REG - HgCapital Trust PLC - Update on HGT's Commitment to Hg's Saturn 3 Fund

HgCapital TrustAnnouncement

03/04/2023 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230403:nRSC2048Va&default-theme=true

RNS Number : 2048V  HgCapital Trust PLC  03 April 2023

HgCapital Trust plc ('HGT')

Legal Entity Identifier: 213800J7QUJJBEFSIN38

 

 

 

Update on HGT's Commitment to Hg's Saturn 3 Fund

 

 

On the 13(th) of March, in HGT's Annual Report and Accounts for the year ended
31 December 2022, we reported that the Board of HGT agreed to take advantage
of the opportunity to reduce HGT's commitment to Hg Saturn 3 by c.15%.

 

This reduction of commitment has now completed and allows for increased
investment flexibility for HGT ahead of what is envisaged to be an attractive
period for new investment, through both Hg funds and in particular, increased
exposure to co-investments where HGT has a goal of investing up to 10% of its
capital (free of fees and carried interest). An additional benefit here is the
ability to manage single asset concentration.

 

Drawn capital to-date will be repaid to HGT pro-rata. HGT is simply exchanging
invested NAV at par for cash, therefore, there is no negative impact on the
HGT balance sheet from the proposed resizing of the fund commitment. Following
completion, HGT's pro-forma available liquid resources are £663m (including
the £350 million undrawn bank facility), with pro-forma outstanding
commitments of £934m, which are expected to be drawn down over the next three
to four years.

 

Jim Strang, the Chairman

 

 

For further details:

 

Hg

Laura Dixon +44 (0) 20 8396 0930

 

 

About HgCapital Trust plc

 

HgCapital Trust plc, whose shares are listed on the London Stock Exchange
(ticker: HGT.L) gives investors exposure to a portfolio of high-growth private
companies, through a liquid vehicle. New investments and existing portfolio
companies 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
(https://urldefense.proofpoint.com/v2/url?u=http-3A__www.hgcapitaltrust.com_&d=DwMGaQ&c=bZnDpUh0cTwskH9nIvyseq2tJ5dkOfcF56epRyP8Xxo&r=xIA3zbMc-xlJKUOUISRsy4ODFtnV7yr4SgUM9lSrHNzSGxn_WqlhJoiTrf-WxvP-&m=MQnwTSDfIDdz3XVPKoTovaeXbHlJ_AiR6R23Z67hGq4&s=OXGkePmiMwQMU7zOVdXgCig6wEDdltXZMx7eP8rUpi8&e=)
.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUPUMCCUPWGCW