HarbourVest Global - Transaction in Own Shares

Harbourvest Global Private Equity

21/09/2022 07:00

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RNS Number : 1143A  HarbourVest Global Priv. Equity Ltd  21 September 2022

 

 

21 September 2022

 

 

Share Buybacks

 

HarbourVest Global Private Equity Limited ("HVPE" or the "Company"), a FTSE
250 investment company with global exposure to private companies, managed by
HarbourVest Partners, announces that on 20 September 2022 it purchased 82,821
of its ordinary shares ("Shares") at an average price of £21.1159 per Share
for cancellation. This is pursuant to the authority granted at the Company's
Annual General Meeting held on 20 July 2022. The Company further announces
that it has given instructions to Peel Hunt LLP in relation to further
repurchases of the Company's shares.

 

The number of ordinary shares to be purchased will be within the 2022 AGM
approved limit. Any market repurchase of Shares will be announced no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

 

The Company may on any trading day purchase a number of Shares which exceeds
25 per cent of the last 20 days' average daily trading volume and,
accordingly, the Company may not benefit from the exemption contained in
Article 5(1) of Regulation (EU) No. 596/2014.

 

Objectives of and rationale for repurchasing Shares

 

As communicated within HVPE's Annual Report published in May 2022, the Board
has established a review process in relation to share buybacks centred on a
set of key criteria for their possible implementation. Following the most
recent review, the Board and Investment Manager have concluded that
repurchasing the Company's shares at the current exceptionally wide discount
to NAV represents an attractive investment opportunity at this time.

 

A recent sale of tail-end positions within the Company's portfolio will
provide incremental cash flow to HVPE in the near-term, ahead of original
projections for 2022. The excess proceeds from this non-routine transaction
will provide the capital for share buybacks and help to ensure that HVPE's
liquidity position remains robust against the backdrop of an increasingly
changeable macroeconomic environment.

 

The Board continues to believe that, under less volatile market conditions,
HVPE's core strategy of reinvesting distribution proceeds into new HarbourVest
opportunities represents the best use of shareholders' capital. In line with
the Board's stated strategy, it will keep share buybacks under regular review.

 

Following the above transaction, the Company has 79,779,665 Shares in issue.
The above figure (79,779,665) may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure and Transparency Rules.

 

The HVPE team is here to discuss any questions you may have, so please do not
hesitate to contact Richard Hickman or Charlotte Edgar using the contact
details below.

 

- ENDS -

 

Enquiries:

 Shareholders
 Richard Hickman         Tel: +44 (0)20 7399 9847    rhickman@harbourvest.com
 Charlotte Edgar         Tel: +44 (0)20 7399 9826    cedgar@harbourvest.com

 Media
 HarbourVest Partners
 Lily Cabianca           Tel: +44 (0)20 7151 4261    lcabianca@harbourvest.com

 MHP Communications
 Charlie Barker /        Tel: +44 (0)20 3128 8540    hvpe@mhpc.com

 Robert Collett-Creedy

 

Notes to Editors:

 

About HarbourVest Global Private Equity Limited:

HVPE is a Guernsey-incorporated, closed-end investment company which is listed
on the Main Market of the London Stock Exchange and is a constituent of the
FTSE 250 index. HVPE's investment manager is HarbourVest Advisers L.P., an
affiliate of HarbourVest Partners, LLC, ("HarbourVest" or the "Investment
Manager"). HVPE is designed to offer shareholders long-term capital
appreciation by investing in a private equity portfolio diversified by
geography, stage of investment, vintage year, and industry. The Company
invests in and alongside HarbourVest-managed funds which focus on primary fund
commitments, secondary investments and direct co-investments in operating
companies.

 

About HarbourVest Partners, LLC:

HarbourVest is an independent, global private markets firm with 40 years of
experience and more than $98 billion of assets under management as of March
31, 2022. Our interwoven platform provides clients access to global primary
funds, secondary transactions, direct co-investments, real assets and
infrastructure, and private credit. Our strengths extend across strategies,
enabled by our team of more than 850 employees, including more than 175
investment professionals across Asia, Europe, and the Americas.  Across our
private markets platform, our team has committed more than $51 billion to
newly-formed funds, completed over $41 billion in secondary purchases, and
invested over $28 billion in directly operating companies. We partner
strategically and plan our offerings innovatively to provide our clients with
access, insight, and global opportunities.

