TIDMHPEQ
This announcement constitutes regulated information.
Page 1 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
Henderson Private Equity Investment Trust plc (the "Company"), whose objective
is to conduct an orderly realisation of the assets of the Company in a manner
that seeks to maximise their value and return cash to Shareholders promptly,
announces results for the half-year ended 30 June 2011.
FINANCIAL HIGHLIGHTS
30 June 31 December Change 30 June Change
since since
2011 2010 2010
31 December 30 June
2010 2010
Net assets GBP72.1m GBP62.3m 15.8% GBP58.9m 22.5%
Net asset value per 382.5p 330.4p 15.8% 312.3p 22.5%
share
Share price 274.0p 221.5p 23.7% 131.5p 108.4%
Discount 28.4% 33.0% N/A 57.9% N/A
FTSE All-Share index 3,096.7 3,062.9 1.1% 2,543.5 21.7%
LPX Europe index 360.2 338.8 6.3% 256.2 40.6%
(sterling adjusted)
LPX Indirect index 46.7 38.6 21.0% 31.1 50.2%
(sterling adjusted)
Page 2 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
CHAIRMAN'S STATEMENT
Interim Management Report
Half-Year Ended 30 June 2011
Market
The UK and European mid-market buy-out sector, the Company's key area of focus,
continued to favour sellers during the half-year to 30 June 2011. In
particular, the robust secondary market for limited partnership interests and
improved exit opportunities for underlying portfolio companies provided the
Company with positive conditions for the execution of its asset realisation
strategy.
Company Performance
The Company performed well during the period under review. Net Asset Value
("NAV") per share grew by 15.8% whilst the Company's share price increased by
23.7% compared with rises of 1.1% in the FTSE All-Share Index and 21.0% in the
LPX Indirect Index (sterling adjusted).
Pleasingly, the Company's share price discount to NAV per share fell to 28.4%
at 30 June 2011 compared with 33.0% at the 31 December 2010 year end.
Liquidity and Outstanding Commitments
The Company's balance sheet and liquidity position strengthened significantly
during the period. This was achieved mainly through the disposal of two limited
partnership interests, August Equity Partners II A and Rutland Fund II. These
sales generated cash proceeds of GBP20.6 million and released the Company from GBP
17.3 million of undrawn commitments. As a result, borrowings under the
Company's GBP30.0 million committed bank facility were reduced to zero by 30 June
2011, whilst total undrawn commitments to limited partnerships were GBP12.6
million at 30 June 2011 compared with GBP34.1 million at the 31 December 2010
year end. In addition, the Company held GBP3.1 million of cash deposits and GBP5.1
million of liquid listed investments at 30 June 2011.
In view of this much improved liquidity position and further realisations that
have occurred after the half-year end, the Company cancelled GBP20.0 million of
its GBP30.0 million committed bank facility, thereby generating considerable
savings in bank charges. The balance of the facility will be cancelled when it
is considered prudent to do so.
Dividend Policy and Dividend
It remains the Company's policy to pay dividends only to the extent required to
maintain investment trust status. In this regard, in order to meet the s1158
income retention test for the period ended 31 December 2009, it was necessary
for the Company to declare a dividend of GBP50,896, equating to a payment of
0.27p per ordinary share. The dividend was paid on 7 April 2011 to Shareholders
on the register on 18 March 2011.
Related Party Transactions
During the first six months of the current financial year, no transactions with
related parties have taken place which materially affected the financial
position or performance of the Company during the period. Details of any
related party transactions are contained in the Annual Report and Financial
Statements.
Outlook and Risks
The Company's asset realisation strategy has started well. As explained in more
detail in the Portfolio Manager's Review, prices achieved to date have been
highly satisfactory, whilst the underlying portfolios of the Company's earlier
vintage limited partnerships, which may be held to maturity, have performed
well. The Company's strong share price performance during the
Page 3 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
CHAIRMAN'S STATEMENT, continued
half-year to 30 June 2011, which has continued up to the time of writing,
suggests that the Company is indeed pursuing the right strategy.
