2024 (unaudited)
· Netasset value of 685.46p per share as at 31 March 2024 reflecting atotal return for the three-month period of -1.4%.
· Quarterly dividend of 7.01p per Ordinary Share payable on 31July 2024.
· Dividend yield of 6.4% based on the period end shareprice. ∞
· Strongrealisations completed post quarter end.
∞ Calculated as dividends of 7.01ppaid on 31 October 2023, 7.01p paid on 31 January 2024, 7.01p paidon 30 April 2024 and 7.01p payable on 31 July 2024 divided by theCompany's share price of 440.00p as at 31 March 2024.
Manager's Review
Introduction
As at 31 March 2024 the net assetsof the Company were £498.7 million giving a Net Asset Value ("NAV")per share of 685.46p, which taking into account the dividend of7.01p paid on 31 January 2024 gives a total return of -1.4% for thefirst quarter. This valuation comes only a few weeks after the fullyear valuation and is largely composed of 31 December 2023valuations with only approximately 6% of valuations struck at 31March 2024. This is in line with the proportions in previous years.There has been minimal influence of currency on the valuation thisquarter.
The share price total return overthe quarter was -4.6%.
At 31 March 2024 the Company had netdebt of £99.1 million. The outstanding undrawn commitments are £205million of which £23 million is to funds where the investmentperiod has expired.
A dividend of 7.01p was paid on 30April 2024. In accordance with the Company's dividend policy thenext dividend will be 7.01p which will be paid on 31 July 2024 toshareholders on the register on 5 July 2024 with an ex-dividenddate of 4 July 2024.
NewInvestments
Four new fund commitments were madeduring the quarter.
£6 million has been committed toCorran Environmental II, a UK lower mid-market growth fund with afocus on clean energy and environmental companies. Corran is led byformer SEP partner Gary Le Sueur and continues with a similarstrategy to SEP's Environmental Energies Fund which he led. Indeedthe initial asset for the fund, Vital Energi, has been acquiredfrom the Environmental Energies Fund. Vital is a district heatingand energy efficiency specialist which also owns and operates anenergy-from-waste plant at Drakelow in Derbyshire. The initialdrawdown covering Vital was £2.8 million.
€5.0 million has been committed tothe Agilitas Human Investment Fund. We have invested with Agilitasboth through funds and co-investments several times over the years.The Human Investment Fund has an explicit investment objective ofhelping people that are disadvantaged or in need. It is an article9 fund under the Sustainable Finance DisclosureRegulation.
€4.0 million has been committed toARCHIMED MED Rise. ARCHIMED is the leading France based healthcarespecialist with whom we have invested several times. This fundtargets buy-outs of small healthcare businesses operating withinattractive niches.
Lastly, we have finalised ourcommitment to August Equity VI, the latest in a series ofcommitments to this accomplished lower mid-market UK buy-outspecialist. We have committed £10 million to this fund.
There have been no newco-investments this quarter but there were three significantfollow-on investments to existing investments.
£4.1 million has been added toContained Air Solutions, the Manchester based manufacturer ofmicrobiological safety cabinets. The new investment is to fund twocomplementary acquisitions. Amercare is a UK based designer andsupplier of isolators for medical and pharmaceutical applications,including products which address higher growth subsectors includingcell therapy and radiopharmacy. Biospherix is a US based nicheprovider of cleanroom grade containment solutions aimed at the celltherapy market. These products control the environmental conditionsto optimise cell health and reproducibility.
£2.2 million has been called by dealleader Persistence Capital for Medspa, the Canada based chain ofaesthetics clinics to finance three acquisitions.
£0.7 million has been added toAurora Payments Solutions, the US based digital payments solutionprovider for over 20,000 merchants across the USA in sectorsincluding hospitality, transport and hotel sectors. This additionalamount is our share of a deferred consideration agreement and willbe used to fund several add-on acquisitions that are wellprogressed.
The funds in the portfolio wereactive over the period with a number of interesting new investmentsinitiated internationally.
