Quarterly net asset value and dividend

CT Private Equity Trust PLC
23 May 2023
 

 

To: Stock Exchange

For immediate release:


23 May 2023

 

CT Private Equity Trust PLC

Quarterly results for the three months ended 31 March 2023 (unaudited)
 

·      Share price total return for the three-month period ended 31 March 2023 of 6.8%.

·      NAV total return per share for the three-month period ended 31 March 2023 of -0.2%.

·      NAV of 702.47p per share as at 31 March 2023.

·      Quarterly dividend of 6.95p per Ordinary Share representing a yield of 6.0%.

 

Introduction

 

As at 31 March 2023 the net assets of the Company were £511.7 million giving a Net Asset Value ("NAV") per share of 702.47p, which taking account of the dividend of 6.62p paid on 31 January 2023 gives a total return of -0.2% for the first quarter. This valuation comes only a few weeks after the full year valuation and is largely composed of 31 December 2022 valuations with c.10% of valuations struck at 31 March 2023. This is in line with the proportions in previous years. The pound has strengthened slightly over the quarter and this has acted at a portfolio level to reduce the valuation by just under 1% largely offsetting the small underlying gain in the overall valuation before taking account of costs.

 

The share price total return over the quarter was 6.8%. More recently there has been an improvement and at the time of writing (price 493p) the discount to NAV is 30%.

 

At 31 March 2023 the Company had net debt of £21.2 million. The outstanding undrawn commitments are £189 million, of which £26 million is to funds where the investment period has expired.

 

A dividend of 6.79p was paid on 28 April 2023. In accordance with the Company's dividend policy the next dividend will be 6.95p which will be paid on 31 July 2023 to Shareholders on the register on 7 July 2023 with an ex-dividend date of 6 July 2023.

 

New Investments

 

Three new fund commitments have been added during the quarter. £8 million has been committed to Kester Capital III, a UK focussed lower mid-market buy-out manager whom we have backed before in two previous funds and in a number of co-investments. $8 million has been committed to MidOcean VI, a US mid-market buy-out fund whom we have backed through one of our other funds before. Lastly £8 million has been committed to Axiom I, a debut mid-market enterprise software fund, where we know the principals from earlier in their careers.

 

Two new co-investments were added. We have invested £2.5 million in the MVM-led life sciences company GT Medical. This company has developed an innovative brain cancer treatment consisting of bioresorbable tiles with embedded radioactive caesium seeds. The tiles are placed next to the tumour cavity and are eventually fully absorbed by the body. This is thought to extend life and promote recovery. We have also invested £4.1 million (80% of our expected investment in the business) in LeadVenture, a leading SaaS provider of digital retailing, digital storefronts, e-commerce, proprietary data and vertical ERP dealer management software (DMS). The company's customers are in the non-auto sector such as RVs, agriculture machinery and transportation. The lead for the investment is San Francisco based Truewind Capital.

 

During the quarter we have made no fewer than six follow on investments into co-investments. These are for various reasons; Med Spa (£1.9 million - acquiring new clinics as part of the roll-out), Leader 96 (£1.2 million - funding higher than expected working capital), TWMA (£1.1 million - improving liquidity and funding capex for major new contracts), Aurora Payments (£1.0 million - funding add-ons and a shortfall due to a delay in the release of funds in escrow), Vero Biotech (£0.9 million - helping fund the launch of the third generation nitric oxide gas cassette device) and Accuvein (£0.8 million - junior debt issue, slightly more than our pro-rata share).

Dealflow for both funds and co-investments remains strong and since the quarter end we have made four commitments to funds and five co-investments. The fund commitments and co-investments cover Europe and North America and give diverse sectoral exposure.

 

We have made a $10 million commitment split evenly between Level 5 Capital Partners II and its associated co-investment vehicle Purpose Brands. Level 5 concentrates on consumer-focussed franchise growth investments and is based in Atlanta, Georgia. €5 million has been committed to Magnesium Capital I, a European energy transition fund. €5 million has been committed to Hg Mercury 4, a lower mid-market software and services fund investing in Europe and North America. Lastly, €8 million has been committed to Wise Equity VI, the latest fund by one of the leading Italian mid-market buy-out managers.