Whilst the outlook for the Company's strategy remains encouraging, it is of
course the case that the macro-economic environment across the UK and Europe is
fragile and could, at some point, negatively impact the Company's performance.
In addition, and as described in more detail in the Portfolio Manager's Review,
the portfolio is becoming less diversified as the realisation strategy
progresses. The Portfolio Manager and your Board are however working hard to
deliver an attractive final outcome for the Company's Shareholders.
John Mackie CBE
Chairman
19 August 2011
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that, to the best of their knowledge:
(a) the set of financial statements has been prepared in accordance with the
Accounting Standards Board's statement "Half-Yearly Financial Reports";
(b) the Interim Management Report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R (indication of
important events during the first six months and description of
principal risks and uncertainties for the remaining six months of the
year); and
(c) the Interim Management Report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.8R (disclosure of
related party transactions and changes therein).
For and on behalf of the Board of Directors
John Mackie CBE
Chairman
19 August 2011
Page 4 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
PORTFOLIO MANAGER'S REVIEW
Asset Realisation Strategy - Progress
The Company's asset realisation strategy, adopted on 27 September 2010,
gathered considerable momentum during the six months to 30 June 2011.
In particular, the secondary market for limited partnership interests continued
to be highly competitive and provided the Portfolio Manager with some
attractive disposal opportunities. As a result, three limited partnership
interests, August Equity Partners II A, Elderstreet Capital Partners and
Rutland Fund II were sold for total cash proceeds of GBP20.8 million at a blended
discount of approximately 2% to their combined Net Asset Value ("NAV"). In
addition, these disposals released the Company from GBP17.4 million of undrawn
limited partnership commitments.
One listed holding, Private Equity Investor, was also exited during the period
generating cash proceeds of GBP388,469.
Shortly after the half-year end, the Company announced three further asset
disposals. First, in July, the Company's direct investment interests in The
Logic Group Holdings Limited were sold for cash of GBP4.6 million, an 82% premium
to its NAV immediately prior to disposal. Secondly, during August, the sale of
the Company's limited partnership holding in Lyceum Capital Fund II A was
completed at NAV generating cash proceeds of GBP2.8 million. Finally, again in
August, the Company sold its limited partnership holding in Palatine Private
Equity Fund for cash proceeds of GBP457,341.
Further asset disposals are planned to occur before the 31 December 2011 year
end.
Portfolio Activity
Limited Partnerships - Drawdowns and Distributions
Limited partnership fund drawdowns from the Company totalled GBP4.6 million
during the period, GBP3.1 million of which related to new investments. The
largest of these was Astorg IV's investment in Saverglass, a French-based world
leader in the design and manufacture of high-quality glass bottles for spirits
and fine wine. The Company's share of this investment was GBP1.1 million.
Encouragingly, exit and distribution activity showed some improvement with
limited partnership distributions totalling GBP2.9 million, the highlight being GBP
1.3 million from Parallel Ventures 2006 in relation to 3i's April flotation of
Norma Group on the Frankfurt Stock Exchange. A further distribution may arise
following the expiry of a six month lock-up period covering 3i's remaining
shareholding.
Listed Investment Portfolio - Disposals
As mentioned above, the Company's holding in Private Equity Investor was sold
during the period generating cash proceeds of GBP388,469.
Portfolio Valuation
Generally, the Company's portfolio continued to perform creditably during the
period under review. At 30 June 2011 the value of the Company's total
investments (including cash) was GBP72.6 million of which GBP59.8 million
represented investments in limited partnerships.
