15 Sep 2021 10:00
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces that it has agreed the sale of Achilles, a global leader and partner of choice for supply chain risk and performance management, to Bridgepoint, the international private assets fund management group.
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The terms of the transaction have not been disclosed and completion is subject to closing conditions.
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HGT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.
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This transaction values HGT's investment in Achilles at approximately £24.0 million. This would represent an uplift of £4.0 million (20% or 0.9 pence per share) over the carrying value of £20.0 million in the Net Asset Value ("NAV") of HGT at 31 August 2021.
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Note that these figures only relate to HgCapital Trust's share of Hg's overall investment in Achilles.
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Based on the 31 August 2021 reported NAV, the pro-forma NAV of the Trust is expected to be £1.65 billion (or 374.3 pence per share). HGT's liquid resources available for future deployment (including all announced transactions, and equity raised via tap issuance) are estimated to be £219 million (13% of the pro-forma 31 August 2021 NAV).
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For further details:
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Hg
Laura Dixon +44 (0)20 8396 0930
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Brunswick
Samantha Chiene +44 (0)207 404 5959
Hg@brunswickgroup.com
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About HgCapital Trust plc
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HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, 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.
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The contents of the Hg, HgCapital Trust, Achilles and Bridgepoint are not incorporated into, and do not form part of, this announcement.
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