REG - HgCapital Trust PLC - Hg announces a recapitalisation of Septeo Group

HgCapital TrustAnnouncement

19/11/2024 07:00

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RNS Number : 7005M  HgCapital Trust PLC  19 November 2024

Hg, the Manager of HgCapital Trust plc ("HgT"), today announces a
recapitalisation of Septeo Group ("Septeo"), which will welcome several new
minority investors to the business.

 

The terms of the transaction have not been disclosed and is subject to
customary conditions and regulatory approvals.

 

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 Septeo at approximately £130.0
million. This would represent an uplift of £5.9 million (5% or 1.3 pence per
share) over the carrying value of £124.1 million in the Net Asset Value
("NAV") of HgT at 30 September 2024. HgT will receive a net realisation of
approximately £8.9 million from Septeo, having re-invested a portion of its
proceeds in the business alongside other institutional clients of Hg. HgT's
exposure to Septeo will be £121.1 million at closing representing
approximately 5% of NAV.

Note that these figures only relate to HgT's share of Hg's overall investment
in Septeo.

Based on the 30 September 2024 reported NAV, the pro-forma NAV of HgT is
expected to be £2.4 billion (or 522.3 pence per share).  HgT's available
liquid resources, which includes the undrawn bank facility of £312 million
for future deployment (including all announced transactions and the interim
dividend paid in October) are estimated to be £429 million (18% of the
pro-forma 30 September 2024 NAV). The investment will reduce HgT's outstanding
commitments to invest in Hg transactions to approximately £693 million (29%
of the pro-forma 30 September 2024 NAV).

 

For further details:

 

Hg

Tom Eckersley
 
 +44 (0)208 148 5401

 

HgCapital Trust

Laura Dixon and George Crowe
 
                     +44 (0)20 8396 0930

 

Cadarn

Lucy Clark

lucy@cadarncapital.com (mailto:lucy@cadarncapital.com)
 
 
   +44 (0)7984 184 461

 

Cadarn

David Harris

david@cadarncapital.com (mailto:david@cadarncapital.com)
 
 
    +44 (0)7368 883 211

 

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 and Septeo Group websites are not
incorporated into, and do not form part of, this announcement.

 

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