Update re Subscription shares & NAV

RNS Number : 2521G

HgCapital Trust PLC

04 June 2013

 



NAV of HgCapital Trust rises to £460.2 million on final exercise of Subscription shares

HgCapital Trust plc (the "Trust") announces that the deadline for submitting instructions in respect of the 31 May 2013 Subscription date, whereon holders of Subscription shares had the right to subscribe for Ordinary shares in the Trust at a price of 1,025 pence per share, has now passed.

The Trust can confirm that Subscription rights were exercised on 1,439,684 shares in total and the aggregate proceeds raised by the Trust in respect of such exercises will be £14,756,761.

Based on the 30 April 2013 reported NAV and adjusting for the new Ordinary share proceeds, which are expected in mid-June 2013, the pro-forma NAV of the Trust is estimated to be £460.2 million or 1,241.8 pence per share fully diluted* (1,243.6 pence per share basic) and liquid resources are estimated to be £155.5 million (35% of the pro-forma NAV). These figures have been adjusted to include the impact of the ATC realisation announced earlier this week.

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

Further to the announcement dated 26 April 2013, the Trust has now appointed a Final Subscription Trustee to act on behalf of the holders of the 320,829 Subscription shares that have not as yet been exercised. It is currently expected that the Final Subscription Trustee will exercise the rights attaching to the remaining Subscription shares, at the Subscription price of 1,025p per share, following which the resulting Ordinary shares will be sold in the market and the proceeds (less costs) will be distributed pro rata to the holders of the shares.

In the event the remaining Subscription shares are exercised as above, the Subscription proceeds raised by the Trust in respect of the final Subscription date will be increased by a further £3,288,497. It is noted that the Subscription shares were issued free of charge to participants in the placing and open offer that took place in April 2010 and that the total proceeds raised through the open offer and subsequent Subscription share exercises will be in excess of £110million (before costs).

Pursuant to the instructions received from shareholders and subject to the receipt of relevant instructions from the Final Subscription Trustee, the Board of the Trust will shortly approve the issue and allotment of 1,760,513 Ordinary shares. The shares will be admitted to trading in due course, and a further announcement will be released in this regard.

An application has been made to the FCA for the suspension of the entire Subscription share class from the Official List with effect from 7:30am on 5 June 2013 and for the cancellation of the entire Subscription share class from the Official List at 8.00am on 3 July 2013.

The information in this announcement should be read in conjunction with the full text of the Circular dated 25 April 2013. Capitalised terms used but not defined in this announcement shall, unless the context otherwise requires, bear the meaning given to them in the Circular.

- Ends -

For further details:

Stephen Bough: [phone]

 

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