F&C Private Equity Trust plc · 2019-07-04 · New Investments There were two new commitments to...

F&C Private Equity Trust plc

QUARTERLY REPORT – 30 SEPTEMBER 2017

154176 PET Sept17 QRpt PRINT.indd 1 28/11/2017 13:02

2 | F&C Private Equity Trust plc Quarterly Report 30 September 2017 | 3

F&C PRIVATE EQUITY TRUST PLC

Source: F&C

Impressive performance

Company Overview

The Company

F&C Private Equity Trust plc (‘the Company’) is an investment trust and its Ordinary Shares are traded on the Main Market of the London Stock Exchange.

Objective and Investment Policy

The Company’s objective is to achieve long-term capital growth through investment in private equity assets, whilst providing shareholders with a predictable and above average level of dividend funded from a combination of the Company’s revenue and realised capital profits.

Dividend Policy

The Company aims to pay quarterly dividends with an annual yield equivalent to not less than 4 per cent of the average of the published net asset values per Ordinary Share as at the end of each of its last four financial quarters prior to the announcement of the relevant quarterly dividend or, if higher, equal (in terms of pence per share) to the highest quarterly dividend previously paid*. All quarterly dividends will be paid as interim dividends. The interim dividends payable in respect of the quarters ended 31 March, 30 June, 30 September and 31 December are expected to be paid in the following July, October, January and April respectively.

Management

The Board has appointed F&C Investment Business Limited (‘the Manager’), a wholly owned subsidiary of F&C Asset Management plc (‘F&C’), as the Company’s investment manager under a contract terminable by either party giving to the other not less than six months’ notice.

F&C is a wholly owned subsidiary of Bank of Montreal (‘BMO’) and is part of BMO Global Asset Management.

Net Assets as at 30 September 2017

£266.9 million

Capital Structure

73,941,429 Ordinary Shares of 1 pence, each entitled to one vote at a general meeting.

*Prior to January 2018, the Company paid semi-annual dividends.



Financial Highlights

18.5%

4.7%

Share price total return• Share price total return per Ordinary Share for the nine month period

ended 30 September 2017 of 18.5 per cent.

NAV total return• NAV total return per Ordinary Share for the nine month period ended

30 September 2017 of 4.7 per cent.

3.55pQuarterly dividend• Quarterly dividend of 3.55p per Ordinary Share payable on

31 January 2018




Summary of Performance

Nine months Year ended ended 30 September 31 December Total Returns for the Period* 2017 2016 % change

Net asset value per Ordinary Share +4.7% +23.0%

Ordinary Share price +18.5% +27.8%

As at As at 30 September 31 December 2017 2016

Capital ValuesNet assets (£’000) 266,914 259,523 +2.8

Net asset value per Ordinary Share 360.98p 350.98p +2.8

Ordinary Share price 343.75p 295.50p +16.3

Discount to net asset value 4.8% 15.8%

IncomeRevenue return after taxation (£’000) (328) (300)

Revenue return per Ordinary Share (fully diluted) (0.44)p (0.41)p

Gearing† (6.2)% (10.0)%

Future commitments (£’000) 126,772 116,822

* Total return is the combined effect of any dividends paid, together with the rise or fall in the net asset value per Ordinary Share or share price. Any dividends are assumed to have been re-invested in either

the Company’s assets or in additional shares.

† Borrowings less cash ÷ total assets less current liabilities (excluding borrowings and cash).

Sources: F&C Investment Business and Datastream



Ordinary Share Performance

For the 12 months to 30 September 2017

F&C Private Equity Trust plc Net Asset Value Total Return for the 12 months ended 30 September 2017

Source: F&C Investment BusinessOrdinary Shares

120

115

110

105

100

95 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17

Manager’s Review

IntroductionAs at 30 September 2017, the net assets of the Company were £266.9 million, giving a Net Asset Value (“NAV”) per share of 360.98p, an increase over the quarter of 1.2%. For the first nine months of the year, the NAV total return was 4.7%. At 30 September, the Company had net cash of £15.5 million. Outstanding undrawn commitments were £126.8 million with approximately £15.7 million of these to funds where the investment period has expired and where we would expect only a small proportion to be drawn.

