Hg, the Manager of HgCapital Trust, has announced that Register Group is being sold to team.blu. However, the trust will continue to have some exposure as the trust is also invested in team.blue, in parallel with other institutional clients of Hg, through its investment in the Hg Genesis 8 Fund. Hg describes Register Group as an international leader in digital services for professionals. HgCapital Trust invested in Register Group in 2018 in parallel with other institutional clients of Hg, investing through the Hg Mercury 2 Fund. The terms of the transaction have not been disclosed, although Hg says that completion is anticipated to occur at the end of September 2019.
HgCapital Trust NAV impact from Register Group sale
Hg Capital Trust says that, based on the 31 May 2019 reported NAV (including all transactions announced to date and the proceeds from the placing of new Ordinary Shares in June 2019), following completion of this transaction the pro-forma NAV of the Trust is expected to be £876.9 million (or 217.8 pence per share). This transaction values the Company’s investment in Register Group at approximately £26.5 million. The trust says that its liquid resources available for future deployment (including all announced transactions and the proceeds from the placing of new Ordinary Shares in June 2019) are estimated to be £176 million (20% of the pro-forma NAV of £876.9 million). In addition, the trust has access to a £80 million standby facility, which is currently undrawn. The trust says that it will release its interim results for the six months ended the 30 June 2019 on 9 September 2019.
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