HgCapital Trust Manager Sells Stake In Visma To Canada Pension Plan

LONDON (Alliance News) - HgCapital Trust PLC said Tuesday its investment manager HgCapital sold a stake in Norwegian business software company Visma to the Canada Pension Plan Investment Board.

HgCapital Trust - which was set up to allow investment in HgCapital funds - said the following the part-realisation in Visma it will still be the majority shareholder.

The details of Canada Pension Plan's investment in Visma, held by HgCapital's Hg7 fund, was not disclosed.

The transaction values Visma at GBP153.6 million, an increase of 10% over Visma's carrying value of GBP139.3 million at the end of November.

HgCapital Trust will realise cash proceeds of about GBP21.7 million on completion of the transaction, meaning its holding in Visma will be valued at GBP131.9 million.

At November 30, the pro-forma NAV of HgCapital Trust was GBP777.2 million, representing 2,082.3 pence per share.

Shares in HgCapital Trust were up 0.5% Tuesday at 1,985.50 pence each.

HgCapital Trust plc