RNS Number : 1591V
F&C Private Equity Trust PLC
23 May 2008
To: Stock Exchange For immediate release:
23 May 2008
F&C Private Equity Trust plc
Quarterly results for the three months to 31 March 2008
* NAV total return for the three months of 2.9 per cent for the B shares;
* NAV total return for the three months of 1.2 per cent for the A shares;
* A share special dividend of 1.0 pence declared;
* Realisation of private equity assets of £8.2 million;
* New investment in private equity assets of £ 17.4 million;
Manager's Review
Introduction
F&C Private Equity Trust has continued to make good progress during the first quarter of 2008. The fully diluted net asset value ("NAV")
per ordinary share (formerly the B shares) at 31 March was 237.84 pence, an increase of 2.9 per cent since 31 December 2007. The NAV per
restricted voting share (formerly the A shares) was 8.85 pence per share, an increase of 6.5 per cent, after adjusting for the return of
capital of 36.25p per share on 25 January.
The Board has declared a special dividend of 1.0 pence per restricted voting share, reflecting the continuing progress in realising that
pool's assets. This dividend will be paid on 27 June 2008.
The net assets of the Company at 31 March were £180m, of which £174m was attributable to the ordinary shares and £6m to the
restricted voting shares. £0.7m of the latter will be returned to the holders of the restricted voting shares by the special dividend. The
Company had cash and near cash equivalents of £13m at 31 March and a revolving credit facility of £40m which is completely undrawn. The
outstanding undrawn commitments of the company total £168m.
It is anticipated that at the Annual General Meeting later today shareholders will approve the renaming of the A shares as Restricted
Voting shares and the B shares as Ordinary shares.
New Investments
New investment activity has continued fairly strongly into 2008 with total new investments of £17.4m. This included £4m invested
directly into the Inflexion led buy-out of SMD Hydrovision, the world's leading privately owned designer and manufacturer of specialised
systems for laying subsea cables and pipelines in trenches and the world's second largest supplier of Workclass Remotely Operated Vehicles
"WROVs" (electrically powered unmanned submarines that are able to work in depths and conditions that would otherwise be inaccessible for
human divers). The company primarily supplies the oil and gas sector as well as providing equipment for the telecoms, renewable energy,
mining and defence industries. F&C Private Equity Trust acquired 9.6% of SMD Hydrovision in the £70m buy-out. A further £1m was invested
in SMD Hydrovision through the Inflexion 2006 Buy-out Fund. There was a wide range of other new investments from 28 funds. Some of the
larger ones include £1.6m by Candover 2005 into Dutch engineering conglomerate Stork NV; £0.5m by AIG New Europe fund into Orzel Bialy, a Polish waste management company specializing in recycling car
batteries; £0.9m by TDR Capital into Algeco/ Scotsman, the modular buildings manufacturer; £0.4m by DBAG V in ICTS, a leading company in
aviation security systems; and, £0.4m by Gilde Buy-out Fund III in Hofmann Menu, a market leading provider of frozen food products. These
diverse companies have the common characteristics of strong positions in growing niche markets.
Realisations
The quarter has seen considerable exit activity and this has lead to distributions of £8.2m. Notable examples include the sale of
Algeco/Scotsman by TDR I yielding £2.3m, a 3.5x investment multiple and 90% IRR. As noted above we have rolled forward part of the proceeds
of the sale into a new co-investment vehicle as part of a larger deal alongside TDR Fund II. The sale of dental company IDH by LGV Fund 5
achieved an investment multiple of 4.3x, an IRR of 127% and an inflow of £1.9m to F&C PET. The earlier LGV Fund 4 also had a realisation in
the healthcare sector with the sale of Classic Hospitals which yielded £0.9m with an investment multiple of 2.7x and IRR of 50%. Candover
2005 fund have sold Norwegian cable company GET returning £0.7m for F&C PET, a multiple of 2.2x and IRR of 50%.
New Commitments
We continue to broaden and strengthen the portfolio with commitments to new funds. F&C PET made three new commitments during the
quarter; EUR9m to Spanish fund N+1 Fund II, EUR9m to Swiss based fund Capvis III and £5m to Environmental Technologies Fund, our first
investment in the 'cleantech' area.
Valuation changes
There were many small valuation changes in the quarter reflecting the trading performance and progress towards exit of underlying
companies. Most of the exits described above had already been reflected in the valuation of the previous quarter. The Company also reaped a
significant currency benefit from its exposure to Euro denominated assets during the quarter. On a fundamental basis our investment in
metal shelving and locker manufacturer Whittan has performed well and there is an uplift of £0.9m this quarter.
Outlook
The initial quarter of 2008 has not seen any significant set backs in our portfolio, while a number of successes have been recorded. The
economic and financial background is widely anticipated to become more challenging and we are closely monitoring how our investment partners
and the managers with whom they work are coping with the more difficult conditions. The degree of economic slowdown, which sectors are
affected, how badly and where and when are all still debatable. It is our belief that the focused and motivated ownership which is the
hallmark of private equity investment and the specific skills of our investment partners will be critical to achieving a strong performance
for our shareholders for the remainder of 2008. We will continue to strengthen the portfolio and particularly to take advantage of
investment opportunities which these changing conditions present.