Due to FSA Disclosure and Transparency Rule 4.2 requiring the Company to
publish its half-year financial statements by 31 August 2011, it has not been
possible to update all limited partnership valuations using reports for the
quarter ended 30 June 2011. As a result, 16.6% by value of the limited
partnership portfolio has been valued using 31 March 2011 reports and 77.9%
using 30 June
Page 5 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
PORTFOLIO MANAGER'S REVIEW, continued
2011 reports. In addition, 5.5% of the limited partnership portfolio was valued
according to disposal prices achieved shortly after the half-year end. All
limited partnership valuations for 30 June 2011 in relation to the Company's
remaining limited partnership investments are expected to be reflected
fully in the Company's NAV announcement for 30 September 2011. This will be
released to the market in mid-October 2011.
The Company's remaining limited partnership funds are invested in approximately
fifty underlying companies. Whilst there have been isolated problems during the
period under review, generally trading has held-up well across the portfolio.
Indeed, it should be noted that, on receipt of the Rutland Fund I quarterly
report for the quarter ended 30 June, it became apparent that the Company had
benefited from a GBP5.5 million upward revaluation of Notemachine, a provider of
ATM services in the UK and Germany. The value of Notemachine now constitutes
more than 15% of total Company assets for the purposes of s1158. This means
that the Company can currently make no additional investment in Notemachine
through Rutland Fund I.
As mentioned previously, the Company's direct investment interests in The Logic
Group Holdings Limited were sold for cash of GBP4.6 million during July. This
figure has therefore been adopted for valuation purposes in the Company's
half-year results.
At 30 June 2011 the listed portfolio comprised seven shareholdings with a total
value of GBP5.1 million. On a like-for-like basis, this compared with GBP4.3
million at 31 December 2010, and reflects the narrowing of discounts which
occurred across the listed private equity sector during the period.
Shareholders should be aware that as the realisation strategy progresses the
risk exists that portfolio value becomes increasingly concentrated on a reduced
number of managers and underlying portfolio companies. In particular this risk
relates to the earlier vintage funds such as Rutland Fund I, August Equity
Partners I and Parallel Ventures 2006 which may be held to their maturity.
Outlook
The value of the Company's investment portfolio remains vulnerable to any
significant setback to economic recovery in the UK and Europe and falls in
public market valuations which, in turn, are likely to translate into lower
underlying portfolio company valuations.
It is the case, however, that market conditions across the UK and European
private equity sector continue to favour sellers of assets such as your
Company. For example, competition for secondary purchases of limited
partnership holdings, particularly in relation to the types of mid-market funds
held by the Company, continues to be fierce as private equity investors seek to
deploy very high levels of available capital. At the same time, the Company's
earlier vintage limited partnerships, which may be held to maturity, are
benefiting from recently improved exit conditions for their underlying
investments. Finally, the Company's listed portfolio has benefitted from the
general re-rating of the private equity sector. In short, the Company's
adoption of an asset realisation strategy appears, at this point at least, to
have been well-timed.
At the time of the adoption of the Company's revised investment strategy in
September 2010 the Board and the Portfolio Manager indicated that the asset
realisation programme was likely to be largely complete within two years. To
the extent that current private equity market conditions described above
continue to prevail, this still appears to be a workable timeframe.
Page 6 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
PORTFOLIO MANAGER'S REVIEW, continued
Finally, Shareholders should note that, as described in the Chairman's
Statement, the Company's balance sheet and liquidity position has improved
significantly since the 31 December 2010 year end.
Importantly, this now provides a solid and stable financial platform from which
the Portfolio Manager can conduct the disposal of the Company's remaining
assets.