In line with the Company’s new dividend policy to pay dividends on a quarterly basis, the first quarterly dividend of 3.55p will be paid on 31 January 2018 to shareholders on the register on 5 January 2018. The ex-dividend date is 4 January 2018.

New InvestmentsThere were two new commitments to funds and two new co-investments during the quarter.

£6.0 million was committed to Apposite Healthcare II. This fund focuses on UK lower mid market companies in healthcare services, digital health, social care and

medical products and has the flexibility to invest up to 30% in Western Europe. The fund is managed by a very experienced team and already has made four investments taking the fund to approximately 20% drawn. €5.0 million has been committed to ArchiMed II, a predominantly European healthcare fund. Both funds were selected following an extensive market mapping exercise looking at opportunities in the healthcare and related sectors in Europe.

£3.0 million was committed to Swanton Care Group with an initial investment of £1.4 million. This is a platform investment led by Apposite Capital involved in residential care homes and supported living for people with learning disabilities and autism spectrum disorders. The company already has 23 properties and the plan is to add to this through acquisition during the holding period.

£2.8 million was invested in CETA, a specialist insurance broker, which concentrates on the caravan and leisure boat niches. The company has set up a Managing General Agent which will allow it to capture more of the value chain in this sector. The investment is led by Kester Capital, the managers of GCP II.




Manager’s Review

Following the quarter-end two more co-investments have been added to the portfolio. £3.0 million has been invested in Walkers, a Leeds based transport and logistics company, which specialises in small pallet loads and operates a distribution hub for one of the large pallet networks. Pallet hubs are being utilised increasingly, in part due to the increase in the popularity of online shopping and the requirement for many small batch deliveries. This investment is led by Total Capital Partners with whom we are invested in two other investments. £4.0 million has been invested in a SEP led specialist software company Dotmatics. This company provides sophisticated software to the pharmaceutical industry which is primarily used to facilitate research.

The total of drawdowns from funds and co-investments during the quarter is £16.5 million. £12.3 million of this was accounted for by drawdowns from the portfolio of funds covering a wide range of new investments and some follow on investment into existing holdings in the co-investment portfolio.

The largest drawdown was for TDR Capital II which drew £4.1 million as our share of the capital to create additional value in modular buildings company Algeco Scotsman. As noted above, Apposite Healthcare II has started with a partially invested portfolio of four holdings and £1.2 million was drawn for these. £0.9 million was called from SEP V, principally for software company, Dotmatics, as described above. £0.5 million was called from Nordic Fund Summa I for its first four investments; Sortera (construction waste bags), eGain (energy saving), Lin Education (digitalisation of learning) and Summa Digital (a combination of three ‘big data’ analytics companies). Inflexion Enterprise IV has called £0.4 million for three investments; MyPolicy (telematics insurance broker and MGA), Prolabs (optical transceivers for fibreoptics) and Virgin Experience Days. In the US Blue Point Capital III called £0.4 million for SASE, a provider of various products for the polishing of concrete. There were two follow on investments in co-investments; £0.6 million to Burgess Marine and £0.4 million to David Phillips.

RealisationsThere were realisations totalling £24.2 million and income of £0.9 million in the third quarter. This gives a total for the

first nine months of £51.9 million which is approximately a third more than at the same stage in 2016.