 

The new co-investments cover a range of industries and geographies. €10 million has been invested in the Volpi led co-investment in Cyclomedia. Volpi has been invested in this Netherlands based mapping and surveying company since 2018 and we are increasing our exposure through a continuation vehicle. Cyclomedia's client base includes local municipalities who require comprehensive, accessible and digitally formatted information on properties within their areas, mainly for the purposes of local taxation and rates. From its Northern European base, the company has begun a process of expansion internationally and Volpi believe that there is considerable further growth to be achieved. $8.0 million has been invested in Asbury Carbons, a Pennsylvania based producer of milled graphite products with a diverse range of industrial applications. The investment is led by New York based Mill Rock Capital and Asbury is an intriguing opportunity to revitalise a long-established company with operational improvements and product extensions. £5 million has been invested in Cardo, a Wales based provider of repair, maintenance and upgrading services mainly to the social housing sector. Much of the impetus comes from the transition of this housing stock to become more energy efficient and sustainable. The deal is led by Buckthorn whom we have coinvested with several times and who specialise in energy transition investments. £2.7 million has been invested alongside August Equity in StarTraq, a provider of software to police forces and local authorities allowing them to efficiently issue and process speeding tickets. The technology has an increasing range of applications with, for example, the capability of capturing accurately on camera drivers who are using handheld mobile phones whilst driving. The company also has a large untapped market opportunity internationally where it already has a small foothold. We have also invested £1.2 million alongside August Equity in One Touch, a market leading software provider serving the social care market. This software allows carers to meet client requirements more efficiently and the care companies themselves to manage their staff productively in what is a closely regulated sector.

 

The funds in the portfolio have been active in making new investments. SEP VI called £1.1 million for its first two investments; Cresset (drug discovery software used in the design of small molecules) and Pelion (an internet of things connectivity business). Kester Capital has called £0.6 million for MAP Patient (leader in market access consulting services to the pharmaceutical and biotech sectors which accelerates patient access to ground-breaking medicines, devices and diagnostics). In different sectors, Piper Equity has called £0.6 million for jewellery company Monica Vinader as it continues with this investment from one fund to the next and £0.5 million for tourist excursion company Rabbie's Trail Burners. In Germany, DBAG VIII called £0.5 million for Metalworks which designs and manufactures high quality fashion accessories such as belt buckles, fasteners and studs for luxury fashion brands. In Central Europe, Avallon III called £0.6 million for TES the Czech based electro-mechanical engineering company which was acquired from fund investment ARX.

 

The total of drawdowns from funds and co-investments in the quarter was £34.8 million (2022: £20.6 million). This combined with the investments made so far this quarter is evidence of the strong dealflow accessible to the Company in the mid-market tier of private equity internationally. Additionally, it is a sign of continuing confidence on the part of our investment partners.

 

Realisations

 

There have been many realisations across the portfolio this quarter. The staged sell down of our remaining positions in the now listed Ashtead Technology have generated £4.7 million. There is a further £4+ million still to be realised as market conditions allow. Kester Capital II returned £2.7 million (4.8x, 60% IRR) from the sale of Vixio, the leader in the provision of regulator and compliance intelligence to the payments market. Our longstanding partner Inflexion have had a series of exits across their range of funds. £1.6 million was returned from travel company Scott Dunn where the holding period coincided with a crisis for the industry due to the pandemic (1.4x, 4% IRR). £1.1 million came in from the sale of software services company Mobica where Inflexion's Partnership Capital Fund has made an excellent return (5.6x, 29% IRR). £0.7 million was returned from international foreign exchange specialist Global Reach Group (3.1x, 19% IRR). Lastly Inflexion also exited the social media and influencer marketing agency Goat returning £0.4 million (3.9x, 78% IRR). As noted above Piper exited jewellery company Monica Vinader returning £0.4 million in a sale to Bridgepoint (2.1x, 11% IRR). Piper have continued in the investment alongside Bridgepoint in Piper VII.

