HgCapital Trust PLC Hg agrees to partial sale of TeamSystem (5667J)
17 Agosto 2023 - 2:00AM
UK Regulatory
TIDMHGT
RNS Number : 5667J
HgCapital Trust PLC
17 August 2023
Hg agrees to partial sale of TeamSystem
Hg, the Manager of HgCapital Trust plc ("HGT"), today announces
that it has agreed the partial sale of its investment in
TeamSystem, a leading provider of business software solutions to
businesses and accountants in Italy and Spain.
As part of the transaction, a wholly owned subsidiary of the Abu
Dhabi Investment Authority (ADIA) and CapitalG, Alphabet's
independent growth fund, have entered into definitive agreements to
acquire minority stakes in TeamSystem. Hg will remain as a minority
investor in the business.
The terms of the transaction have not been disclosed. The
transactions are expected to close in Q1 2024, subject to customary
closing conditions and regulatory approvals where applicable.
HGT, whose shares are listed on the London Stock Exchange, gives
private and institutional investors the opportunity to participate
in all Hg's investments.
This transaction values HGT's investment in TeamSystem at
approximately GBP33.3 million. This would represent an uplift of
GBP13.5 million (68% or 2.9 pence per share) over the carrying
value of GBP19.8 million in the Net Asset Value ("NAV") of HGT at
31 March 2023.
Note that these figures only relate to HgCapital Trust's share
of Hg's overall investment in TeamSystem.
Based on the 31 March 2023 reported NAV, the pro-forma NAV of
the Trust is expected to be GBP2.17 billion (or 474.3 pence per
share). HGT's available liquid resources, which includes the
undrawn bank facility of GBP350 million for future deployment
(including all announced transactions and the final dividend paid
in May) are estimated to be GBP689 million (32% of the pro-forma 31
March 2023 NAV).
HGT will be announcing its interim results to 30 June 2023 on 18
September 2023.
A full press release from TeamSystem can be found on:
https://www.teamsystem.com/
For further details:
Hg
Tom Eckersley +44 (0)208 148 5401
HGT
Laura Dixon +44 (0)20 8396 0930
Brunswick
Azadeh Varzi +44 (0)207 404 5959
Hg@brunswickgroup.com
About HgCapital Trust plc
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.
The contents of the Hg, HgCapital Trust, TeamSystem websites are
not incorporated into, and do not form part of, this
announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISEAFPKFFNDEAA
(END) Dow Jones Newswires
August 17, 2023 03:00 ET (07:00 GMT)
Hg Capital (LSE:HGT)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Hg Capital (LSE:HGT)
Gráfica de Acción Histórica
De May 2023 a May 2024