Hg, the Manager of HgCapital Trust plc (LON: HGT), today announced a realisation in Register Group, an international leader in digital services for professionals.
The terms of the transaction are not disclosed. Completion of the transaction is anticipated to occur at the end of September 2019.
The Company, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg’s investments.
HgCapital Trust invested in Register Group in 2018 in parallel with other institutional clients of Hg, investing through the Hg Mercury 2 Fund.
Register Group will be acquired by team.blue, a leading digital enabler for companies and entrepreneurs across Europe. HgCapital Trust is also invested in team.blue, in parallel with other institutional clients of Hg, investing through the Hg Genesis 8 Fund.
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 Company’s 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 Company has access to a £80 million standby facility, which is currently undrawn.
Note that these figures only relate to HgCapital Trust’s share of Hg’s overall investment in Register Group.
HgCapital Trust will release the 30 June 2019 interim results on 9 September 2019.