 

The flow of realisations has continued in Continental Europe. In Spain, Corpfin IV returned £4.0 million (6.1x, 51% IRR) from the sale of care company Grupo 5. In France Chequers XVI exited Paris based landfill site operator Environnement Conseil Travaux (ECT) returning £0.8 million. Chequers XVII sold premium zips business Riri returning £1.2 million (2.4x, 34% IRR). Also in France, Ciclad 4 exited wine drums company H&A Location returning £0.7 million with an excellent return of 8x cost. In Germany DBAG's various funds have achieved a number of exits. £0.4 million came in from speciality chemicals producer Heytex (1.2x cost). £1.0 million was returned from Italian company Pmflex a leading European manufacturer of electrical installation conduits (2.3x, 65% IRR). DBAG also sold prison phone communications company Telio returning £0.5 million. In Central Europe ARX exited electro-mechanical engineering company TES in the sale to a consortium including Avallon noted above. This returned £1.2 million (2.7x, 40% IRR).

 

The total for realisations and associated income this quarter was £23.9 million which compares with £16.2 million at the same point in 2022.

 

Valuation Movements

 

There have been a few notable movements in valuation this quarter, although without the 31 March reports available these have been limited. Jollyes, the pet shop chain led by Kester is up by £1.4 million reflecting strong trading performance. The combined TDR funds were up £1.4 million, as the remaining holding of shares in Target Hospitality increased in price. The Italian sub portfolio is up by £1.1 million mainly due to an uplift for ultra  high-end furniture company Giorgetti. Other notable positives are from Kester Capital II, which is up by £0.9 million following the exit of Vixio noted above and Apiary I which is up by £0.8 million reflecting progress across the portfolio and including a superb recovery for TAG, the travel management company to the global live music and entertainment touring industry. TAG is now trading strongly, well up from the nadir of the pandemic. There were a few negative movements, with for example Agilitas 2015 down £1.1 million reflecting a, hopefully, temporary portfolio company downgrade and follow-on. Corsair VI was down by £0.5 million as it experiences the J-curve effect as it builds out its portfolio. TWMA is down £0.3 million as forecasts, which remain encouraging, are taking longer to materialise. In summary, in a usually quiet quarter for valuation movements the portfolio has held up well as would be expected at this stage in the year.

 

Financing

 

The Company has drawn down more of its borrowing facility during the quarter and afterwards. This has been to build up the portfolio with new investments to provide future returns. The realisation proceeds are ahead of last year and very healthy. There are a number of further realisations in process which may complete during the current quarter. The gearing level of the Company was around 4% at the end of March and it will rise a little as the new investments noted above are made depending on the timing of realisation proceeds. As we expect the return on investments to comfortably outstrip the cost of borrowing over the long term this moderate gearing should enhance NAV. We retain most of the revolving credit facility available to cover any difference between realisations and new investments. Later in the year we will engage with the bank well ahead of the expiry of the facility in June 2024.

 

Outlook

 

The economic background with high inflation and sluggish growth internationally remains challenging. As ever the impact across the portfolio is uneven with consumer facing businesses more affected, although many of these have staged impressive recoveries over the last two years. From the review of our portfolio, it is clear that companies which offer innovative products and services and which exhibit well defined growth trends are achieving good exits and are unsurprisingly entering the portfolio as new investments. Whilst our portfolio is overwhelmingly composed of buyouts many of these companies have a technology foundation, whether in software or its application or in the broad and innovative healthcare sectors, underpinning their specific investment theses. Our investment partners search energetically across Europe and further afield for these companies which can offer excellent returns in the medium and long term. The current flow of realisations which has continued very well so far this year indicates underlying momentum in the portfolio maintaining our confidence that Shareholders will continue to benefit as the year progresses.

 

 

 

 

Hamish Mair

Investment Manager

Columbia Threadneedle Investment Business Limited

 

 

 

∞ Calculated as dividends of 6.31p paid on 31 October 2022, 6.62p paid on 31 January 2023, 6.79p paid on 28 April 2023 and 6.95p payable on 31 July 2023 divided by the Company's share price of 445.00p as at 31 March 2023.