The largest exit was of £6.2 million when our co-investment in the Stirling Square led security products company 3si was sold in two parts to US private equity house LLR and to a European trade buyer. This was a much longer hold than expected at almost 11 years and during that time the company has had some challenges, which have necessitated a substantial, but ultimately successful, updating of its product range. The net return is 1.9x and an IRR of 9% which, whilst sub optimal, is creditable given the difficulties the company has faced. £1.8 million was distributed by Blue Point Capital III from shoe insole company Ortholite which has been sold to Trilantic North America achieving an excellent 7x investment. The German speaking area of Europe has been especially strong for exits this quarter. The remaining holding in vacuum valves company VAT Holdings, which is now listed, was sold down for Capvis Funds III and IV, together returning £1.4 million. This investment has achieved 5.2x and an IRR of 82%. DBAG V had no less than three exits returning a total of £6.4 million. Formel D (automotive documentation) achieved 4.9x on its sale to 3i. ProXES (process machinery) made 5.5x on its sale to Capvis (our share £0.3 million). Romaco (machinery for pharmaceutical packaging) was partially sold to Chinese engineering group Truking for 2.4x cost. In addition to this DBAG VI returned £1.4 million with the sale of tutoring business Schulerhilfe to Oakley Capital which represented 3.9x cost and an IRR of 51%. In Iberia, N+1 Private Equity II exited Probos, the world’s third largest producer of edgebands for the furniture industry by selling to industrial buyer Surtico SE. This returned £1.6 million which was 2.1x cost and an IRR of 18%. In France Chequers Capital XV distributed £0.4 million from the sale of Accleya (IT for the aviation industry) which has been sold to Mercator achieving 11.7x cost and an IRR of 36%. Lastly £0.8 million came in from TDR Capital II from the sale of MCS Group, which itself had developed out of the US business of property services company VPS. This represented 2.4x cost.

Valuation ChangesThere were a considerable number of uplifts reflecting good underlying progress for a range of companies. The net



impact of these has been partially offset by a small number of downgrades.

On the upside, we have uplifted Ambio Holdings by £3.2 million. The company, which specialises in producing API (active pharmaceutical ingredient) for a range of generic and patented peptide oriented drugs, has traded very strongly. Chequers Capital XV is uplifted by £0.9 million mainly due to the strong progress of its holding, Store Electronics Systems, which provides electronic shelf labelling systems for the food retail sector. Procuritas Capital IV, one of our principal Nordic exposures, is up by £0.9 million mainly due to further progress by ice cream machinery company Green Magnum. Lyceum Capital III is up by £0.6 million reflecting good progress across a number of holdings. Ciclad 5, one of our longest standing French relationships, is uplifted by £0.6 million mainly due to the exit of Seabird, a financial consultancy focusing on the insurance industry, which has been sold achieving 3.6x cost and an IRR of 52%. SEP IV is up by £0.5 million mainly due to the sale of online luxury retailer Matchesfashion to Apax which completed after the quarter end with an excellent outcome of 8.3x cost and an IRR of 55%.

There was a downgrade in Burgess Marine (£1.2 million) which is in the midst of a reconstruction. Pentech II is down by £0.6 million mainly because the putative merger of FanDuel with US company DraftKings has been blocked by the Federal Trade Commission. PineBridge New Europe II is down by £0.4 million mainly because of the write off of Polish convenience store company Malpka, which has been a problem investment for some time. Schaetti, the specialist adhesives company based in Switzerland has been reduced by £0.4 million to reflect difficult trading and Calucem, the Croatia based specialist cement company is down by £0.3 million due to reduced sales volumes in the refractory market.

FinancingThe Company is in a strong financial position with net cash of £15.5 million at 30 September. There has been minimal impact from exchange rate movements over the quarter. All of our £70 million borrowing facility remains available for new investments. The new quarterly dividend means that a payment of approximately £2.6 million will be made in late January 2018.

