HgCapital Trust's NAV rises on realisation of CSH

RNS Number : 5658Z

HgCapital Trust PLC

08 March 2013

 



HgCapital Trust's NAV rises on realisation of CSH

HgCapital, the Manager of the Trust, has completed the sale of its clients' investment in Computer Software Holdings Ltd ("CSH") to Advanced Computer Software plc.

HgCapital Trust plc ("The Trust"), the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, expects to realise cash proceeds of approximately £7.4 million on completion.  This represents an uplift of £1.7 million over the carrying value of £5.7 million in the Net Asset Value ("NAV") of the Trust at 31 December 2012, which was based on the Directors' valuation as at 31 December 2012.

The transaction will increase the 28 February 2013 NAV per share, as reported earlier today, by approximately 4.3 pence (fully diluted*) and 4.5 pence (basic).  Based on the NAV at 28 February 2013 and adjusting for this transaction, the NAV of the Trust as at 28 February 2013 is expected to increase to £452.2 million or 1,259.8 pence per share fully diluted* (1,271.4 pence per share basic).

The last reported liquid resources (including a £40 million undrawn bank facility) are estimated to increase to £163 million (37% of the estimated NAV).

*The calculation of fully diluted earnings per share assumes that all subscription shares in issue are exercised at their price of 1,025 pence.

The Trust announced its full year results for the year ending 31 December 2012 today, reporting a +15.3% NAV per share total return over 2012. The full text of the release can be found here:

http://hgcapitaltrust.com/news-media/press-releases/final-results-year-ended-31-december-2012 

Please find the text of a press release issued today by HgCapital announcing the transaction via the following link: http://hgcapital.com/news/hgcapital-announces-sale-csh

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For further details:

HgCapital	Stephen Bough	[phone]
Maitland	Peter Ogden	[phone]

 

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