 

 

 


 

Portfolio Summary

Text Box: Portfolio Distribution As at 31 March 2023 % of Total 31 March 2023 % of Total 31 December 2022 Buyout Funds – Pan European* 10.7 11.1 Buyout Funds – UK 16.6 15.4 Buyout Funds – Continental Europe† 18.4 20.1 Secondary Funds 0.1 0.1 Private Equity Funds – USA 4.5 4.3 Private Equity Funds – Global 1.1 1.2 Venture Capital Funds 3.9 3.7 Direct – Quoted 0.9 1.1 Direct Investments/Co-investments 43.8 43.0 100.0 100.0 * Europe including the UK. † Europe excluding the UK.

Ten Largest Individual Holdings

As at 31 March 2023

Total Valuation £'000

% of Total Portfolio

Sigma

17,681

3.3

Inflexion Strategic Partners

14,980

2.8

Coretrax

14,061

2.6

Jollyes

11,078

2.1

TWMA

10,844

2.0

Aurora Payment Solutions

10,442

1.9

F&C European Capital Partners

10,117

1.9

Bencis V

9,721

1.8

SEP V

9,189

1.7

Apposite Healthcare II

8,828

1.6

116,941

21.7

 


 

 

 

 

Portfolio Holdings

Investment

Geographic Focus

 

Total

Valuation

£'000

% of Total Portfolio

Buyout Funds - Pan European




F&C European Capital Partners

Europe

10,117

1.9

Apposite Healthcare II

Europe

8,828

1.6

Stirling Square Capital II

Europe

7,766

1.4

Volpi Capital

Northern Europe

6,772

1.3

Apposite Healthcare III

Europe

5,986

1.1

Agilitas 2015 Fund

Northern Europe

5,053

0.9

ArchiMed II

Western Europe

4,509

0.8

Astorg VI

Western Europe

3,189

0.6

TDR Capital II

Western Europe

1,411

0.3

Silverfleet European Dev Fund

Europe

1,215

0.2

TDR II Annex Fund

Western Europe

1,202

0.2

Agilitas 2020 Fund

Europe

743

0.1

Med Platform II

Global

599

0.1

Volpi III

Northern Europe

295

0.1

ArchiMed MED III

Global

279

0.1

Total Buyout Funds - Pan European


57,964

10.7





 

Buyout Funds - UK




Inflexion Strategic Partners

United Kingdom

14,980

2.8

August Equity Partners V

United Kingdom

7,576

1.4

Apiary Capital Partners I

United Kingdom

6,325

1.2

Axiom 1

United Kingdom

6,233

1.1

Inflexion Supplemental V

United Kingdom

5,581

1.0

August Equity Partners IV

United Kingdom

5,499

1.0

Inflexion Buyout Fund V

United Kingdom

5,488

1.0

Piper Private Equity VI

United Kingdom

4,224

0.8

Kester Capital II

United Kingdom

4,007

0.7

Inflexion Buyout Fund IV

United Kingdom

3,634

0.7

Inflexion Enterprise Fund IV

United Kingdom

2,711

0.5

FPE Fund II

United Kingdom

2,556

0.5

Inflexion Partnership Capital II

United Kingdom

2,484

0.5

FPE Fund III

United Kingdom

2,039

0.4

Inflexion Enterprise Fund V

United Kingdom

1,983

0.4

RJD Private Equity Fund III

United Kingdom

1,963

0.4

Inflexion Supplemental IV

United Kingdom

1,593

0.3

GCP Europe II

United Kingdom

1,433

0.3

Horizon Capital 2013

United Kingdom

1,298

0.2

Piper Private Equity VII

United Kingdom

1,280

0.2

Primary Capital IV

United Kingdom

1,195

0.2

Inflexion Buyout Fund VI

United Kingdom

1,123

0.2

Inflexion Partnership Capital I

United Kingdom

935

0.2

Dunedin Buyout Fund II

United Kingdom

925

0.2

Inflexion 2012 Co-Invest Fund

United Kingdom

836

0.1

Kester Capital III

United Kingdom

756

0.1

Inflexion 2010 Fund

United Kingdom

504

0.1

Piper Private Equity V

United Kingdom

405

0.1

August Equity Partners III

United Kingdom

2

-

Total Buyout Funds - UK


89,568

16.6

Investment

Geographic Focus

 

