CT
Private
Equity
Trust PLC
(Formerly BMO
Private Equity Trust PLC)
Annual Report
and Accounts
31 December 2022
1 | CT Private Equity Trust PLC
Front2 cover| CT Privateimage: DunrobinEquity TrustCastle,PLCScotland.
Contents
Overview
Overview
Chairman's statement
Overview | |
Company Overview | 2 |
Financial Highlights | 3 |
Summary of Performance | 4 |
Chairman's Statement | 5 |
Strategic Report | |
Strategic Report - Introduction | 7 |
Principal Policies | 9 |
Promoting the Success of the Company | 11 |
Sustainability and ESG | 13 |
Key Performance Indicators | 17 |
The Investment Manager | 18 |
Investment Manager's Review | 19 |
Portfolio Summary | 24 |
Top Ten Fund Investments | 26 |
Top Ten Direct Investments | 27 |
Portfolio Holdings | 28 |
Principal Risks | 30 |
Governance Report | |
Board of Directors | 32 |
Report of the Directors | 33 |
Corporate Governance Statement | 37 |
Report of the Audit Committee | 39 |
Report of the Nomination Committee | 41 |
Directors' Remuneration Report | 42 |
Report of the Management Engagement Committee | 44 |
Statement of Directors' Responsibilities | 45 |
Auditor's Report | |
Independent Auditor's Report | 46 |
Financial Report | |
Statement of Comprehensive Income | 53 |
Balance Sheet | 54 |
Statement of Changes in Equity | 55 |
Statement of Cash Flows | 56 |
Notes to the Financial Statements | 57 |
AIFM Disclosures | 69 |
Annual General Meeting | |
Notice of Annual General Meeting | 70 |
Other Information | |
Shareholder Information | 75 |
History | 76 |
Historical Record | 76 |
Alternative Performance Measures | 77 |
Glossary of Terms | 79 |
How to Invest | 81 |
Corporate Information | 82 |
Strategic Report
Governance Report
Auditor's Report
Financial Report
AGM
Other Information
Report and Accounts 2022 | 1
CT Private Equity Trust PLC
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.
The Company's investment policy is contained on page 9.
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'), formerly known as BMO Investment Business Limited, is part of Columbia Threadneedle Investments.
The ultimate parent company of Columbia Threadneedle Investments is Ameriprise Financial, Inc.
Capital Structure as at 31 December 2022
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.
Further details of the Company's capital structure, including the rights attributable to the Ordinary Shares, are provided on page 33.
How to Invest
The Manager operates a number of investment plans which facilitate investment in the shares of the Company. Details are contained on page 8.
Visit our website at:
www.ctprivateequitytrust.com
2 | CT Private Equity Trust PLC
Overview
Financial Highlights
Overview
Chairman's
14.8%
NAV total return
- Net Asset Value total return
- for the year of 14.8 per cent for the Ordinary Shares.
-8.9%
Share price performance
- Share price total return (1) for the year of -8.9 per cent for the Ordinary Shares.
25.77p
Quarterly dividends
- Total quarterly dividends of 25.77p per Ordinary Share
- Quarterly dividend of 6.05p per Ordinary Share paid 29 July 2022
- Quarterly dividend of 6.31p per Ordinary Share paid 31 October 2022
- Quarterly dividend of 6.62p per Ordinary Share paid on 31 January 2023
- Quarterly dividend of 6.79p per Ordinary Share payable 28 April 2023
6.1%
Dividend yield
- Dividend yield (2) of 6.1 per cent based on the year-end share price.
statement Strategic Report
Governance Report
The Longer Term Rewards
450
400
350
300
250
200
150
100
50
0
Dec 12 | Dec 13 | Dec 14 | Dec 15 | Dec 16 | Dec 17 | Dec 18 | Dec 19 | Dec 20 | Dec 21 | Dec 22 | ||
Ordinary Share NAV Total Return | Ordinary Share Price Total Return | FTSE All Share Total Return | ||||||||||
- Total Return. Refer to Alternative Performance Measures on page 78.
- Dividend Yield. Refer to Alternative Performance Measures on page 77.
Auditor's Report
Financial Report
AGM
Other Information
Report and Accounts 2022 | 3
Attachments
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Disclaimer
CT Private Equity Trust plc published this content on 12 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2023 17:39:11 UTC.