1st Quarter Results

RNS Number : 9504M
BMO Private Equity Trust PLC
26 May 2022
 

 

To: Stock Exchange

For immediate release:


26 May 2022

 

BMO Private Equity Trust PLC

Quarterly results for the three months ended 31 March 2022 (unaudited)
 

· NAV total return per share for the three-month period ended 31 March 2022 of 0.4%.

· Share price total return for the three-month period ended 31 March 2022 of -4.5%.

· NAV of 637.78p per share as at 31 March 2022.

· Quarterly dividend of 6.05p per Ordinary Share representing a yield of 4.7% .

 

 

Introduction

As at 31 March 2022, the net assets of the Company were £471.6 million, giving a Net Asset Value ('NAV') per share of 637.78p, which taking into account the dividend of 5.27p paid on 28 January 2022, gives an increase of 0.4% over the quarter. The share price performance has been disappointing with a share price total return of -4.5% for the period. The discount had widened to 28% by the quarter end and now stands at 29%. Many of the other investment companies in our sector have seen similar downward pressure on share prices reflecting the impact of external shocks on investor sentiment.

 

As at 31 March 2022 the Company had net debt of £12.2 million. The current debt is slightly higher at £21.3 million. Outstanding undrawn commitments were £152.9 million including £36.8 million to funds where the investment period has expired.

 

The dividend to be paid on 29 July 2022 to shareholders on the register on 8 July 2022 with an ex-dividend date of 7 July 2022 will be 6.05p per share.

 

As is usual for the first quarter most of the valuations are based upon 31 December valuations. Very few March reports had been received by the date of compilation of this valuation. 14% of valuations are based on 31 March data with the remaining 86% based on December reports. This is in line with the usual proportions at this early point in the year.

 

New Investments

There were five new commitments to funds made during the quarter. $14 million was committed to Corsair VI, the mid-market buyout fund with a focus on financial services in North America and Europe. This is a firm we have known for a number of years, mainly through our co-investment in insurance company software business RGI. We have made three new commitments to funds based in the Nordic region. €10 million was committed to Procuritas VII, the fourth fund we have backed in a series of highly successful mid-market buyout funds from this Stockholm based manager. €7 million was committed to Verdane Edda III (technology based growth investments in the upper mid-market of Northern Europe) and €8 million to Verdane Capital XI (mid-sized and smaller growth investments in Northern Europe including secondary portfolios as well as single assets). We are already invested in the previous Verdane Edda fund. €7.0 million was committed to MED Platform II, the ArchiMed managed mid-market buyout fund with a focus on healthcare in North America and Europe.

 

Three new co-investments have been added during the quarter. The co-investment portfolio now accounts for 46.7% of the overall portfolio.

 

$10.0 million (£7.8 million) was invested in Aurora Payment Solutions, a digital payments solutions provider for over 20,000 US merchants in multiple sectors including hospitality and transport. Headquartered in Texas, this investment is led by Corsair Capital, who as noted above are financial services specialists.

 

£3.9 million was invested in Perfect Image, a Newcastle based IT services group. The company's client base are SMEs often undertaking migrations to the Cloud or bolstering their cybersecurity. The deal is led by Chiltern Capital, a lower mid-market manager with whom we have co-invested on a number of occasions.

 

€3.3 million (£2.8 million) was invested in Bomaki, a 'sushi samba' style restaurant chain based in the Milan region of Northern Italy. The restaurants offer a fusion cuisine combining influences from Japan and Brazil. The chain starts with nine restaurants and the plan is to build out to 24 within three years. The deal is led by Augens Capital who are well known to us from the San Siro investment (funeral homes). There is also a co-lead investor, Buono Ventures, who have specific expertise in the restaurant sector.

 

There were small follow-ons in three co-investments; £0.8 million in Canadian adtech company Pathfactory, £0.6 million in Ontario based software company Tier I CRM and £0.4 million in vein visualisation equipment company AccuVein.

 

The funds in the portfolio initiated several new investments during the quarter. As has been the case in recent years there is a strong representation from technology enabled businesses and companies with a healthcare focus.

