Acquisition Announcement

RNS Number : 4829T

HgCapital Trust PLC

20 November 2013

 



ACQUISITION OF 91.85% OF P&I Personal & Informatik AG AND aNNOUNCEment OF intention to make A TENDER OFFER FOR the remaining shares in issue

20 November 2013

Kallisto Neunzigste Vermögensverwaltungs-GmbH ("Kallisto"), a company established in Germany and wholly owned by funds managed by HgCapital, the Manager of HgCapital Trust plc, has today agreed to the acquisition from The Carlyle Group of 91.85% of the outstanding shares of P&I Personal & Informatik AG ("P&I"), a leading payroll and transactional HR software provider in Germany; the acquisition is subject to German and Austrian competition clearance. Additionally,Kallisto has announced its intention to make a tender offer for the acquisition of the balance of shares in issue of P&I.

HgCapital Trust plc will participate in the proposed acquisition of P&Ialongside other institutional clients of HgCapital's HgCapital 7 fund. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital's investments. It is estimated that the Trust will invest approximately £23m.

Based on the 31 October 2013 reported Net Asset Value, the impact of this acquisition, on completion, will be to reduce the Trust's liquid resources to an estimated total of £110.4 million (25.6% of the 31 October 2013 NAV). The transaction will reduce the Trust's outstanding commitments to participate in investments (all of which are managed by HgCapital) to an estimated £292.4 million.

- Ends -

For further details:

HgCapital

Stephen Bough                                      [phone]

Maitland

Peter Ogden/Tom Eckersley                  [phone]

About HgCapital Trust plc

HgCapital Trust plc is an investment trust whose shares are listed on the London Stock Exchange (ticker: HGT.L). The Trust is a client of HgCapital, giving investors exposure to a portfolio of high-growth private companies, through a liquid vehicle. New investments and existing portfolio companies are managed by HgCapital, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com

Neither the contents of HgCapital's, HgCapital Trust's nor P&I Personal & Informatik AG's websites nor the contents of any website accessible from hyperlinks on the websites (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

ACQLIFSRLFLIFIV