HgCapital Trust plc Regulatory News (HGT)

20 Jun 2006 12:57

HG Capital Trust PLC20 June 2006 The following is the text of a press release issued by HgCapital, which managesthe investment portfolio of HgCapital Trust plc alongside those of otherinstitutional clients. On completion of the IPO of ClinPhone plc, HgCapital Trust, a listed investmenttrust giving investors the opportunity to participate in all of HgCapital'sinvestments, will receive £5.8 million in cash and will retain shares worth £1.5million at the issue price. HgCapital announces completion of ClinPhone plc IPO Market capitalisation of £94.1 million. HgCapital achieves an IRR of 37% London, 20th June 2006. HgCapital, the European sector-focused private equityinvestor, will realise £22 million in cash from its investment in ClinPhone plc("ClinPhone") following the company's flotation on the London Stock Exchange. Atthe flotation price, the investment will generate a capital profit of £25.7million, representing an IRR of 37% over 9 years. Dealings are expected tocommence on 23 June 2006. ClinPhone, which is headquartered in Nottingham, UK, is a leading specialistsupplier of technology solutions to the clinical trials industry. The companywas founded in 1993 by Dr. Neil Rotherham and Dr. Jonathan Engler, who saw anopportunity to improve the clinical trial process by providing centralisedsupport services. This is a partial realisation by HgCapital, whose clients will retain a 6.2%stake in the business. HgCapital first invested in the company in 1996. Sincethen, ClinPhone has developed into a global business which now employs 430staff, supporting over 1,200 clinical trials. Its systems can be accessed in 88countries in 77 languages and the organisation now handles over 100,000successful clinical events per month. This is the HgCapital's second exit in the pharmaceuticals services sector,which includes PBR, the contract research organisation focused on managingearly-phase clinical trials, which was sold yesterday (19th June 2006) for €85million to PRA International. HgCapital's three most recent IPOs (Paddy Power, December 2000; Xyratex, June2004; and Raymarine, December 2004) have significantly outperformed theirrelevant indices in the post-IPO period, demonstrating HgCapital's ability tobuild companies capable of achieving long term growth. Lindsay Dibden, Partner of HgCapital and Head of the Healthcare team commented:"The successful IPO of ClinPhone is a clear endorsement of the quality of thisbusiness. We have been an investor in ClinPhone for over 9 years, during whichtime its profits have grown by 49%, compounded annually". Enquiries HgCapitalLindsay Dibden +44 (0)20 7089 7980 MaitlandPeter Ogden +44 (0)20 7379 5151 This information is provided by RNS The company news service from the London Stock Exchange