Exercise of Subscription shares

HgCapital Trust Plc
(the "Trust")

Exercise of Subscription shares

HgCapital Trust plc announces that the deadline for submitting instructions in
respect of the 31 October 2012 Subscription date, whereon holders of
Subscription shares had the right to subscribe for Ordinary shares in the
Trust at a price of 950p per share, has now passed.

The Trust can confirm that Subscription rights were exercised over 3,737,678
shares in total and the aggregate proceeds raised by the Trust in respect of
this Subscription date will be £35,507,941

Pursuant to the instructions received, the Board of the Trust will shortly
approve the issue and allotment of 3,737,678 Ordinary shares, which will be
admitted to trading in due course, and a further announcement will be released
in this regard.

Since the Subscription shares were issued in April 2010, a total of 4,460,270
(71.7% of the original number issued) have been exercised, resulting in total
proceeds of £42.4 million to the Trust. Following this most recent exercise,
1,760,513 Subscription shares remain outstanding. Holders of Subscription
shares will have one further opportunity to exercise their Subscription rights,
at a Subscription price of 1025p per share, in the 30 days leading up to the
final Subscription date of 31 May 2013.

Based on the 30 September 2012 reported NAV and adjusting for the new Ordinary
share proceeds, which are expected in mid-November 2012, the pro-forma NAV of
the Trust is estimated to be £419.0 million and liquid resources (including a 
£40 million undrawn loan facility) are estimated to be £163.2 million (39% of
the pro-forma NAV).  The liquid resources also include the impact of the
reported Valueworks Ltd transaction that completed in October.


1 November 2012