Ian Barrass
Portfolio Manager
19 August 2011
For further information contact:
Ian Barrass John Mackie Sarah Gibbons-Cook
Portfolio Manager Chairman Investor Relations and PR
Manager
Tel: 020 7818 2964 Tel: 020 7600 9105
Henderson Global Investors
Tel: 020 7818 3198
INVESTMENT PORTFOLIO
As at 30 June 2011
Company Category Country/ Vintage Valuation GBP % of
Region 000 Portfolio
Rutland Fund I LP UK 2000 18,907 26.1%
August Equity Partners LP UK 2001 12,112 16.7%
I
Parallel Ventures 2006 LP UK 2006 10,254 14.1%
Astorg IV LP France 2008 7,118 9.8%
The Logic Group Direct UK 2007 4,561 6.3%
Pragma Capital II LP France 2007 3,677 5.1%
Lyceum Capital Fund II LP UK 2007 2,843 3.9%
Century CP IV LP US 2007 2,802 3.9%
Graphite Enterprise Listed UK 2007 1,975 2.7%
Fondinvest VIII LP France 2007 1,658 2.3%
---------- ----------
Ten largest investments 65,907 90.9%
EIH plc Listed India 2007 785 1.1%
SVG Capital 8.25% Listed UK 2007 746 1.0%
Wendel Investments Listed Europe 2007 650 0.9%
Reconstruction Capital Listed Eastern 2007 578 0.8%
II Europe
Palatine Private Equity LP UK 2007 457 0.6%
Fund
Dinamia Listed Spain 2007 200 0.3%
HgCapital Trust IT Listed UK 2007 168 0.2%
---------- ----------
Total Investments 69,491 95.8%
Cash 3,065 4.2%
Total Portfolio 72,556 100.0%
LP = Limited Partnership
Page 7 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
TEN LARGEST UNDERLYING INVESTMENTS
The table below summarises the ten largest underlying investments by value in
the Company's portfolio of unlisted private equity funds. The valuations are
gross, before any carry provision.
Underlying Sector General Vintage Cost GBP Valuation % of
Partner '000 GBP'000 Portfolio
Investment
Notemachine Business Rutland 2006 14,528 12,893 21.7%
Services Fund I
Liberty Healthcare August I 2007 3,462 6,884 11.6%
Acquisitions
(Lifeways)
Advantage Healthcare Rutland 2005 3,584 5,770 9.7%
Healthcare Fund I
Rollfold Group Manufacturing August I 2006 2,017 3,155 5.3%
(Rixonway)
Norma Manufacturing Parallel 2006 - 2,492 4.2%
Planit Holdings Software August I 2006 2,719 2,299 3.9%
Metalor Manufacturing Astorg IV 2009 833 1,688 2.9%
Premo Manufacturing Parallel 2007 1,914 1,452 2.5%
ONO Development Manufacturing Parallel 2006 413 1,221 2.1%
Photonis Manufacturing Astorg IV 2008 739 1,211 2.1%
-------- ---------- ----------
Ten Largest Underlying 30,209 39,065 66.0%
Investments
Other Underlying Investments 23,602 20,222 34.0%
Total Underlying Investments 53,811 59,287 100.0%
PORTFOLIO ANALYSIS
Type of investment by value
Percentage of portfolio 30 June 2011 31 December 2010 30 June 2010
at:
% % %
Limited partnerships 83 91 90
Listed funds 7 6 6
Direct unquoted 6 3 3
Cash 4 - 1
100 100 100
Geographic exposure of investments by value
Percentage of portfolio 30 June 2011 31 December 2010 30 June 2010
at:
% % %
UK 65 69 70
Europe 30 27 25
Other 5 4 5
100 100 100
Page 8 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
INCOME STATEMENT
for the six months ended 30 June 2011
(Unaudited) (Unaudited) (Audited)
Half-Year Ended Half-Year Ended Year ended
30 June 2011 30 June 2010 31 December 2010
Revenue Capital Total Revenue Capital Total Revenue Capital Total
return return GBP'000 return return GBP'000 return return GBP'000
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains from - 10,065 10,065 - 2,539 2,539 - 6,204 6,204
investments held at
fair value through
profit or loss (note
2)