OutlookThere are a number of new funds, co-investments and secondaries at advanced stages of the investment process and these are likely to complete by the year end. There is substantial dealflow in each section and we are constantly assessing opportunities looking for distinctive ways of building shareholder value for the future. In the UK market the Brexit negotiations occupy the minds of many business people to an increasing extent, although it is our view that this has been fully priced into deal values since the Referendum last year. In Continental Europe, the improved economic background has provided some useful support to deal activity and valuations across most of the individual geographies. The general tenor of the market is of good progress in underlying earnings with a small number of exceptions where company specific issues are being addressed. As always the quality of management and the support received from the private equity lead is critical in handling difficult challenges. This is an area on which we, with our investment partners, place much emphasis. The price of new deals is generally at the upper end of the historic range but this varies considerably by size and by sector. Private equity managers invest on an absolute return basis and are not obliged to invest if pricing means that their target returns are unlikely to be met. The market is very broad and our portfolio deliberately covers a range of sectors and styles within its mid-market focus and in any given time period our investment partners, in aggregate, will always find some attractive investments with potential for long term value growth. There are excellent prospects for further growth in shareholder value over the remainder of the year.

Hamish MairInvestment ManagerF&C Investment Business Limited

23 November 2017



Portfolio Holdings


Total % of Geographic Valuation TotalInvestment Focus £’000 Portfolio

Buyout Funds – Pan European Stirling Square Capital Partners II Europe 7,360 2.9Argan Capital Europe 6,697 2.6TDR Capital II Europe 5,966 2.3TDR II Annex Fund Europe 3,862 1.5Agilitas 2015 Private Equity Fund Europe 627 0.3

Total Buyout Funds – Pan European 24,512 9.6Buyout Funds – UKAugust Equity Partners II UK 6,477 2.5Inflexion 2010 UK 4,367 1.7Lyceum Capital III UK 4,059 1.6August Equity Partners III UK 2,967 1.1Inflexion 2012 Co-Investment Fund UK 2,708 1.1RJD Private Equity ll UK 2,464 1.0Inflexion Buyout IV UK 2,455 1.0GCP Capital Partners Europe II UK 2,405 0.9Dunedin Buyout II UK 2,103 0.8Piper Private Equity V UK 1,927 0.8RJD Private Equity III UK 1,866 0.7FPE II UK 1,430 0.6Primary Capital IV UK 1,424 0.6Apposite Healthcare II UK 1,226 0.5Inflexion Partnership Capital I UK 1,162 0.5Primary Capital III UK 1,091 0.4Equity Harvest Fund UK 962 0.4August Equity Partners IV UK 644 0.3Piper Private Equity VI UK 610 0.2Inflexion Enterprise IV UK 576 0.2Inflexion Supplemental Fund IV UK 571 0.2Primary Capital II UK 189 0.1Penta F&C Co-Investment Fund UK 90 –Enterprise Plus UK 90 –Inflexion 2006 UK 3 –

Total Buyout Funds – UK 43,866 17.2Buyout Funds – Continental Europe Procuritas Capital IV Nordic 6,194 2.4Aliante Equity 3 Italy 4,744 1.9ILP III Italy 3,956 1.5Procuritas Capital V Nordic 3,591 1.4DBAG VI Germany 3,534 1.4N+1 Private Equity II Spain 3,062 1.2Vaaka Partners Buyout Fund II Nordic 2,891 1.1Chequers Capital XVI France 2,761 1.1Corpfin Capital IV Spain 2,683 1.1Capvis IV DACH 2,509 1.0PineBridge New Europe II Central & East Europe 2,469 1.0Ciclad 5 France 2,419 1.0Capvis III DACH 2,345 0.9Avallon MBO II Central & East Europe 2,220 0.9Astorg VI France 2,091 0.8Progressio II Italy 1,872 0.7Portobello Fund III Spain 1,684 0.6Ciclad 4 France 1,210 0.5Herkules Private Equity III Nordic 1,183 0.5DBAG V Germany 1,136 0.4Summa I Norway 988 0.4PM & Partners II Italy 820 0.3Chequers Capital XV France 748 0.3Bencis Buyout V Benelux 660 0.3Procuritas Capital VI Nordic 454 0.2Montefiore IV France 313 0.1DBAG VII Germany 311 0.1Gilde Buyout III Benelux 248 0.1Vaaka Partners Buyout Fund III Nordic 238 0.1Chequers Capital France 154 0.1ARX CEE IV Central & East Europe 93 –Chequers Capital XVII France 53 –DBAG VIIB Germany 19 –