Our UK based funds made a number ofnew investments with a technology or scientific theme.
SEP VI invested a combined £1.6million in Braincube, the France based internet of industrialthings software company which specialises in optimisingmanufacturing processes, and Cora, an Irish software companyspecialising in project management software for the aerospace,defence, healthcare and life sciences sectors.
Kester Capital III called £0.7million mainly for GXP Exchange, a leading provider of goodclinical/pharmacovigilance practice audit and related consultingservices to the pharmaceutical and biotech sectors.
FPE called £0.5 million for Vanda aprovider of research and data to hedge funds and investmentbanks.
MVM IV called £1.4 million for threehealthcare companies with innovative products; Bioprotect(biodegradable products which help with the treatment of prostatecancer), Gynesonics (minimally invasive medical devices for thetreatment of uterine fibroids) and Isotec (carbon compositeimplants for the treatment of cancer of the spine).
In Continental Europe and the USAthere were also some interesting new investments.
Corsair VI, the financial servicesspecialists called £1.1 million for MJM, a leading independentcommercial insurance broker in Poland. Also in Poland Avallon IIIcalled £0.6 million for MPPK a dog and cat food company.
In Germany and Sweden Verdane EddaIII called £0.6 million for two companies; Hornet Security (B2Bcloud-based email security products) and Verified Global (B2B SaaSfor digitising business processes around identification andauthorisation).
In Italy Wisequity VI called £0.7million for Serbios a leading Italian biocontrols company(providing biological alternatives to pesticides andagrochemicals). This is the first acquisition within Greenexta, anewly established buy-and-build platform for natural solutions foragriculture.
Lastly in the USA MidOcean VI called£0.5 million for two companies; MPearlRock (consumer products) andRe-Sourcing (staffing and consulting for the finance, complianceand IT sectors).
The total drawn for new investmentsby funds and co-investments in the quarter was £23.4million.
Realisations
Despite the market having sloweddown considerably there were a number of realisations andassociated distributions. These came from a wide range of sectorsand geographies.
August Equity IV returned £3.5million through the sale of Agilio the healthcare compliancesoftware company achieving an exceptional return of 9.2x cost andan IRR of 72%.
Graycliff IV returned £2.4 millionthrough the sale of EMC, a switches and transformers manufacturer,achieving another exceptional outcome of 8.2x cost and an IRR of146%. This was a relatively short hold of only two and a halfyears.
Bencis V returned £1.9 million withthe sale of Kooi, the mobile security systems company. This alsorepresented an exceptional return of 13.9x cost and 61%IRR.
Summa I returned £1.7 millionthrough the sale of Pagero, a procure to pay software as a servicecompany, to Thomson Reuters. This represented 5.6x cost.
Montefiore IV returned £2.5 millionwith the sale to a continuation vehicle of two of its holdings; EDG(digital services for French companies) and Groupe Premium (lifeand pension insurancebroker).
Avallon MBO II Fund made a finaldistribution of £1.4 million with the sale of ORE (consulting andIT solutions for purchasing managers) and escrows from Novotech(Polymer products).
The total for realisations andassociated income in the quarter was £16.1 million.
Following the quarter end theproceeds from the sale of Jollyes, the large format pet retailer,which has been acquired by TDR Capital were received. Theseamounted to £18.3 million which represented an excellent 3.9x costand an IRR of 27%. During the six year hold the deal lead, KesterCapital, worked with the company's management to transform thebusiness with a doubling of EBITDA to £11 million and an increasein the store estate from 64 to 100, firmly establishing the companyas the clear number 2 pet retailer in the UK.
Also following the quarter end wereceived the proceeds for the sale of well bore plug andabandonment business Coretrax which has been sold to listed energyservices group Expro. The consideration for the company is acombination of shares in Expro and cash. The cash component is 24%(£3.4 million) of the £13.9 million exit value. Whilst there isfurther upside potential through the Expro shares, the currentmultiple of cost is 1.8x and the IRR is 12%. Given the turbulencein the Energy sector in recent years this is a fairoutcome.
