NAV rises on realisation of ATC

RNS Number : 0800G

HgCapital Trust PLC

03 June 2013

 



HgCapital Trust's NAV rises on realisation of ATC

HgCapital, the Manager of the Trust, has completed the sale of its clients' investment in ATC to Intertrust, for an enterprise value of €303 million. This realisation represents an investment multiple of approximately 2.2x original cost and a gross IRR of c. 37% over the two year investment period for HgCapital's clients.

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 £22.8 million on completion of the transaction.  This represents an uplift of £2.9 million over the carrying value of £19.9 million in the Net Asset Value ("NAV") of the Trust at 30 April 2013, which was based on the Directors' valuation as at 31 December 2012.

The transaction will increase the 30 April 2013 NAV per share, by approximately 7.9 pence (fully diluted*) and 8.3 pence (basic).  Based on the NAV at 30 April 2013 and adjusting for this transaction, the NAV of the Trust as at 30 April 2013 is expected to increase to £445.4 million or 1,241.8 pence per share fully diluted* (1,252.5 pence per share basic).

Liquid resources are estimated to increase to £140.7 million (32% of the estimated NAV). In addition, the Trust has a £40 million bank facility that is currently undrawn.

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

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

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For further details:

HgCapital

Stephen Bough

[phone]

Maitland

Peter Ogden

[phone]

 

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