Total Buyout Funds – Continental Europe 59,653 23.4



Portfolio Holdings

Total % of Geographic Valuation TotalInvestment Focus £’000 PortfolioPrivate Equity Funds – USA Camden Partners IV USA 5,893 2.3Blue Point Capital II USA 3,557 1.4Blue Point Capital III USA 2,649 1.0HealthpointCapital Partners III USA 2,520 1.0Camden Partners III USA 2,412 1.0Graycliff Private Equity Partners III USA 1,760 0.7Stellex USA 750 0.3RCP II USA 4 –Total Private Equity Funds – USA 19,545 7.7Private Equity Funds – Global AIF Capital Asia III Asia 2,047 0.8PineBridge Global Emerging Markets II Global 838 0.3Warburg Pincus IX Global 812 0.3F&C Climate Opportunity Partners Global 685 0.3Warburg Pincus VIII Global 476 0.2PineBridge Latin America Partners II Brazil 166 0.1Total Private Equity Funds – Global 5,024 2.0Venture Capital Funds SEP IV Europe 2,777 1.1SEP III Europe 2,363 0.9Pentech II UK 1,731 0.7SEP V Europe 1,375 0.5Environmental Technologies Fund Europe 1,348 0.5SEP II Europe 1,057 0.4Life Sciences Partners III Europe 906 0.4Alta Berkeley VI UK 691 0.3Total Venture Capital Funds 12,248 4.8Mezzanine Funds Hutton Collins III Europe 2,599 1.0Mezzanine Management IV Europe 1,135 0.5Hutton Collins II Europe 1,070 0.4Accession Mezzanine ll Central & East Europe 1,067 0.4Hutton Collins I Europe 215 0.1Total Mezzanine Funds 6,086 2.4Direct – QuotedParques Reunidos Europe 351 0.1Antero USA 317 0.1Candover Investments Europe 169 0.1Laredo Petroleum USA 106 0.1Other quoted holdings Global 3 –Total Direct – Quoted 946 0.4Secondary Funds The Aurora Fund Europe 3,512 1.4Total Secondary Funds 3,512 1.4Direct – Investments/Co-investments Ambio Holdings USA 11,957 4.7Avalon UK 9,458 3.7Weird Fish UK 6,200 2.4TWMA UK 5,000 2.0Ashtead Global 4,700 1.8Recover Nordic Nordic 4,519 1.8Sigma USA 4,491 1.8Collingwood Insurance Group UK 4,279 1.7David Phillips UK 3,972 1.6Harrington Brooks UK 3,836 1.5Ticketscript Europe 3,569 1.4Calucem Europe 3,106 1.2Babington UK 2,642 1.0CETA UK 2,594 1.0Meter Provida UK 2,070 0.8Nutrisure UK 1,859 0.7Swanton UK 1,362 0.5Safran Nordic 1,212 0.5Schaetti Europe 974 0.4Burgess Marine UK 859 0.4Algeco Scotsman Global 372 0.2Total Direct – Investments/Co-investments 79,031 31.1Total Portfolio 254,423 100.0


10 | F&C Private Equity Trust plc

Statement of Comprehensive Income

Amounts Recognised as Dividends


Nine months ended Nine months ended Year ended 30 September 2017 30 September 2016 31 December 2016 (unaudited) (unaudited) (audited) Revenue Capital Total Revenue Capital Total Revenue Capital Total £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

IncomeGains on investments held at fair value – 17,889 17,889 – 33,962 33,962 – 58,538 58,538Exchange losses – (802) (802) – (3,927) (3,927) – (3,584) (3,584)Investment income 1,001 – 1,001 630 – 630 1,386 – 1,386Other income 33 – 33 45 – 45 54 – 54

Total income 1,034 17,087 18,121 675 30,035 30,710 1,440 54,954 56,394

Expenditure Investment management fee – basic fee (479) (1,438) (1,917) (424) (1,273) (1,697) (582) (1,745) (2,327)Investment management fee – performance fee – (2,175) (2,175) – (1,508) (1,508) – (2,024) (2,024)Other expenses (562) – (562) (547) – (547) (739) – (739)