Valuation Changes
There was minimal impact fromcurrency movements during the quarter with the negative influenceat the portfolio level from weaker European currencies relative toSterling substantially offset by the largely Euro denominated debtreducing in value.
Several of the positive influencesassociated with the exits noted above were already in the previousvaluation. In addition there were healthy positives based on strongtrading from our co-investments in Utimaco (secure tokens andcybersecurity) +£1.4 million and Cyberhawk (+£0.7 million). On thenegative side the larger downgrades were related to co-investments.Notably Rosa Mexicano was down by £1.4 million with weaker tradingnecessitating a refinancing, which has now been completed. Tier ICRM (now known as Alessa) the provider of cloud-based software forKYC and AML compliance has struggled with a substantial change inbusiness model and market conditions since we invested and is downby £1.3 million. There were a number of other minor downgrades butas noted above many of the valuations remain based on 31 Decembermarks.
Financing
At the quarter end net debt was£99.1 million. This is a perfectly manageable level andleaves us with over £45 million of headroom on our recently renewedbanking facility. Following receipt of the Jollyes proceeds andpayment of dividends, performance fee, share buy-backs andcompletion of drawdowns and further realisations the net debt atthe time of writing is around £95 million.
Following the quarter end theCompany has bought back shares in two stages totalling 1.25 millionshares at 460p per share. This is 1.7% of the shares in issue andcost £5.75 million. Based on the current NAV (31 March 2024) thisequates to a discount of 33% which means that there is anenhancement to NAV for continuing shareholders of £2.8 million or0.56% of NAV.
The combination of the dividendspaid and these buybacks mean that shareholders have receivedsubstantial benefits in terms of cash and NAV enhancement whichshould eventually be reflected in a stronger share price. TheCompany regularly reviews its capital allocation balancing theimmediate enhancement of buybacks against the longer term returnspossible from new investments with a paramount objective ofmaintaining and growing the dividend. All of this must be donemindful of the need to maintain an efficient balance sheet and tomeet any drawdowns from funds comfortably.
Your Company has greatexperience in its 25-year history of managing such parameterssuccessfully.
Outlook
At this stage in the year it is onlypossible to form a preliminary view of how the Company's portfoliowill progress through the year. As noted before the flow ofrealisations slowed notably in the second half last year. So farthis year exits have been healthy as exemplified by the Jollyes andCoretrax sales. There are several other portfolio companies whichare at different stages of planning exits and where a realisationis expected this year. Usually exits average over 30% above latestcarrying value and so contribute considerably to NAV growth. Theother key driver of NAV is the fundamental progress of the investeecompanies with advancing revenues and profits driving long termgains.
2024 is an election year in both theUSA and UK and in several other countries. Historically changes ingovernment on either side of the Atlantic have not impeded theincreased adoption of private equity but it is a factor that willattract increasing focus.
The international businessenvironment in recent months has shown some signs of improvementand this has been reflected in the increased confidence shown byour investment partners. It is therefore logical to expect anuptick in deal activity as we progress through the year. Ourportfolio is highly diversified and it contains considerableexposure to sectors which have long term growthcharacteristics.
Deal flow for new investment infunds and co-investments remains excellent and we intend tojudiciously deploy capital in the best of these opportunitiesbuilding the foundations for continuing growth in shareholdervalue.
