1st Quarter Results and Dividend Announcement

Source: RNS
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

31 March 2024

% of Total

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

As at 31 March 2024

Total Valuation £'000

% of Total Portfolio

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

Valuation

£'000

% of Total Portfolio

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

Valuation £'000

% of Total Portfolio

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

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 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

£'000

Capital

£'000

Total

£'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

£'000

Capital

£'000

Total

£'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

£'000

Capital

£'000

Total

£'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

31 March

2024

Three months ended

31 March

2023

Year

ended

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

31 March 2024

(unaudited)

 

 

Three months ended

31 March 2023

(unaudited)

 

 

Year ended

31 December 2023

(audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'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

31 March 2024

(unaudited)

 

 

Three months ended

31 March 2023

(unaudited)

 

 

Year ended

31 December 2023

(audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'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

31 March 2024

(unaudited)

Three months ended

31 March 2023

(unaudited)

Year ended

31 December 2023

(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  / scott.mcellen@columbiathreadneedle.com


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
QRFFLFSIEAIAFIS