 

FPE II have called £0.6 million for Egress, a provider of migration and managed services enabling mainly NHS and local authority customers to move to the cloud. Kester Capital called £0.5 million for Optibrium a software company focusing on drug discovery for the pharmaceuticals sector. MVM V called £0.5 million for two companies; Vero Bioscience, the provider of a novel nitric oxide delivery system with applications for new born babies and cardiac patients where we are also a co-investor, and OptiNose a drug delivery company where its product XHANCE treats chronic sinusitis. In Finland Vaaka III called £0.4 million for Medbase a provider of decision support databases for professionals and organizations covering for example drug interactions with other drugs and potential adverse effects.

 

After the quarter end £5 million has been committed to Northern Gritstone, a new investment company founded by the Universities of Manchester, Leeds and Sheffield to make investments in University spin-outs and other growth opportunities in the North of England. This is an innovative and carefully structured new venture led by the former Goldman Sachs partner and government minister Lord O'Neil and Duncan Johnson, formerly of Caledonia Investments and RJD Partners.

 

The total investment in co-investments and through fund drawdowns in the quarter was £20.6 million.

 

Realisations

There were no realisations of co-investments in the quarter but there were several exits from companies held in the funds portfolio.

 

In the UK August Equity IV returned £2.9 million from energy procurement company Zenergi (5.3x cost, 50% IRR). From a range of funds Inflexion returned £2.7 million from compliance risk management company Alcumus (5.9x cost, 37% IRR). Primary Capital IV had two exits; railway equipment and services provider Readypower returned £1.4 million (4.6x cost, 39% IRR) and the accredited online courses company ICS Learn £1.1 million (4.4x cost, 49% IRR). There was a return of capital of £1.1 million from our co-investment in Weird Fish following the partial redemption of loan stock.

 

There were a number of good exits in Europe. Astorg VI exited the Switzerland based Autoform which provides software for use in sheet metal forming in a sale to Carlyle which returned £2.4 million (4.1x cost, 30% IRR). ArchiMed II sold Austrian medical and veterinary diagnostics company Eurolyser returning £1.2 million (6.0x cost, 79% IRR). Finland based Vaaka II exited the leading physiotherapy company in that country, Fysio, returning £0.5 million (3.3x cost, 21% IRR).

 

The combined total of realisations for the first quarter was £16.2 million which is almost exactly the same as at this point last year.

 

Valuation Changes

The largest change in valuation was an uplift of £6.4 million for our Silverfleet led co-investment in cleanroom consumables company STAXS, which is being sold. Proceeds, which will be received imminently, are £15.8 million and together with prior receipts from last year's recapitalisation represents an excellent 6.2x cost and an IRR of 87% and a premium of 68% over the previous valuation. STAXS has made superb underlying progress which was enhanced by increased demand during the pandemic. Other uplifts include for US based Mexican themed restaurant chain Rosa Mexicano (+£1.1 million) where normality is returning to trading and Astorg VI (+£0.8 million) where the Autoform exit noted above has given a lift. There is a reduction for Ashtead (-£1.1 million) to reflect a carried interest provision.

 

Financing

The Company is modestly geared as we enter what is likely to be a challenging economic environment.  More than 80% of the borrowing facility is unused at the time of writing and there are several realisations at varying stages of completion which should result in substantial cash inflows over the next few months. It would be reasonable to expect the currently buoyant exit market to deflate somewhat given the accumulation of external risks but by how much and how quickly is far from clear. It is likely that there will be some buying opportunities and the Company has the resources to take these judiciously.

 

Outlook

As noted above the market is processing a number of external shocks after a particularly positive period for the private equity sector. Supply chain issues and the oil price rises arising from the combination of the recovery from the pandemic and the Russian invasion of Ukraine has reignited the long dormant scourge of inflation. Traditionally investment in productive assets such as equity, including private equity, has provided a degree of protection against the worst effects of inflation. There will undoubtedly be challenges for many businesses, not least those with consumer exposure, as the cost of living crisis deepens. Set against this is a robust appetite for private equity from a wide range of investors engendered by its strong track record of delivering returns through many different economic situations and its propensity to identify businesses experiencing strong secular growth.  The Company's portfolio is deliberately well diversified and this has been of conspicuous benefit throughout our 23 year history. Our investment partners are greatly experienced in both dealing with adversity and in finding resilient companies at attractive prices. This is a logical basis for confidence that your Company can continue to deliver good returns for shareholders over the long term.

