F&C Private Equity’s (FPEO) net asset value as at 30 June 2012 was 253.77p per share, according to the company’s half-year results.
FPEO also announced an interim dividend of 4.96p per share, which is in line with the new dividend mechanism, under which FPEO will aim to pay semi-annual dividends with an annual yield equivalent to not less than four per cent of the average of the published NAVs per ordinary share as at the end of each of its last four financial quarters, or if higher, equal to the highest semi-annual dividend previously paid.
Distributions from underlying funds during the period exceeded GBP27m, were more than 40 per cent ahead of the same period in 2011 and comfortably ahead of the total drawdowns for the period of GBP13.0m.
By the end of the period, the company had repaid all drawings under its four year GBP50m revolving credit facility arranged with the Royal Bank of Scotland in February 2012. The company’s largest single company realisation was Lifeways, with total proceeds of GBP13.5m, a premium to the last carrying value of GBP3.5m.
At 30 June 2012 FPEO had net cash of GBP6.0m. Together with the accrued liability for the ZDP shares of GBP36.5m the ordinary share pool’s total debt was GBP30.6m, equivalent to a gearing level of 14.1 per cent. The total outstanding undrawn commitments at 30 June 2012 were GBP66.8m, and of this approximately GBP15m is to funds where the investment period has expired.