% of Total Portfolio

Buyout Funds - Continental Europe




Bencis V

Benelux

9,721

1.8

Aliante Equity 3

Italy

8,518

1.6

DBAG VII

DACH

5,912

1.1

Vaaka III

Finland

5,449

1.0

Capvis III CV

DACH

5,105

0.9

Italian Portfolio

Italy

4,967

0.9

Summa II

Nordic

4,888

0.9

Montefiore IV

France

4,314

0.8

Chequers Capital XVII

France

4,058

0.7

Procuritas VI

Nordic

4,018

0.7

DBAG VIII

DACH

3,562

0.7

Verdane Edda

Nordic

3,333

0.6

Avallon MBO Fund III

Poland

3,317

0.6

Procuritas Capital IV

Nordic

3,143

0.6

ARX CEE IV

Eastern Europe

3,008

0.6

Corpfin Capital Fund IV

Spain

2,720

0.5

Capvis IV

DACH

2,532

0.5

NEM Imprese III

Italy

2,368

0.4

Summa I

Nordic

2,233

0.4

Montefiore V

France

2,142

0.4

Vaaka II

Finland

1,767

0.3

DBAG Fund VI

DACH

1,539

0.3

Corpfin V

Spain

1,521

0.3

Vaaka IV

Finland

1,318

0.2

Chequers Capital XVI

France

1,206

0.2

Portobello Fund III

Spain

1,107

0.2

Ciclad 5

France

1,054

0.2

DBAG VIIB

DACH

884

0.2

Avallon MBO Fund II

Poland

831

0.2

Procuritas VII

Nordic

621

0.1

DBAG VIIIB

DACH

588

0.1

Verdane XI

Northern Europe

463

0.1

PineBridge New Europe II

Eastern Europe

433

0.1

Summa III

Northern Europe

315

0.1

Procuritas Capital V

Nordic

295

0.1

Gilde Buyout Fund III

Benelux

92

-

Capvis III

DACH

51

-

N+1 Private Equity Fund II

Iberia

43

-

DBAG Fund V

DACH

31

-

Total Buyout Funds - Continental Europe


99,467

18.4





 




 




Private Equity Funds - USA




Blue Point Capital IV

North America

7,922

1.5

Camden Partners IV

United States

3,484

0.6

Graycliff III

United States

3,013

0.6

Stellex Capital Partners

North America

2,967

0.6

Blue Point Capital III

North America

2,844

0.5

Graycliff IV

North America

2,650

0.5

MidOcean VI

United States

1,031

0.2

Blue Point Capital II

North America

156

-

HealthpointCapital Partners III

United States

135

-

Total Private Equity Funds - USA


24,202

4.5





 

 

Investment

Geographic

Focus

Total

Valuation

£'000

% of

Total

Portfolio

Private Equity Funds - Global




Corsair VI

Global

3,777

0.7

PineBridge GEM II

Global

947

0.2

F&C Climate Opportunity Partners

Global

859

0.2

AIF Capital Asia III

Asia

69

-

PineBridge Latin America II

South America

57

-

Hg Saturn 3

Global

14

-

Warburg Pincus IX

Global

3

-

Total Private Equity Funds - Global


5,726

1.1

 

Venture Capital Funds




SEP V

United Kingdom

9,189

1.7

MVM V

Global

4,151

0.8

Kurma Biofund II

Europe

2,642

0.5

SEP IV

United Kingdom

1,669

0.3

SEP VI

Europe

1,135

0.2

Northern Gritstone

United Kingdom

1,050

0.2

Pentech Fund II

United Kingdom

393

0.1

SEP II

United Kingdom

275

0.1

Life Sciences Partners III

Western Europe

250

-

MVM VI

Global

130

-

Environmental Technologies Fund

Europe

64

-

SEP III

United Kingdom

43

-

Total Venture Capital Funds


20,991

3.9

 