Total expenditure (1,041) (3,613) (4,654) (971) (2,781) (3,752) (1,321) (3,769) (5,090)

(Loss)/profit before finance costs and taxation (7) 13,474 13,467 (296) 27,254 26,958 119 51,185 51,304

Finance costs (321) (964) (1,285) (313) (940) (1,253) (419) (1,257) (1,676)

(Loss)/profit before taxation (328) 12,510 12,182 (609) 26,314 25,705 (300) 49,928 49,628

Taxation – – – – – – – – –

(Loss)/profit for period/totalcomprehensive income (328) 12,510 12,182 (609) 26,314 25,705 (300) 49,928 49,628

Return per Ordinary Share – Basic (0.44)p 16.92p 16.48p (0.84)p 36.04p 35.20p (0.41)p 68.16p 67.75p

Return per Ordinary Share – Fully diluted (0.44)p 16.92p 16.48p (0.83)p 35.59p 34.76p (0.41)p 67.53p 67.12p

Nine months ended Nine months ended Year ended 30 September 2017 30 September 2016 31 December 2016 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Final Ordinary Share dividend of 5.83p per share for the year ended 31 December 2015 – 4,251 4,251Interim Ordinary Share dividend of 6.12p per share for the year ended 31 December 2016 – – 4,525Final Ordinary Share dividend of 6.48p per share for the year ended 31 December 2016 4,791 – –

4,791 4,251 8,776

The above table does not form part of the Statement of Comprehensive Income.

For the period ended 30 September 2017


Quarterly Report 30 September 2017 | 11

Reconciliation of Movements in Shareholders’ Funds Nine months ended Nine months ended Year ended 30 September 2017 30 September 2016 31 December 2016 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Opening shareholders’ funds 259,523 216,125 216,125Issue of Ordinary Shares – 2,546 2,546Profit for the period/total comprehensive income 12,182 25,705 49,628Dividends paid (4,791) (4,251) (8,776)

Closing shareholders’ funds 266,914 240,125 259,523

As at As at As at 30 September 2017 30 September 2016 31 December 2016 (unaudited) (unaudited) (audited) £’000 £’000 £’000

Non–current assetsInvestments at fair value through profit or loss 254,423 235,892 239,049

Current assetsOther receivables 166 21 26Cash and cash equivalents 41,592 32,081 48,575

41,758 32,102 48,601Current liabilitiesOther payables (3,210) (2,508) (3,057)

Net current assets 38,548 29,594 45,544

Total assets less current liabilities 292,971 265,486 284,593

Non–current liabilitiesInterest-bearing bank loan (26,057) (25,361) (25,070)

Net assets 266,914 240,125 259,523

Equity

Called–up ordinary share capital 739 739 739Share premium account 2,527 – 2,527Special distributable capital reserve 15,040 17,567 15,040Special distributable revenue reserve 31,403 31,403 31,403Capital redemption reserve 1,335 1,335 1,335Capital reserve 215,456 180,065 203,679Revenue reserve 414 9,016 4,800

Shareholders’ funds 266,914 240,125 259,523

Net asset value per Ordinary Share 360.98p 324.75p 350.98p

As at 30 September 2017

Balance Sheet


12 | F&C Private Equity Trust plc


Notes to the Accounts

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 2016. Earnings for the nine months to 30 September 2017 should not be taken as a guide to the results for the year to 31 December 2017.