(Losses)/gains on - (6) (6) - 70 70 - 66 66
foreign exchange
Income (note 3) 704 - 704 88 - 88 942 - 942
Investment (360) - (360) (380) - (380) (824) - (824)
management fee
(note 4)
Administrative (410) - (410) (407) - (407) (901) - (901)
expenses
-------- -------- -------- -------- -------- -------- ------- ------- -------
Return on ordinary (66) 10,059 9,993 (699) 2,609 1,910 (783) 6,270 5,487
activities before
finance costs and
taxation
Interest payable and (125) - (125) (103) - (103) (448) - (448)
similar
Charges
-------- --------- -------- -------- -------- -------- ------- ------- --------
Return on ordinary (191) 10,059 9,868 (802) 2,609 1,807 (1,231) 6,270 5,039
activities before
taxation
Taxation (1) - (1) (1) - (1) 182 - 182
-------- --------- -------- -------- -------- -------- -------- ------- --------
Return on ordinary (192) 10,059 9,867 (803) 2,609 1,806 (1,049) 6,270 5,221
activities after
finance costs and
taxation (note 6)
===== ===== ===== ===== ===== ===== ====== ===== =====
Return per ordinary (1.0)p 53.4p 52.4p (4.2)p 13.8p 9.6p (5.6)p 33.3p 27.7p
share (based on
average number of
shares in issue
during the period
(note 6)
====== ===== ===== ===== ===== ===== ====== ===== =====
The columns of this statement headed "total" represent the Company's income
statement, prepared in accordance with UK GAAP. The revenue and capital columns
are supplementary to this and are published under guidance from the Association
of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the current or prior
periods.
Page 9 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June 2011
For the six months Called Share Capital Capital Revenue Shareholders'
ended 30 June 2011 up share premium redemption reserves reserve* GBP funds GBP'000
(unaudited) capital account GBP reserve GBP GBP'000 '000
GBP'000 '000 '000
Balance at 1 January 984 17,321 705 42,770 499 62,279
2011
Capital attributable - - - 10,059 - 10,059
to Ordinary
Shareholders
Revenue attributable - - - - (192) (192)
to Ordinary
Shareholders
Equity dividends (51) (51)
declared and paid
-------- --------- -------- --------- -------- ---------
Balance at 30 June 984 17,321 705 52,829 256 72,095
2011
===== ===== ===== ====== ===== ======
For the six months Called Share Capital Capital Revenue Shareholders'
ended 30 June 2010 up share premium redemption reserves reserve* GBP funds GBP'000
(unaudited) capital account GBP reserve GBP GBP'000 '000
GBP'000 '000 '000
Balance at 1 January 984 17,321 705 36,500 1,548 57,058
2010
Capital attributable - - - 2,609 - 2,609
to Ordinary
Shareholders
Revenue attributable - - - - (803) (803)
to Ordinary
Shareholders
-------- --------- -------- --------- -------- ---------
Balance at 30 June 984 17,321 705 39,109 745 58,864
2010
===== ===== ===== ====== ===== ======
For the year ended Called Share Capital Capital Revenue Shareholders'
31 December 2010 up share premium redemption reserves reserve* GBP funds GBP'000
(audited) capital account GBP reserve GBP GBP'000 '000
GBP'000 '000 '000
Balance at 1 January 984 17,321 705 36,500 1,548 57,058
2010
Capital attributable - - - 6,270 - 6,270
to Ordinary
Shareholders
Revenue attributable - - - - (1,049) (1,049)
to Ordinary
Shareholders
-------- ---------- -------- --------- ---------- ----------
Balance at 31 984 17,321 705 42,770 499 62,279
December 2010
===== ====== ===== ====== ====== ======
*The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend.