Hamish Mair
Investment Manager
Columbia Threadneedle Investment BusinessLimited
Portfolio Summary
Portfolio Distribution at 31March 2024 | % ofTotal 31 March2024 | % ofTotal 31December 2023 |
Buyout Funds - PanEuropean* | 10.6 | 10.5 |
Buyout Funds - UK | 16.3 | 16.2 |
Buyout Funds - ContinentalEurope† | 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 | - | - |
DirectInvestments/Co-investments | 45.4 | 44.6 |
100.0 | 100.0 | |
* Europe including theUK. † Europe excluding theUK. |
TenLargest Individual Holdings Asat 31 March 2024 | TotalValuation £'000 | % of Total Portfolio |
Jollyes * | 18,912 | 3.1 |
Sigma | 15,894 | 2.6 |
Inflexion StrategicPartners | 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 periodend
Portfolio Holdings
Investment | Geographic Focus | Total Valuation £'000 | % of TotalPortfolio |
Buyout Funds - Pan European | |||
Stirling Square CapitalII | Europe | 8,894 | 1.5 |
F&C European CapitalPartners | 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 DevFund | 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 - PanEuropean | 64,334 | 10.6 | |
Buyout Funds - UK | |||
Inflexion StrategicPartners | 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 CapitalII | United Kingdom | 3,443 | 0.6 |
Inflexion Enterprise FundIV | 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 FundV | 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 FundIII | United Kingdom | 1,130 | 0.2 |
Horizon Capital 2013 | United Kingdom | 1,067 | 0.2 |
Inflexion Partnership CapitalI | 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-InvestFund | 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 Valuation£'000 | % of TotalPortfolio |
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 FundII | Iberia | 90 | - |
Capvis III | DACH | 51 | - |
DBAG Fund V | DACH | 5 | - |
Total Buyout Funds - ContinentalEurope | 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 PartnersIII | United States | 51 | - |
Total Private Equity Funds -USA | 28,527 | 4.7 | |
Investment | Geographic Focus | Total Valuation £'000 | % of Total 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 OpportunityPartners | Global | 525 | 0.1 |
AIF Capital Asia III | Asia | 92 | - |
PineBridge Latin AmericaII | 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 TechnologiesFund | Europe | 56 | - |
SEP III | United Kingdom | 36 | - |
Total Venture CapitalFunds | 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 | 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 InsuranceGroup | 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 DirectInvestments/Co-investments | 275,964 | 45.4 | |
Total Portfolio | 607,796 | 100.0 |
CTPRIVATE EQUITY TRUST PLC
Statement of ComprehensiveIncome for the
three months ended 31 March2024 (unaudited)
Revenue £'000 | Capital £'000 | Total £'000 | |
Income | |||
Losses on investments held at fairvalue | - | (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 - basicfee | (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 andtaxation | 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 comprehensiveincome | 76 | (7,379) | (7,303) |
Return per Ordinary Share | 0.10p | (10.14)p | (10.04)p |
CTPRIVATE EQUITY TRUST PLC
Statement of ComprehensiveIncome for the
three months ended 31 March2023 (unaudited)
Revenue £'000 | Capital £'000 | Total £'000 | ||
Income | ||||
Losses on investments held at fairvalue | - | (68) | (68) | |
Exchange gains | - | 237 | 237 | |
Investment income | 724 | - | 724 | |
Other income | 220 | - | 220 | |
Total income | 944 | 169 | 1,113 | |
Expenditure | ||||
Investment management fee - basicfee | (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 andtaxation | 542 | (896) | (354) | |
Finance costs | (79) | (709) | (788) | |
Profit/(loss) before taxation | 463 | (1,605) | (1,142) | |
Taxation | - | - | - | |
Profit/(loss) for period/ total comprehensiveincome | 463 | (1,605) | (1,142) | |
Return per Ordinary Share | 0.63p | (2.20)p | (1.57)p | |
CT PRIVATE EQUITY TRUSTPLC
Statement of ComprehensiveIncome for the
year ended 31 December 2023(audited)
Revenue £'000 | Capital £'000 | Total £'000 | |
Income | |||
Gains on investments held at fairvalue | - | 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 - basicfee | (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 TRUSTPLC
Balance Sheet
As at 31 March2024 | As at 31 March2023 | As at 31 December2023 | |
(unaudited) | (unaudited) | (audited) | |
£'000 | £'000 | £'000 | |
Non-current assets | |||
Investments at fair value throughprofit 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) | |
Netcurrent 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) | - |
Netassets | 498,690 | 511,711 | 511,093 |
Equity | |||
Called-up ordinary sharecapital | 739 | 739 | 739 |
Share premium account | 2,527 | 2,527 | 2,527 |
Special distributable capitalreserve | 9,597 | 10,026 | 9,597 |
Special distributable revenuereserve | 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 |
Netasset value per Ordinary Share | 685.46p | 702.47p | 702.50p |
CT PRIVATE EQUITY TRUSTPLC
Reconciliation of Movements inShareholders' Funds
Three months ended31 March2024 | Three months ended31 March2023 | Yearended31 December 2023 | |
(unaudited) | (unaudited) | (audited) | |
£'000 | £'000 | £'000 | |
Opening shareholders'funds | 511,093 | 517,675 | 517,675 |
Buyback of ordinaryshares | - | - | (429) |
(Loss)/profit for theperiod/totalcomprehensive 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. Theunaudited quarterly results have been prepared on the basis of theaccounting policies set out in the statutory accounts of theCompany for the year ended 31 December 2023. Earnings for thethree months to 31 March 2024 should not be taken as a guide to theresults for the year to 31 December 2024.