Direct - Quoted




Ashtead

United Kingdom

4,673

0.9

Total Direct - Quoted


4,673

0.9

 

Secondary Funds




The Aurora Fund

Europe

805

0.1

Total Secondary Funds


805

0.1

 

Direct Investments/Co-investments




Sigma

United States

17,681

3.3

Coretrax

United Kingdom

14,061

2.6

Jollyes

United Kingdom

11,078

2.1

TWMA

United Kingdom

10,844

2.0

Aurora Payment Solutions

United States

10,442

1.9

San Siro

Italy

8,787

1.6

ATEC (CETA)

United Kingdom

8,644

1.6

AccuVein

United States

8,346

1.5

Weird Fish

United Kingdom

7,535

1.4

Amethyst Radiotherapy

Europe

7,300

1.4

Velos IoT (JT IoT)

United Kingdom

7,250

1.3

Leader96

Bulgaria

7,223

1.3

Swanton

United Kingdom

6,837

1.3

Prollenium

North America

6,821

1.3

Rosa Mexicano

United States

6,580

1.2

Ambio Holdings

United States

6,402

1.2

Orbis

United Kingdom

5,600

1.0

Cybit (Perfect Image)

United Kingdom

5,439

1.0

Walkers Transport

United Kingdom

5,162

1.0

Cyberhawk

United Kingdom

5,045

0.9

Family First

United Kingdom

5,045

0.9

Omlet

United Kingdom

5,027

0.9

123Dentist

Canada

4,781

0.9

1Med

Switzerland

4,499

0.8

Dotmatics

United Kingdom

4,497

0.8

Agilico (DMC Canotec)

United Kingdom

4,008

0.7

Contained Air Solutions

United Kingdom

3,949

0.7

LeadVenture

United States

3,882

0.7

Habitus

Denmark

3,543

0.7

Alessa (Tier1 CRM)

Canada

3,496

0.7

MedSpa Partners

Canada

3,412

0.6

Avalon

United Kingdom

3,315

0.6

PathFactory

Canada

3,216

0.6

Bomaki

Italy

2,978

0.6

Collingwood Insurance Group

United Kingdom

2,977

0.6

Vero Biotech

United States

2,456

0.5

GT Medical

United States

2,426

0.5

Neurolens

United States

2,218

0.4

Ashtead

United Kingdom

1,622

0.3

Rephine

United Kingdom

1,248

0.2

Babington

United Kingdom

771

0.1

TDR Algeco/Scotsman

Europe

298

0.1

Total Direct  Investments/Co-investments


236,741

43.8

Total Portfolio


540,137

100.0

 

 

 

 

 



 

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

(2.20p)

(1.57p)

 




 

 

 

 

 

 

CT 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

 









 

 



CT PRIVATE EQUITY TRUST PLC

 

Statement of Comprehensive Income for the

year ended 31 December 2022 (audited)

 

 


 


Revenue

£'000

Capital

£'000

Total

£'000

 

Income




Gains on investments held at fair value

-

77,330

77,330

Exchange losses

-

(2,083)

(2,083)

Investment income

4,550

-

4,550

Other income

186

-

186

Total income

4,736

75,247

79,983





Expenditure




Investment management fee - basic fee

(464)

(4,172)

(4,636)

Investment management fee - performance fee

-

(5,402)

(5,402)

Other expenses

(1,077)

-

(1,077)

Total expenditure

(1,541)

(9,574)

(11,115)





Profit before finance costs and taxation

3,195

65,673

68,868





Finance costs

(254)

(2,294)

(2,548)

 




Profit before taxation

2,941

63,379

66,320





Taxation

-

-

-





Profit for year/total comprehensive income

2,941

63,379

66,320

 




Return per Ordinary Share

4.01p

86.42p

90.43p

 




 

 



CT PRIVATE EQUITY TRUST PLC

 

Balance Sheet

 

 

 

 