2 Investment management fee


Investment management fee – basic fee 479 1,438 1,917 424 1,273 1,697 582 1,745 2,327

Investment management fee – performance fee – 2,175 2,175 – 1,508 1,508 – 2,024 2,024

479 3,613 4,092 424 2,781 3,205 582 3,769 4,351

3 Finance costs


Interest payable on bank loan 321 964 1,285 313 940 1,253 419 1,257 1,676

4 In accordance with the Company's stated dividend policy, the Board declares a quarterly dividend of 3.55 pence per share payable on

31 January 2018 to shareholders on the register on 5 January 2018. The ex-dividend date is 4 January 2018.

This payment represents the first quarterly dividend to be paid by the Company. Previously dividends were paid on a semi-annual basis. This innovation, which was introduced to regularise the flow of income to shareholders, will result in the payment of dividends in January, April, July and October of each year.

5 The basic return per Ordinary Share is based on a net profit on ordinary activities after taxation of £12,182,000 (30 September 2016 – £25,705,000; 31 December 2016 – £49,628,000) and on 73,941,429 (30 September 2016 – 73,017,623; 31 December 2016 – 73,249,836) shares, being the weighted average number of Ordinary Shares in issue during the period.

The fully diluted return per Ordinary Share is based on a net profit on ordinary activities after taxation of £12,182,000 (30 September 2016 – £25,705,000; 31 December 2016 – £49,628,000) and on 73,941,429 (30 September 2016 – 73,941,429; 31 December 2016 – 73,941,429) shares, being the weighted average number of Ordinary Shares in issue during the period after conversion of the Ordinary Share warrants.

During the year ended 31 December 2016, the Company issued 1,959,156 Ordinary Shares of 1p each in the capital of the Company, following the exercise of subscription rights by holders of a corresponding number of management warrants previously issued by the Company in the capital of the Company. As at 30 September 2017, no warrants remain in issue (30 September 2016 – nil; 31 December 2016 – nil).

6 The net asset value per Ordinary Share is based on net assets at the period end of £266,914,000 (30 September 2016 – £240,125,000; 31 December 2016 – £259,523,000) and on 73,941,429 (30 September 2016 – 73,941,429; 31 December 2016 – 73,941,429) shares, being the number of Ordinary Shares in issue at the period end.

7 The financial information for the nine months ended 30 September 2017, 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 2016, on which the auditor issued an unqualified report, have been lodged with the Registrar of Companies. The quarterly report is available on the Company’s website www.fcpet.co.uk.


Quarterly Report 30 September 2017 | 13



Corporate Information

Directors

Mark Tennant (Chairman)* Elizabeth Kennedy†Swantje Conrad (appointed 2 April 2017)Richard Gray (appointed 23 March 2017)Douglas Kinloch Anderson, OBEJohn Rafferty (retired 25 May 2017)David Shaw

Company Secretary

F&C Asset Management plcQuartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000

Alternative Investment Fund Manager (‘AIFM’) and Investment Manager

F&C Investment Business LimitedQuartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000

Auditor

Ernst & Young LLPTen George StreetEdinburgh EH2 2DZ

Broker and Financial Adviser

Cantor Fitzgerald EuropeOne Churchill PlaceCanary WharfLondon E14 5RB

Solicitors

CMS Cameron McKenna LLPSaltire Court20 Castle TerraceEdinburgh EH1 2EN

Depositary

JPMorgan Europe Limited25 Bank StreetCanary WharfLondon E14 5JP

Bankers

JPMorgan Chase Bank25 Bank StreetCanary WharfLondon E14 5JP

The Royal Bank of Scotland plc24-25 St Andrew SquareEdinburgh EH2 1AF

Company Number

Registered in Scotland No: SC179412

* Chairman of the Management Engagement Committee and the Nomination Committee† Chairman of the Audit Committee


Registered Office Quartermile 47a Nightingale WayEdinburgh EH3 9EGTel: 0207 628 8000Fax: 0131 718 1280

Registrars Link Asset ServicesThe Registry 34 Beckenham Road Beckenham Kent BR3 4TU Tel: 0871 664 0300*Website: www.linkassetservices.com

* Calls to this number cost 12p per minute plus network extras. Callers from outside the UK: +44(0) 208 639 3399

F&C Private Equity Trust plc

PET/QRpt/17

QUARTERLY REPORT 30 SEPTEMBER 2017


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