2.Investment management fee:
Three months ended31 March 2024(unaudited) | Three months ended31 March 2023(unaudited) | Year ended31 December 2023(audited) | |||||||
Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | |
Investmentmanagement fee - basicfee | 122 | 1,099 | 1,221 | 118 | 1,065 | 1,183 | 474 | 4,263 | 4,737 |
Investmentmanagement fee - performancefee | - | - | - | - | - | - | - | 4,767 | 4,767 |
122 | 1,099 | 1,221 | 118 | 1,065 | 1,183 | 474 | 9,030 | 9,504 | |
3. Financecosts:
Three months ended31 March 2024(unaudited) | Three months ended31 March 2023(unaudited) | Year ended31 December 2023(audited) | |||||||
Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | Revenue£'000 | Capital£'000 | Total£'000 | |
Interest payable on bankloans | 218 | 1,965 | 2,183 | 79 | 709 | 788 | 513 | 4,616 | 5,129 |
4. Returnsand net asset values
Three months ended31 March 2024(unaudited) | Three months ended31 March 2023(unaudited) | Year ended31 December 2023(audited) | |
The returns and net asset valuesper 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 toshareholders | £498,690,000 | £511,711,000 | £511,093,000 |
Number of shares in issue at theperiod end | 72,752,938 | 72,844,938 | 72,752,938 |
Weighted average number of sharesin issue during the period | 72,752,938 | 72,844,938 | 72,838,637 |
5. Thefinancial 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 434of the Companies Act 2006. Statutory accounts for the yearended 31 December 2023, on which the auditor issued an unqualifiedreport, will be lodged shortly with the Registrar ofCompanies. The quarterly report will be available shortly onthe Company's website www.ctprivateequitytrust.com
Legal Entity Identifier:2138009FW98WZFCGRN66
For more information, pleasecontact:
Hamish Mair (InvestmentManager) | 0131 573 8314 |
Scott McEllen (CompanySecretary) | 0131 573 8372 |
hamish.mair@columbiathreadneedle.com/ scott.mcellen@columbiathreadneedle.com |
This information is provided by RNS, the news service of theLondon Stock Exchange. RNS is approved by the Financial ConductAuthority to act as a Primary Information Provider in the UnitedKingdom. Terms and conditions relating to the use and distributionof this information may apply. For further information, pleasecontact rns@lseg.com or visitwww.rns.com.
RNS may use your IP address to confirm compliance with the termsand conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on ananonymised basis with others as part of our commercial services.For further information about how RNS and the London Stock Exchangeuse the personal data you provide us, please see our PrivacyPolicy.