As at 31 March 2023

As at 31 March 2022

As at 31 December 2022

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

 £'000

Non-current assets

 

 


Investments at fair value through profit or loss

540,137

496,873

528,557

 




Current assets




Other receivables

1,441

249

389

Cash and cash equivalents

15,305

23,986

34,460


16,746

24,235

34,849





Current liabilities




Other payables

(8,688)

(13,312)

(7,411)

Interest-bearing bank loan

(14,937)

(15,828)

(16,618)

 

(23,625)

(29,140)

(24,029)

 




Net current (liabilities)/assets

(6,879)

(4,905)

10,820

 




Total assets less current liabilities

533,258

491,968

539,377

 




Non-current liabilities




Interest-bearing bank loan

(21,547)

(20,385)

(21,702)

Net assets

511,711

471,583

517,675

 




Equity




Called-up ordinary share capital

739

739

739

Share premium account

2,527

2,527

2,527

Special distributable capital reserve

10,026

15,040

10,026

Special distributable revenue reserve

31,403

31,403

31,403

Capital redemption reserve

1,335

1,335

1,335

Capital reserve

465,681

420,539

471,645

Shareholders' funds

511,711

471,583

517,675





Net asset value per Ordinary Share

702.47p

637.78p

710.65p





 



CT PRIVATE EQUITY TRUST PLC

               

Reconciliation of Movements in Shareholders' Funds

 

 

 

 

 

Three months ended

31 March

2023

Three months ended

31 March

2022

Year

ended

31 December 2022

 

(unaudited)

(unaudited)

(audited)

 

£'000

£'000

£'000

Opening shareholders' funds

517,675

473,447

473,447

Buyback of ordinary shares

-

-

(5,014)

(Loss)/profit for the period/total

comprehensive income

 

 (1,142)

 

2,033

 

66,320

Dividends paid

(4,822)

(3,897)

(17,078)

 

Closing shareholders' funds

 

 

511,711

 

471,583

 

517,675

 

 


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 2022.  Earnings for the three months to 31 March 2023 should not be taken as a guide to the results for the year to 31 December 2023.

 

2.     Investment management fee:

 

 

 

Three months ended

31 March 2023

                              (unaudited)

 

 

Three months ended

31 March 2022

                             (unaudited)

 

 

Year ended

31 December 2022

                                 (audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Investment management       fee - basic fee

 

118

 

1,065

 

1,183

 

110

 

994

 

1,104

 

464

 

4,172

 

4,636

Investment management       fee - performance fee

 

-

 

-

 

-

 

-

 

5,245

 

5,245

 

-

 

5,402

 

5,402

 

 

118

 

1,065

 

1,183

 

110

 

6,239

 

6,349

 

464

 

9,574

 

10,038

 

 

 

 

 

 

 

 

 

 

 

3.     Finance costs:

 

 

 

Three months ended

31 March 2023

                             (unaudited)

 

 

Three months ended

 31 March 2022

                             (unaudited)

 

 

Year ended

31 December 2022

                                 (audited)

 

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

 

 

 

 

 

 

 

 

 

Interest payable on bank loans

79

709

788

59

534

593

254

2,294

2,548

 

 

 

 

 

 

 

 

 

 

 

4.     Returns and net asset values

 

       Three months ended

31 March 2023

                        (unaudited)

  Three months ended

 31 March 2022

                  (unaudited)

                Year ended

31 December 2022

                      (audited)

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

 

 

 

 

Revenue Return

£463,000

£912,000

£2,941,000

Capital Return

(£1,605,000)

£1,121,000

£63,379,000

Net assets attributable to shareholders

£511,711,000

£471,583,000

£517,675,000

Number of shares in issue at the period end

72,844,938

73,941,429

72,844,938

Weighted average number of shares in issue during the period

72,844,938

73,941,429

73,342,303

 

 

 

5.     The financial information for the three months ended 31 March 2023, 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 2022, 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 718 1184

Scott McEllen (Company Secretary)

0131 718 1137

hamish.mair@columbiathreadneedle.com  / scott.mcellen@columbiathreadneedle.com


 

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