CT
Private
Equity
Trust PLC
Interim Report
30 June 2023
Contents
Overview
Company Overview | 1 |
Financial Highlights | 2 |
Summary of Performance | 3 |
Strategic Report
Chairman's Statement | 4 |
The Longer Term Rewards | 6 |
Manager's Review | 6 |
Portfolio Summary | 10 |
Portfolio Holdings | 11 |
Financial Report
Statement of Comprehensive Income | 14 |
Amounts Recognised as Dividends | 14 |
Balance Sheet | 15 |
Statement of Changes in Equity | 16 |
Statement of Cash Flows | 17 |
Notes to the Accounts | 18 |
Other Information
Directors' Statement of Principal Risks and Uncertainties | 22 |
Statement of Directors' Responsibilites | 23 |
Shareholder Information | 24 |
Alternative Performance Measures | 25 |
How to Invest | 26 |
Corporate Information | 27 |
CT Private Equity Trust PLC
Overview
Company Overview
The Company
CT 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 four 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 Company's investment manager, Columbia Threadneedle Investment Business Limited ("the Manager") is part of Columbia Threadneedle Investments. The ultimate parent company of Columbia Threadneedle Investments is Ameriprise Financial, Inc.
Net Assets as at 30 June 2023
£495.9 million
Capital Structure
72,844,938 Ordinary Shares of 1 pence, each entitled to one vote at a general meeting. In addition, the Company has 1,096,491 shares held in treasury.
Visit our website at www.ctprivateequitytrust.com
Interim Report 30 June 2023 | 1
CT Private Equity Trust PLC
Financial Highlights
-2.3% | NAV total return |
NAV of 680.75p per Ordinary Share reflecting a total return for the six months |
of -2.3 per cent for the Ordinary Shares.
15.3% | Share price total return |
Share price total return for the six months of 15.3 per cent for the |
Ordinary Shares.
13.96p | Quarterly dividends |
• Quarterly dividend of 6.95p per Ordinary Share paid on 31 July 2023. | |
Total quarterly dividends of 13.96p per Ordinary Share. |
• Quarterly dividend of 7.01p per Ordinary Share to be paid on 31 October 2023.
5.8% Yield
Dividend yield of 5.8 per cent based on the period end share price$.
$Calculated as dividends of 6.62p paid on 31 January 2023, 6.79p paid on 28 April 2023, 6.95p paid on 31 July 2023 and 7.01p payable on 31 October 2023, divided by the Company's share price of 473.00p as at 30 June 2023.
2 | CT Private Equity Trust PLC
Financial Highlights
Summary of Performance
Six months ended | Year ended | |||
Total Returns for the Period* | 30 June 2023 | 31 December 2022 | ||
Net asset value per Ordinary Share | -2.3% | 14.8% | ||
Ordinary Share price | +15.3% | -8.9% | ||
As at | As at | |||
30 June 2023 | 31 December 2022 | % change | ||
Capital Values | ||||
Net assets (£'000) | 495,895 | 517,675 | -4.2% | |
Net asset value per Ordinary Share | 680.75p | 710.65p | -4.2% | |
Ordinary Share price | 473.0p | 423.0p | +11.8% | |
Discount to net asset value | 30.5% | 40.5% | ||
Income | ||||
Revenue return after taxation (£'000) | 567 | 2,941 | ||
Revenue return per Ordinary Share | 0.78p | 4.01p | ||
Gearing† | 10.0% | 0.7% | ||
Future commitments (£'000) | 208,929 | 178,933 | ||
- 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 at net asset value or share price.
† Borrowings less cash ÷ total assets less current liabilities (excluding borrowings and cash).
Sources: Columbia Threadneedle Investment Business Limited and Refinitiv Eikon
Interim Report 30 June 2023 | 3
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Disclaimer
CT Private Equity Trust plc published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 10:59:06 UTC.