 

 

 

Hamish Mair

Investment Manager

BMO Investment Business Limited

 

 

 

 

 

∞ Calculated as dividends of 4.77p paid on 29 October 2021, 5.27p paid on 28 January 2022, 5.65p paid on 29 April 2022 and 6.05p payable on 29 July 2022 divided by the Company's share price of 462.00p as at 31 March 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Summary

 

 

Ten Largest Holdings

As at 31 March 2022

Total Valuation £'000

% of Total Portfolio

Inflexion Strategic Partners

19,674

4.0

STAXS

15,850

3.2

Sigma

15,336

3.1

Weird Fish

14,735

3.0

TWMA

12,349

2.5

Coretrax

11,760

2.4

Ashtead

11,131

2.2

Ambio Holdings

10,947

2.2

Aliante Equity 3

10,803

2.2

Volpi Capital

10,336

2.1

132,921

26.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Holdings

Investment

Geographic Focus

 

Total

Valuation

£'000

% of Total Portfolio

Buyout Funds - Pan European




Volpi Capital

Northern Europe

10,336

2.1

Apposite Healthcare II

Europe

8,271

1.7

Stirling Square Capital II

Europe

5,606

1.1

Astorg VI

Western Europe

4,545

0.9

Agilitas 2015 Fund

Northern Europe

4,243

0.9

Apposite Healthcare III

Europe

3,730

0.8

ArchiMed II

Western Europe

3,083

0.6

Silverfleet European Dev Fund

Europe

2,976

0.6

TDR II Annex Fund

Western Europe

129

-

TDR Capital II

Western Europe

83

-

Agilitas 2020 Fund

Europe

40

-

ArchiMed MED III

Global

2

-

Total Buyout Funds - Pan European


43,044

8.7





 

Buyout Funds - UK




Inflexion Strategic Partners

United Kingdom

19,674

4.0

August Equity Partners IV

United Kingdom

10,092

2.0

Inflexion Supplemental V

United Kingdom

4,763

1.0

Inflexion Buyout Fund V

United Kingdom

4,595

0.9

GCP Europe II

United Kingdom

4,056

0.8

Piper Private Equity VI

United Kingdom

3,819

0.8

Inflexion Buyout Fund IV

United Kingdom

3,536

0.7

Inflexion Enterprise Fund IV

United Kingdom

3,520

0.7

Kester Capital II

United Kingdom

3,307

0.7

Apiary Capital Partners I

United Kingdom

2,877

0.6

Inflexion 2010 Fund

United Kingdom

2,804

0.6

RJD Private Equity Fund III

United Kingdom

2,628

0.5

Horizon Capital 2013

United Kingdom

2,550

0.5

FPE Fund II

United Kingdom

2,299

0.5

Dunedin Buyout Fund II

United Kingdom

2,258

0.4

Inflexion Partnership Capital I

United Kingdom

2,101

0.4

August Equity Partners V

United Kingdom

2,074

0.4

Inflexion Partnership Capital II

United Kingdom

2,057

0.4

Inflexion Supplemental IV

United Kingdom

2,006

0.4

Primary Capital IV

United Kingdom

1,575

0.3

Inflexion 2012 Co-Invest Fund

United Kingdom

1,446

0.3

Inflexion Enterprise Fund V

United Kingdom

1,383

0.3

Piper Private Equity V

United Kingdom

1,001

0.2

FPE Fund III

United Kingdom

728

0.1

August Equity Partners III

United Kingdom

5

-

Total Buyout Funds - UK


87,154

17.5



 

 

 





 

 

 




Investment

Geographic Focus

 