Page 10 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
BALANCE SHEET
at 30 June 2011
(Unaudited) (Unaudited) (Audited)
30 June 30 June 31 December
2011 2010 2010
GBP'000 GBP'000 GBP'000
Fixed assets
Investments 69,491 72,028 78,357
---------- ---------- ----------
Current assets
Debtors 16 422 39
Cash at bank 3,065 964 137
---------- ---------- ----------
3,081 1,386 176
Current liabilities
Other creditors (477) (799) (603)
---------- ---------- ----------
Net current assets/ (liabilities) 2,604 587 (427)
----------- ----------- -----------
Total net assets less current 72,095 72,615 77,930
liabilities
====== ====== ======
Creditors: amounts falling due after more than one
year
Bank Loan _ (13,751) (15,651)
---------- ---------- ----------
Net Assets 72,095 58,864 62,279
====== ====== ======
Capital and reserves
Called-up share capital 984 984 984
Share premium 17,321 17,321 17,321
Capital redemption reserve 705 705 705
Capital reserve (note 7) 52,829 39,109 42,770
Revenue reserve 256 745 499
---------- ---------- ----------
Shareholders' funds 72,095 58,864 62,279
====== ====== ======
Net Asset Value per Ordinary Share 382.5p 312.3p 330.4p
(note 8)
====== ====== ======
Page 11 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
CASH FLOW STATEMENT
for the six months ended 30 June 2011
(Unaudited) (Unaudited) (Audited) Year
Six months Six months ended 31
ended 30 ended 30 December 2010
June 2011 GBP June 2010 GBP GBP'000
'000 '000
Net cash inflow/(outflow) from 74 (703) (664)
operating activities
Taxation
Tax (paid)/refunded (1) - 246
Financial investment
Purchase of unlisted fixed asset (4,613) (10,827) (15,372)
investments
Sale of listed fixed asset investments 511 1,469 1,469
Sale of unlisted fixed asset 23,033 1,508 3,389
investments
---------- ---------- ----------
Net cash inflow/(outflow) from 18,931 (7,850) (10,514)
financial investment
Equity dividends paid (51) - -
Net cash inflow/ (outflow) before 18,953 (8,553) (10,932)
financing
Financing
Bank loan (repaid)/ drawn (15,651) 6,023 7,923
Bank interest paid (368) (57) (401)
---------- ---------- ----------
Increase/(decrease) in cash 2,934 (2,587) (3,410)
Net funds at start of the period 137 3,481 3,481
(Losses)/gains on foreign exchange (6) 70 66
---------- ---------- ----------
Net funds at the end of the period 3,065 964 137
====== ====== ======
Represented by
Cash at bank 3,065 964 137
---------- ---------- ----------
3,065 964 137
====== ====== ======
Page 12 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
NOTES
1. Accounting policies
The financial statements have not been prepared on a going concern basis
as the Company is seeking to realise the investment portfolio, return the
capital to shareholders and then liquidate the Company, as outlined in the
asset realisation strategy agreed by shareholders on 27 September 2010.
The current expectation is that the process is likely to be materially
complete by September 2012. The financial statements have therefore been
prepared on a break-up basis.
A review of the investment portfolio has been undertaken to identify those
unlisted investments that may be held until the underlying fund investment
reaches its contractual end and those that are likely to be exited early.
The former have been valued largely based on the audited and unaudited
valuations provided by the investee funds. The valuations of the latter
have been based on the audited and unaudited valuations provided by the
investee funds less any discount that the Portfolio Manager believes will
arise on exiting the fund early.
The Company is not an investment company within the meaning of Section 833
of the Companies Act 2006; however, it conducts its affairs as an
investment trust for taxation purposes under Section 1158-1159 of the
Corporation Tax Act 2010. As such, the Directors consider it appropriate
to present the financial statements in accordance with the Statement of
Recommended Practice `Financial Statements of Investment Trust Companies
and Venture Capital Trusts' (the `SORP'), issued by The Association of
Investment Companies in January 2009.
For the period under review the Company's accounting policies have not
varied from those described in the Annual Report and Financial Statements
for the year to 31 December 2010.