END
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To:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 RNS From:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 CT Private Equity Trust PLC...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93943340\/ct-private-equity-trust-plc-results-of-agm-and-dir","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1716992676,"date":"Wed May 29, 2024 ","time":"10:24 AM (23 hours ago)","full_date":"May 29, 2024 10:24 AM","post_time":"23 hours ago","article_id":93943340,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC 1st Quarter Results and Dividend Announcement","short_text":" CT Private Equity Trust PLC 29 May 2024 \u00a0 \u00a0 To: Stock Exchange For immediate release: 29 May 2024 \u00a0 CT Private Equity Trust PLC Quarterly results for the three months ended 31 March 2024...","one_line_short_text":"CT Private Equity Trust PLC 29 May 2024 \u00a0 \u00a0 To: Stock Exchange For immediate release: 29 May 2024 \u00a0 CT Private Equity Trust PLC Quarterly...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93940951\/ct-private-equity-trust-plc-1st-quarter-results-an","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1716979870,"date":"Wed May 29, 2024 ","time":"6:51 AM (1 day ago)","full_date":"May 29, 2024 6:51 AM","post_time":"May 29 2024","article_id":93940951,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Kepler Trust Intelligence: New Research","short_text":" CT Private Equity Trust PLC 15 May 2024 \u00a0 CT Private Equity: New Research\u00a0 15\/05\/2024\u00a0\u00a0\u00a0\u00a0\u00a0 CTPE's portfolio represents a tangibly different opportunity\u2026 The investment companies team at Kepler...","one_line_short_text":"CT Private Equity Trust PLC 15 May 2024 \u00a0 CT Private Equity: New Research\u00a0 15\/05\/2024\u00a0\u00a0\u00a0\u00a0\u00a0 CTPE's portfolio represents a tangibly different...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93851838\/ct-private-equity-trust-plc-kepler-trust-intellige","source":"RNS Non-Regulatory","source_logo":"\/common\/images\/news-sources\/lseg_non.png","tags":[],"timestamp":1715752813,"date":"Wed May 15, 2024 ","time":"2:00 AM (2 weeks ago)","full_date":"May 15, 2024 2:00 AM","post_time":"May 15 2024","article_id":93851838,"source_id":"lseg_non","media_url":null,"press_release":false},{"headline":"CT Private Equity Trust PLC Transaction in Own Shares","short_text":" CT Private Equity Trust PLC 02 May 2024 \u00a0 \u00a0 \u00a0 \u00a0 2 May 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 \u00a0 TRANSACTION IN OWN SHARES \u00a0 \u00a0 In accordance with Listing Rule 12.4.6...","one_line_short_text":"CT Private Equity Trust PLC 02 May 2024 \u00a0 \u00a0 \u00a0 \u00a0 2 May 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 \u00a0 TRANSACTION IN OWN...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93769441\/ct-private-equity-trust-plc-transaction-in-own-sha","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1714667242,"date":"Thu May 02, 2024 ","time":"12:27 PM (4 weeks ago)","full_date":"May 2, 2024 12:27 PM","post_time":"May 02 2024","article_id":93769441,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Holding(s) in Company","short_text":" CT Private Equity Trust PLC 02 May 2024 \u00a0 TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB0030738271 Issuer Name CT PRIVATE EQUITY TRUST PLC UK or Non-UK...","one_line_short_text":"CT Private Equity Trust PLC 02 May 2024 \u00a0 TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB0030738271 Issuer...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93769217\/ct-private-equity-trust-plc-holdings-in-company","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1714665525,"date":"Thu May 02, 2024 ","time":"11:58 AM (4 weeks ago)","full_date":"May 2, 2024 11:58 AM","post_time":"May 02 2024","article_id":93769217,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Total Voting Rights","short_text":" CT Private Equity Trust PLC 01 May 2024 \u00a0 \u00a0 \u00a0 1 May 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 TOTAL VOTING RIGHTS \u00a0 In accordance with the Financial Conduct Authority's...","one_line_short_text":"CT Private Equity Trust PLC 01 May 2024 \u00a0 \u00a0 \u00a0 1 May 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 TOTAL VOTING RIGHTS \u00a0 In...