QuotedData’s morning briefing 8 July 2024 – HGT, DORE

hg capital trust and teamsystem logos 230817 hgt teamsystem

In QuotedData’s morning briefing 8 July 2024:

  • Hg, the manager of HgCapital Trust (HGT) has agreed the sale of its remaining investment in TeamSystem, to funds advised by Hellman & Friedman LLC (H&F). TeamSystem is a leading provider of business software solutions to businesses and accountants in Italy, Spain and Turkey. Hg first invested in TeamSystem in 2010 as majority shareholder, before H&F acquired majority control in 2016. The terms of the transaction have not been disclosed and completion is subject to applicable closing conditions. This transaction values HGT’s investment in TeamSystem at approximately £24.3m. HGT says that this would represent an uplift of £2.2m (10% or 0.5 pence per share) over the carrying value of £22.1m in the Net Asset Value (“NAV”) of HGT at 31 March 2024. These figures only relate to HGT’s share of Hg’s overall investment in TeamSystem. Based on the 31 March 2024 reported NAV, the pro-forma NAV of HgT is expected to be £2.3bn (or 511.6 pence per share).  HgT’s available liquid resources, which includes the undrawn bank facility of £375m for future deployment (including all announced transactions and the final dividend paid in May) are estimated to be £601m (26% of the pro-forma 31 March 2024 NAV).
  • Downing Renewables & Infrastructure (DORE) has appointment Astrid Skarheim Onsum as a non-executive director and member of the audit and risk, management engagement, nomination and remuneration committees, with effect from 15 July 2024. DORE says that Astrid is an accomplished executive and non-executive director with extensive experience in global business ventures, particularly in the energy transition, circular economy and renewable energy sectors. Currently, Astrid is a non-executive director of Seatrium Ltd, a Singapore Exchange quoted global maritime technology and construction group, where she serves on the audit & risk committee. Additionally, Astrid is a non-executive director of Epiroc AB (Sweden), a NASDAQ Stockholm quoted entity, which is a global leader in hard rock mining equipment, where she sits on the audit committee. Astrid also serves on the board of Spoor a.s (Norway) and is a member of the advisory board of Airloom Energy Inc (USA). Astrid has also held several key leadership positions within the Aker ASA group (quoted on the Oslo Stock Exchange), including serving as chief digital officer of Aker Solutions ASA and CEO of Aker Offshore Wind ASA. She has also served as CEO of NG Group AS and Chair of Nordic Unmanned ASA (quoted on Euronext Growth Market Oslo). Additionally, Astrid has contributed her expertise in climate-friendly investments as a government-appointed expert for the Norwegian Ministry of Industry and Fisheries.

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