2. Gains on investments held at fair (Unaudited) (Unaudited) (Audited)
value
Six months Six months Year ended
ended ended
31 December
30 June 20 30 June 2010
11 2010
GBP'000
GBP'000 GBP'000
Realised gains/(losses):
Listed investments 26 84 84
Unlisted investments (875) (428) 298
----------- ----------- -----------
(849) (344) 382
Investment holding gains/(losses):
Listed investments 902 93 610
Unlisted investments 10,012 2,790 5,212
----------- ----------- -----------
10,914 2,883 5,822
====== ====== =======
Net gains on investments held at 10,065 2,539 6,204
fair value
====== ====== =======
Page 13 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
NOTES, continued
3. Dividends and other income (Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31 December
2010
30 June 20 30 June 2010
11 GBP'000
GBP'000
GBP'000
Income from fixed asset
investments:
Franked income:
Dividends from listed UK 11 49 41
investments
Dividends from unlisted UK - 10 -
investments
----------- ----------- -----------
11 59 41
Unfranked income:
Dividends from listed overseas 9 48 34
investments
Distributions from UK unlisted 649 (52) 798
investments
Listed UK loan stock 31 31 62
investments
Interest from listed UK 3 - -
investments
----------- ----------- -----------
692 27 894
Total income from fixed asset 703 86 935
investments
Other income
Deposit interest 1 2 7
----------- ----------- -----------
704 88 942
====== ====== =======
4. Management and performance fees (Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended
ended 31 December
30 June 20 2010
11 June 2010
GBP'000
GBP'000 GBP'000
Investment management fee - 360 380 824
charged to revenue
====== ====== =======
Since 1 October 2010, the management fee has been fixed at a monthly fee
of GBP70,000 (net of VAT) per month for six months reduced to GBP50,000 (net
of VAT) per month for the following eighteen months (i.e. from 1 April
2011).
In addition to the management fee, the Company's Manager is entitled to a
performance fee of 10% of any amounts available to be returned to
Shareholders over the cash hurdle. The cash hurdle is set at an amount
which incentivises the Manager to out-perform the other realisation
options available to the Company plus a notional accrual representing the
time value of money between the date of Shareholder approval of the fee
and the actual returns of cash in excess of the hurdle. The total
performance fee payable to the Manager is capped at GBP2,852,900 and the
opening cash hurdle and accrual rate is GBP41,470,466 and 8% respectively.
Page 14 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
NOTES, continued
5. Commitments (Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 30 June 31 December
2010 2010
30 June 2011
GBP'000 GBP'000
GBP'000
The level of outstanding commitments at the period end
was:
Fondinvest VIII 3,408 3,403 3,390
Rutland Fund I* 2,839 3,021 2,898
Lyceum Capital Fund II 2,077 3,764 3,335
Pragma Capital II 2,025 3,396 2,890
Parallel Ventures 2006* 817 915 817
Century CP IV 474 1,267 797
August Equity Partners I* 348 608 348
Palatine Private Equity Fund 329 496 478
Astorg IV 319 1,290 1,350
August Equity Partners II - 13,134 11,997
Rutland Fund II - 6,767 5,737
KB Fund III and KB Fund III B - 1,791 -
*
Elderstreet Capital Partners* - 31 31
----------- ----------- -----------
12,636 39,883 34,068
====== ====== ======
* denotes fund in post-investment period as at 30 June 2011
6. Return per Ordinary share (Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31 December
2010
30 June 2011 30 June 2010
GBP'000
GBP'000 GBP'000
Revenue return (192) (803) (1,049)
Capital return 10,059 2,609 6,270
----------- ----------- -----------
Total 9,867 1,806 5,221
----------- ----------- -----------
Weighted average number of
Ordinary shares in issue 18,850,212 18,850,212 18,850,212
Revenue return (1.0)p (4.2)p (5.6)p
Capital return 53.4p 13.8p 33.3p
---------- ---------- ------------
Total return 52.4p 9.6p 27.7p
====== ====== =======
Page 15 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
NOTES, continued
