Unicorn AIM VCT sells large stake in Hasgrove to Castik Capital

(Alliance News) - Unicorn AIM VCT PLC on Friday announced that it will sell a large stake of Hasgrove Ltd to Castik Capital Sarl.

The Teignmouth, England-based venture capital trust noted that Hasgrove is currently its largest holding in its portfolio, most recently valued at GBP46.7 million as of an update released at the end of October.

Unicorn AIM expects to receive total net proceeds of about GBP87 million from the transaction. Out of that, about GBP22 million is expected to be settled via issuance of shares in a new holding company established to buy Hasgrove. Both Unicorn and Castik will become shareholders in the new company.

The remaining GBP65 million is expected to be received in cash. Unicorn AIM added that it will consider whether to declare a special dividend following completion and once final proceeds have been received. It will publish further details in due course.

Unicorn AIM Chair Tim Woodcock said: "The Unicorn team have delivered an excellent result in both realising considerable cash proceeds from the investment for the company's shareholders, and negotiating a deal which enables the VCT to participate in the future growth of Hasgrove."

Unicorn AIM shares fell 3.3% to 74.00 pence each on Friday afternoon in London.

By Tom Budszus, Alliance News slot editor

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