REG - HgCapital Trust PLC - Hg agrees to partial sale of TeamSystem

HgCapital TrustAnnouncement

17/08/2023 08:00

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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 £33.3
million. This would represent an uplift of £13.5 million (68% or 2.9 pence
per share) over the carrying value of £19.8 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 £2.17 billion (or 474.3 pence per share).  HGT's available
liquid resources, which includes the undrawn bank facility of £350 million
for future deployment (including all announced transactions and the final
dividend paid in May) are estimated to be £689 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/ (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.

 

 

 

 

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