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93754134\/ct-private-equity-trust-plc-total-voting-rights","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1714552999,"date":"Wed May 01, 2024 ","time":"4:43 AM (4 weeks ago)","full_date":"May 1, 2024 4:43 AM","post_time":"May 01 2024","article_id":93754134,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Director\/PDMR Shareholding","short_text":" CT Private Equity Trust PLC 29 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them \u00a0 1 \u00a0...","one_line_short_text":"CT Private Equity Trust PLC 29 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93735879\/ct-private-equity-trust-plc-director-pdmr-sharehol","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1714399716,"date":"Mon Apr 29, 2024 ","time":"10:08 AM (1 month ago)","full_date":"April 29, 2024 10:08 AM","post_time":"April 29 2024","article_id":93735879,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Director\/PDMR Shareholding","short_text":" CT Private Equity Trust PLC 26 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them \u00a0 1 \u00a0...","one_line_short_text":"CT Private Equity Trust PLC 26 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93724910\/ct-private-equity-trust-plc-director-pdmr-sharehol","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1714147705,"date":"Fri Apr 26, 2024 ","time":"12:08 PM (1 month ago)","full_date":"April 26, 2024 12:08 PM","post_time":"April 26 2024","article_id":93724910,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Director\/PDMR Shareholding","short_text":" CT Private Equity Trust PLC 16 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them \u00a0 1 \u00a0...","one_line_short_text":"CT Private Equity Trust PLC 16 April 2024 \u00a0 Notification and public disclosure of transactions by persons discharging managerial...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93666152\/ct-private-equity-trust-plc-director-pdmr-sharehol","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1713280958,"date":"Tue Apr 16, 2024 ","time":"11:22 AM (1 month ago)","full_date":"April 16, 2024 11:22 AM","post_time":"April 16 2024","article_id":93666152,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Annual Financial Report","short_text":" CT Private Equity Trust PLC 16 April 2024 \u00a0 To: Stock Exchange For immediate release: 16 April 2024 \u00a0 CT Private Equity Trust PLC Annual Financial Report for the Year to 31 December 2023 \u00a0...","one_line_short_text":"CT Private Equity Trust PLC 16 April 2024 \u00a0 To: Stock Exchange For immediate release: 16 April 2024 \u00a0 CT Private Equity Trust PLC Annual...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93660897\/ct-private-equity-trust-plc-annual-financial-repor","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1713247207,"date":"Tue Apr 16, 2024 ","time":"2:00 AM (1 month ago)","full_date":"April 16, 2024 2:00 AM","post_time":"April 16 2024","article_id":93660897,"source_id":"lseg_rns","media_url":null,"press_release":true},{"headline":"CT Private Equity Trust PLC Transaction in Own Shares","short_text":" CT Private Equity Trust PLC 08 April 2024 \u00a0 \u00a0 \u00a0 \u00a0 8 April 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 \u00a0 TRANSACTION IN OWN SHARES \u00a0 \u00a0 In accordance with Listing Rule...","one_line_short_text":"CT Private Equity Trust PLC 08 April 2024 \u00a0 \u00a0 \u00a0 \u00a0 8 April 2024 \u00a0 CT PRIVATE EQUITY TRUST PLC \u00a0 LEI: 2138009FW98WZFCGRN66 \u00a0 \u00a0 TRANSACTION IN OWN...","link":"https:\/\/www.advfn.com\/stock-market\/london\/CTPE\/stock-news\/93616708\/ct-private-equity-trust-plc-transaction-in-own-sha","source":"RNS Regulatory News","source_logo":"\/common\/images\/news-sources\/lseg_rns.png","tags":["REGULATORY"],"timestamp":1712563702,"date":"Mon Apr 08, 2024 ","time":"4:08 AM (2 months ago)","full_date":"April 8, 2024 4:08 AM","post_time":"April 08 2024","article_id":93616708,"source_id":"lseg_rns","media_url":null,"press_release":true}],"Preferred Contributors": ""}},created: function () {this.loaded = true;Vue.nextTick(function(){});}});});
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