7. Capital reserves (Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31 December
2010
30 June 2011 30 June 2010
GBP'000
GBP'000 GBP'000
Opening balance 42,770 36,500 36,500
Losses/(Gains) on realisations (849) (344) 997
of
investments
Movements in investment 10,914 2,883 5,207
holdings
losses
(Losses)/gains on foreign (6) 70 66
exchange
----------- ----------- -----------
52,829 39,109 42,770
====== ====== =======
Included within the above 11,516 (2,337) 602
reserve are
investment holding gains /
(losses) of
====== ====== =======
8. Net asset value per Ordinary (Unaudited) (Unaudited) (Audited)
share
Six months Six months Year ended
ended ended 31 December
2010
30 June 2011 30 June 2010
Net assets attributable to 72,095 58,864 62,279
ordinary
shareholders (GBP'000)
Ordinary shares in issue at 18,850,212 18,850,212 18,850,212
end of
periods
------------- -------------- --------------
382.5p 312.3p 330.4p
======== ======== ========
9. Dividends on Ordinary Shares
There will be no interim dividend for the year to 31 December 2011 (2010:
nil). A dividend of GBP50,896 (0.27p per share) was paid on 7 April 2011 in
respect of the 2009 year end in order to comply with Section 1158
(formerly Section 842) of the Corporation Tax Act 2010.
10. Called up Share Capital
At 30 June 2011 there were 18,850,212 Ordinary shares of 5p each in issue
and 832,000 Ordinary shares of 5p each held in treasury (30 June 2010 and
31 December 2010: 18,850,212 in issue and 832,000 in treasury).
11. Related parties
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or performance of the Company during the period.
Details of related party transactions are contained in the Annual Report
and Financial Statements.
Page 16 of 16
HENDERSON PRIVATE EQUITY INVESTMENT TRUST PLC
Unaudited Results for the Half-Year Ended 30 June 2011
NOTES, continued
12. Going concern
Following the adoption of the realisation strategy of the Company at the
General Meeting held on 27 September 2010, future operations of the
Company will not be conducted on a going concern basis. In forming this
judgement the Directors have considered the level of the Company's assets,
its available liquidity, the likelihood and timescales over which
investments may be realised and outstanding commitments that may be drawn.
13 Comparative Information
The financial information contained in this half-year report does not
constitute statutory financial statements as defined in section 434 of the
Companies Act 2006. The financial information for the half years ended 30
June 2011 and 30 June 2010 has not been audited or reviewed by the
Company's auditors. The figures and financial information for the year
ended 31 December 2010 are an extract based on the latest published
financial statements and do not constitute statutory accounts for that
year. Those financial statements have been delivered to the Registrar of
Companies and included the report of the auditors which was unqualified
and did not contain a statement under either section 498(2) or 498(3) of
the Companies Act 2006.
14. General Information
a. Company Status
Henderson Private Equity Investment Trust plc is incorporated in England
and is an investment trust in accordance with Section 1158 of the
Corporation Tax Act 2010. It is listed on the London Stock Exchange. The
ISIN number is GB0030955313. The London Stock Exchange Code is HPEQ.
b. Directors, Secretary and Registered Office
The Directors of the Company are John Mackie (Chairman), Terry Connor,
Barry Dean and Ian Orrock. The Secretary is Henderson Secretarial Services
Limited, represented by Tracey Lago. The registered office is 201
Bishopsgate, London EC2M 3AE.
15. Half-Year Report
The Half-Year Report will be available in typed format on the Company's
website (www.hendersonprivateequity.com) or from the Company's registered
office, An abbreviated version, the `Update', will be circulated to
shareholders in early September.
- ENDS -
Henderson Pr (LSE:HPEQ)
Historical Stock Chart
From Jun 2024 to Jul 2024
Henderson Pr (LSE:HPEQ)
Historical Stock Chart
From Jul 2023 to Jul 2024