 

 

This announcement is for information purposes only and does not constitute or
form part of any offer to issue or sell, or the solicitation of an offer to
acquire, purchase or subscribe for, any securities in any jurisdiction and
should not be relied upon in connection with any decision to subscribe for or
otherwise acquire any Shares. In particular, this announcement does not
constitute or form part of any offer to issue or sell, or the solicitation of
an offer to acquire, purchase or subscribe for, any securities in the United
States or to US Persons (as defined in Regulation S under the US Securities
Act of 1933, as amended ("US Persons")). Neither this announcement nor any
part of it shall form the basis of or be relied on in connection with or act
as an inducement to enter into any contract or commitment whatsoever. Neither
this announcement nor any copy of it may be taken, released, published,
transmitted or distributed, directly or indirectly to US Persons or into the
United States (including its territories and possessions), Canada, Australia
or Japan, or any jurisdiction where such action would be unlawful. Any failure
to comply with this restriction may constitute a violation of applicable law.
Accordingly, recipients represent that they are able to receive this
announcement without contravention of any applicable legal or regulatory
restrictions in the jurisdiction in which they reside or conduct business. No
recipient may distribute, or make available, this announcement (directly or
indirectly) to any other person. Recipients of this announcement should inform
themselves about and observe any applicable legal requirements in their
jurisdictions.

 

The Shares have not been and will not be registered under the US Securities
Act of 1933, as amended (the "Securities Act") or with any securities or
regulatory authority of any state or other jurisdiction of the United States
and, accordingly, may not be offered, sold, exercised, resold, transferred,
delivered or distributed, directly or indirectly, within the United States or
to US Persons. In addition, the Company is not, and will not be, registered
under the US Investment Company Act of 1940, as amended (the "Investment
Company Act") and shareholders of the Company will not have the protections of
that act. There will be no public offer of the Shares in the United States or
to US Persons.

 

This announcement has been prepared by the Company and its investment manager,
HarbourVest Advisers L.P. (the "Investment Manager"). No liability whatsoever
(whether in negligence or otherwise) arising directly or indirectly from the
use of this announcement is accepted and no representation, warranty or
undertaking, express or implied, is or will be made by the Company, the
Investment Manager or any of their respective directors, officers, employees,
advisers, representatives or other agents ("Agents") for any information or
any of the opinions contained herein or for any errors, omissions or
misstatements. None of the Investment Manager nor any of their respective
Agents makes or has been authorised to make any representation or warranties
(express or implied) in relation to the Company or as to the truth, accuracy
or completeness of this announcement, or any other written or oral statement
provided. In particular, no representation or warranty is given as to the
achievement or reasonableness of, and no reliance should be placed on any
projections, targets, estimates or forecasts contained in this announcement
and nothing in this announcement is or should be relied on as a promise or
representation as to the future.

 

Other than as required by applicable laws, the Company gives no undertaking to
update this announcement or any additional information, or to correct any
inaccuracies in it which may become apparent and the distribution of this
announcement. The information contained in this announcement is given at the
date of its publication and is subject to updating, revision and amendment.
The contents of this announcement have not been approved by any competent
regulatory or supervisory authority.

 

This document contains certain forward-looking statements, which are based on
current expectations and projections about future events as of the date of
this announcement. Forward-looking statements relate to expectations, beliefs,
projections, future plans and strategies, anticipated events or trends and
similar expressions concerning matters that are not historical facts. In some
cases, forward-looking statements can be identified by terms such as
"anticipate", "project", "continue", "target", "believe", "could", "estimate",
"expect", "intend", "may", "plan", "potential", "should", "will" and "would"
or the negative of those terms or other comparable terminology. The
forward-looking statements are based on the Investment Manager's beliefs,
assumptions, and expectations of future performance and market developments,
taking into account all information currently available. These beliefs,
assumptions, and expectations are subject to risks, uncertainties and
assumptions about HVPE, including, among other things, the development of its
business, trends in its operating industry and future capital expenditures and
acquisitions and can change as a result of many possible events or factors,
not all of which are known or are within the Investment Manager's control. If
a change occurs, the Company's business, financial condition, liquidity, and
results of operations may vary materially from those expressed in
forward-looking statements. As such, forward-looking statements are not a
guarantee of future performance.

 

This announcement is issued by the Company, whose registered address is BNP
Paribas House, St Julian's Avenue, St Peter Port, Guernsey, GY1 1WA

 

© 2022 HarbourVest Global Private Equity Limited. All rights reserved.

 

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