HgCapital Trust PLC - London-based investment vehicle that provides access to the private equity investments of New York-based manager Hg - HgCapital Trust says net asset value will receive a 1.2 pence per share uplift from the sale by Hg of Commify, a Nottingham, England-based provider of business messaging services via mobile phone, to private equity firm ECI Partners LLP. The full exit by Hg was worth EUR300 million in total. It had first invested in Commify in 2016. HgCapital Trust says the deal values its own stake in Commify at GBP21.9 million, a 32% uplift over the investment's book value as of March 31 of GBP16.6 million. This will put pro-forma NAV at 475.3p per share.
HgCapital Trust will announce results for the half-year that ended June 30 on September 18.
Current stock price: 381.91p
12-month change: up 5.1%
By Tom Waite, Alliance News editor
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HgCapital Trust plc (HGT)