For more information, please contact:
Hamish Mair 0131 465 1184
Martin Cassels 0131 465 1095
hamish.mair@fandc.com / martin.cassels@fandc.com
F&C PRIVATE EQUITY TRUST plc
Income Statement for the
three months ended 31 March 2008
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 6,412 6,412
Currency losses - (21) (21)
Income - franked - - -
- unfranked 355 - 355
Investment management fee (101) (1,104) (1,205)
Other expenses (129) - (129)
_______ _______ _______
Net return before finance costs and taxation 125 5,287 5,412
Interest payable and similar charges (8) (22) (30)
_______ _______ _______
Return on ordinary activities before taxation 117 5,265 5,382
Taxation on ordinary activities (36) 36 -
_______ _______ _______
Return on ordinary activities after taxation 81 5,301 5,382
_______ _______ _______
Returns per A share - Basic 0.09p 0.46p 0.55p
_______ _______ _______
Returns per B share - Basic 0.03p 6.91p 6.94p
_______ _______ _______
Returns per B share - Fully diluted 0.03p 6.73p 6.76p
_______ _______ _______
F&C PRIVATE EQUITY TRUST plc
Income Statement for
three months ended 31 March 2007
Unaudited
Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 6,567 6,567
Currency losses - (63) (63)
Income - franked - - -
- unfranked 464 - 464
Investment management fee (80) (216) (296)
Other expenses (120) - (120)
_______ _______ _______
Net return before finance costs and taxation 264 6,288 6,552
Interest payable and similar charges 4 11 15
_______ _______ _______
Return on ordinary activities before taxation 268 6,299 6,567
Taxation on ordinary activities (60) 75 15
_______ _______ _______
Return on ordinary activities after taxation 208 6,374 6,582
_______ _______ _______
Returns per A share - Basic 0.19p 0.07p 0.26p
_______ _______ _______
Returns per B share - Basic 0.28p 8.55p 8.83p
_______ _______ _______
Returns per B share - Fully diluted 0.27p 8.38p 8.65p
_______ _______ _______
F&C PRIVATE EQUITY TRUST plc
Income Statement for
Year ended 31 December 2007
Audited
Revenue Capital Total
£'000 £'000 £'000
Gains on investments - 57,141 57,141
Currency losses - (1,343) (1,343)
Income - franked 103 - 103
- unfranked 2,915 - 2,915
Investment management fee (391) (1,994) (2,385)
Other expenses (631) - (631)
_______ _______ _______
Net return before finance costs and taxation 1,996 53,804 55,800
Interest payable and similar charges (17) (49) (66)
_______ _______ _______
Return on ordinary activities before taxation 1,979 53,755 55,734
Taxation on ordinary activities (587) 569 (18)
_______ _______ _______
Return on ordinary activities after taxation 1,392 54,324 55,716
_______ _______ _______
Returns per A share - Basic 0.60p 19.84p 20.44p
_______ _______ _______
Returns per B share - Basic 1.37p 56.74p 58.11p
_______ _______ _______
Returns per B share - Fully diluted 1.34p 55.52p 56.86p
_______ _______ _______
F&C PRIVATE EQUITY TRUST plc
Balance Sheet
As at 31 March 2008 As at 31 March 2007 As at 31 December 2007
(unaudited) (unaudited) (audited)
£000 £000 £000 £000 £000 £000
Investments at market value
Listed on recognised exchanges 9,340 3,748 43,984
Unlisted at directors' 165,976 129,196 150,597
valuation
_______ _______ _______
175,316 132,944 194,581
Current assets
Debtors 292 136 789
Cash at bank 7,041 18,057 5,822
_______ _______ _______
7,333 18,193 6,611
Creditors
Amounts falling due within one (1,054) (511) (1,462)
year
_______ _______ _______
Net current assets 6,279 17,682 5,149
_______ _______ _______
Total assets less current 181,595 150,626 199,730
liabilities
Creditors
Amounts falling due after more (1,626) - (822)
than one year
_______ _______ _______
Net assets 179,969 150,626 198,908
_______ _______ _______
Capital and reserves
Called up ordinary capital 1,394 1,394 1,394
Special distributable capital 15,679 40,000 40,000
reserve
Special distributable revenue 38,363 38,363 38,363
reserve
Capital redemption reserve 664 664 664
Capital reserve 122,771 69,520 117,470
Revenue reserve 1,098 685 1,017
_______ _______ _______
Total shareholders' funds 179,969 150,626 198,908
_______ _______ _______
Net asset value per A share -
Basic 8.85p 24.69p 44.56p
Net asset value per B share -
Basic 240.77p 185.47p 233.82p
Net asset value per B share -
Fully diluted 237.84p 183.25p 231.08p
F&C PRIVATE EQUITY TRUST plc
Reconciliation of Movements in Shareholder's Funds
Three months ended Three months ended Year ended
31 March 2008 31 March 2007 31 December
2007
(unaudited) (unaudited)
(audited)
Opening shareholders' funds 198,908 146,233 146,233
Return on ordinary activities 5,382 55,716
after taxation 6,582
Dividends paid - (2,189) (3,041)
Return of capital paid (24,321) - -
_______ _______ _______
Closing shareholders' funds 179,969 150,626 198,908
_______ _______ _______
Notes
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 2007.
2. The Board has proposed a special dividend for the A shares of 1.0 pence payable on 27 June
2008 to shareholders on the Registrar on 6 June 2008. The ex dividend date is 4 June 2008.
3. These are not full statutory accounts in terms of Section 240 of the Companies Act 1985. The
full audited accounts for the year to 31 December 2007, which were unqualified, have been
lodged with the Registrar of Companies.
4. Returns per A share are based on the average number of shares in issue during the period of
67,084,807.
Returns per B share are based on the following number of shares in issue during the period:-
Basic 72,282,273
Fully diluted 74,241,429
Basic net asset value per A share is based on 67,084,807 shares in issue at the end of the period.
Basic net asset value per B share is based on 72,282,273 shares in issue at the end of the period.
Fully diluted net asset value per B share is based on 74,241,429 shares in issue at the end of the period.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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F&c Private Equity Trust (LSE:FPEA)
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