% of Total Portfolio

Buyout Funds - Continental Europe




Aliante Equity 3

Italy

10,803

2.2

Bencis V

Benelux

8,563

1.7

Vaaka Partners Buyout Fund III

Finland

4,961

1.0

Procuritas Capital IV

Nordic

4,894

1.0

Verdane Edda

Nordic

4,877

1.0

DBAG VII

DACH

4,660

0.9

Summa II

Nordic

4,584

0.9

Corpfin Capital Fund IV

Spain

4,387

0.9

Capvis III CV

DACH

4,218

0.8

Italian Portfolio

Italy

3,927

0.8

Chequers Capital XVII

France

3,849

0.8

Montefiore IV

France

3,746

0.8

Procuritas VI

Nordic

3,592

0.7

ARX CEE IV

Eastern Europe

3,259

0.7

Procuritas Capital V

Nordic

2,714

0.5

Summa I

Nordic

2,635

0.5

Chequers Capital XVI

France

2,090

0.4

DBAG Fund VI

DACH

2,088

0.4

Capvis IV

DACH

1,933

0.4

NEM Imprese III

Italy

1,919

0.4

Vaaka II

Finland

1,409

0.3

Avallon MBO Fund II

Poland

1,297

0.3

Ciclad 5

France

1,292

0.3

Avallon MBO Fund III

Poland

1,214

0.2

Portobello Fund III

Spain

1,072

0.2

Montefiore V

France

995

0.2

DBAG VIIB

DACH

986

0.2

Corpfin V

Spain

869

0.2

DBAG VIII

DACH

815

0.2

Ciclad 4

France

749

0.2

PineBridge New Europe II

Eastern Europe

749

0.1

DBAG VIIIB

DACH

267

0.1

DBAG Fund V

DACH

232

-

Gilde Buyout Fund III

Benelux

89

-

N+1 Private Equity Fund II

Iberia

62

-

Capvis III

DACH

50

-

Total Buyout Funds - Continental Europe


95,846

19.3









Private Equity Funds - USA




Blue Point Capital IV

North America

7,403

1.5

Graycliff III

United States

3,209

0.7

Camden Partners IV

United States

2,831

0.6

Blue Point Capital III

North America

2,569

0.5

Stellex Capital Partners

North America

2,106

0.4

Graycliff IV

North America

1,374

0.3

HealthpointCapital Partners III

United States

447

0.1

Blue Point Capital II

North America

230

-

Total Private Equity Funds - USA


20,169

4.1





 

 

Investment

Geographic

Focus

Total

Valuation

£'000

% of

Total

Portfolio

Private Equity Funds - Global




PineBridge GEM II

Global

1,031

0.2

F&C Climate Opportunity Partners

Global

775

0.2

PineBridge Latin America II

South America

113

-

Warburg Pincus IX

Global

86

-

AIF Capital Asia III

Asia

77

-

Total Private Equity Funds - Global


2,082

0.4

 

Venture Capital Funds




SEP V

United Kingdom

8,544

1.7

MVM V

Global

3,044

0.6

SEP IV

United Kingdom

1,498

0.3

Pentech Fund II

United Kingdom

825

0.2

Life Sciences Partners III

Western Europe

444

0.1

SEP II

United Kingdom

276

0.1

Environmental Technologies Fund

Europe

62

-

Alta Berkeley VI

Europe

60

-

SEP III

United Kingdom

44

-

Total Venture Capital Funds


14,797

3.0

 

Direct - Quoted




Antero

Global

495

0.1

Laredo Petroleum

USA

33

-

Total Direct - Quoted


528

0.1

 

Secondary Funds




The Aurora Fund

Europe

1,110

0.2

Total Secondary Funds


1,110

0.2

 

Direct - Investments/Co-investments




STAXS

Netherlands

15,850

3.2

Sigma

United States

15,336

3.1

Weird Fish

United Kingdom

14,735

3.0

TWMA

United Kingdom

12,349

2.5

Coretrax

United Kingdom

11,760

2.4

Ashtead

United Kingdom

11,131

2.2

Ambio Holdings

United States

10,947

2.2

San Siro

Italy

10,143

2.0

Jollyes

United Kingdom

8,517

1.7

Aurora Payment Solutions

United States

7,763

1.6

AccuVein

United States

6,993

1.4

Swanton

United Kingdom

6,254

1.3

Avalon

United Kingdom

6,234

1.3

1Med

Switzerland

5,885

1.2

JT IoT

United Kingdom

5,750

1.2

Amethyst Radiotherapy

Europe

5,697

1.1

Cyberhawk

United Kingdom

5,104

1.0

CETA

United Kingdom

5,102

1.0

Omlet

United Kingdom

5,027

1.0

Rosa Mexicano

United States

4,923

1.0

DMC Canotec

United Kingdom

4,919

1.0

Contained Air Solutions

United Kingdom

4,463

0.9

Prollenium

North America

4,339

0.9

Tier1 CRM

Canada

4,237

0.8

Orbis

United Kingdom

4,142

0.8

Dotmatics

United Kingdom

4,116

0.8

Perfect Image

United Kingdom

3,858

0.8

RGI

Italy

3,641

0.7

Walkers Transport

United Kingdom

3,410

0.7

PathFactory

Canada

3,299

0.7

Collingwood Insurance Group

United Kingdom

3,241

0.6

Habitus

Denmark

3,185

0.6

Bomaki

Italy

2,861

0.6

Babington

United Kingdom

2,596

0.5

Calucem

Croatia

2,582

0.5

Vero Biotech

United States

1,312

0.3

Stone Computers

United Kingdom

282

0.1

Pet Network

Eastern Europe

160

-

Total Direct - Investments/Co-investments


232,143

46.7

Total Portfolio


496,873

100.0

 

 

 

 

 



 

 

BMO PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

three months ended 31 March 2022 (unaudited)

 

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

8,143

8,143

Exchange losses

-

  (249)

   (249)

Investment income

1,332

-

  1,332

Other income

17

-

  17

Total income

1,349

7,894

9,243





Expenditure




Investment management fee - basic fee

(110)

(994)

(1,104)

Investment management fee - performance fee

-

(5,245)

(5,245)

Other expenses

(274)

-

(274)

Total expenditure

(384)

(6,239)

(6,623)





Profit before finance costs and taxation

965

1,655

2,620





Finance costs

(59)

(534)

(593)

 




Profit before taxation

906

1,121

2,027





Taxation

6

-

6





Profit for period/ total comprehensive income

912

1,121

2,033

 




Return per Ordinary Share

1.23p

1.52p

2.75p

 




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BMO PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

three months ended 31 March 2021 (unaudited)

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Losses on investments held at fair value

-

 (3,537)

 (3,537)

Exchange gains

-

  3,568

  3,568

Investment income

529

-

  529

Other income

-

-

-

Total income

529

31

560





Expenditure




Investment management fee - basic fee

(84)

(757)

(841)

Investment management fee - performance fee

-

-

-

Other expenses

(224)

-

(224)

Total expenditure

(308)

(757)

(1,065)





Profit/(Loss) before finance costs and taxation

221

(726)

(505)





Finance costs

(61)

(551)

(612)

 




Profit/(Loss) before taxation

160

(1,277)

(1,117)





Taxation

-

-

-





Profit/(Loss) for period/ total comprehensive income

160

(1,277)

(1,117)

 




Return per Ordinary Share

0.22p

(1.73)p

(1.51)p

 




 

 



BMO PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

year ended 31 December 2021 (audited)

 

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

128,313

128,313

Exchange gains

-

3,686

3,686

Investment income

6,719

-

6,719

Other income

3

-

3

Total income

6,722

131,999

138,721





Expenditure




Investment management fee - basic fee

(394)

(3,546)

(3,940)

Investment management fee - performance fee

-

(4,502)

(4,502)

Other expenses

(993)

-

(993)

Total expenditure

(1,387)

(8,048)

(9,435)





Profit before finance costs and taxation

5,335

123,951

129,286





Finance costs

(255)

(2,298)

(2,553)

 




Profit before taxation

5,080

121,653

126,733





Taxation

-

-

-





Profit for year/total comprehensive income

5,080

121,653

126,733

 




Return per Ordinary Share

6.87p

164.53p

171.40p

 




 

 



BMO PRIVATE EQUITY TRUST PLC

 

Balance Sheet

 

 

 

 

As at 31 March 2022

As at 31 March 2021

As at 31 December 2021

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

 '000

Non-current assets

 

 


Investments at fair value through profit or loss

496,873

417,444

483,047

 




Current assets




Other receivables

249

285

230

Cash and cash equivalents

23,986

10,679

32,702


24,235

10,964

32,932





Current liabilities




Other payables

(13,312)

(5,543)

(6,610)

Interest-bearing bank loan

(15,828)

(47,267)

(15,726)

 

(29,140)

(52,810)

(22,336)

 




Net current (liabilities)/assets

(4,905)

(41,846)

10,596

 




Total assets less current liabilities

491,968

375,598

493,643

 




Non-current liabilities




Interest-bearing bank loan

(20,385)

(20,182)

(20,196)

Net assets

471,583

355,416

473,447

 




Equity




Called-up ordinary share capital

739

739

739

Share premium account

2,527

2,527

2,527

Special distributable capital reserve

15,040

15,040

15,040

Special distributable revenue reserve

31,403

31,403

31,403

Capital redemption reserve

1,335

1,335

1,335

Capital reserve

420,539

304,372

422,403

Shareholders' funds

471,583

355,416

473,447





Net asset value per Ordinary Share

637.78p

480.67p

640.30p





 



BMO PRIVATE EQUITY TRUST PLC

 

Reconciliation of Movements in Shareholders' Funds

 

 

 

 

 

Three months ended

31 March

2022

Three months ended

31 March

2021

Year

ended

31 December 2021

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

£'000

Opening shareholders' funds

473,447

359,483

359,483

Profit/(loss) for the period/total

comprehensive income

 

2,033

 

(1,117)

 

126,733

Dividends paid

(3,897)

(2,950)

(12,769)

 

Closing shareholders' funds

 

 

471,583

 

355,416

 

473,447

 

 


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 2021.  Earnings for the three months to 31 March 2022 should not be taken as a guide to the results for the year to 31 December 2022.

 

2.  Investment management fee:

 

 

 

Three months ended

31 March 2022

  (unaudited)

 

 

Three months ended

31 March 2021

  (unaudited)

 

 

Year ended

31 December 2021

   (audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Investment management  fee - basic fee

 

110

 

994

 

1,104

 

84

 

757

 

841

 

394

 

3,546

 

3,940

Investment management  fee - performance fee

 

-

 

5,245

 

5,245

 

-

 

-

 

-

 

-

 

4,502

 

4,502

 

 

110

 

6,239

 

6,349

 

84

 

757

 

841

 

394

 

8,048

 

8,442

 

 

 

 

 

 

 

 

 

 

 

3.  Finance costs:

 

 

 

Three months ended

31 March 2022

  (unaudited)

 

 

Three months ended

 31 March 2021

  (unaudited)

 

 

Year ended

31 December 2021

  (audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Interest payable on bank loans

59

534

593

61

551

612

255

2,298

2,553

 

 

 

 

 

 

 

 

 

 

 

4.  Returns and net asset values

 

  Three months ended

31 March 2022

  (unaudited)

  Three months ended

 31 March 2021

  (unaudited)

  Year ended

31 December 2021

  (audited)

The returns and net asset values per share are based on the following figures:

 

 

 

 

Revenue Return

£912,000

£160,000

£5,080,000

Capital Return

£1,121,000

(£1,277,000)

£121,653,000

Net assets attributable to shareholders

£471,583,000

£355,416,000

£473,447,000

Number of shares in issue at the period end

73,941,429

73,941,429

73,941,429

Weighted average number of shares in issue during the period

73,941,429

73,941,429

73,941,429

 

 

 

5.  The financial information for the three months ended 31 March 2022, 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 2021, 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.bmoprivateequitytrust.com

 

 

Legal Entity Identifier: 2138009FW98WZFCGRN66

 

For more information, please contact:

 

Hamish Mair (Investment Manager)

0131 718 1184

Scott McEllen (Company Secretary)

0131 718 1137

hamish.mair@bmogam.com   / scott.mcellen@bmogam.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
 
 
QRFEAESKASXAEFA
UK 100

Latest directors dealings