10th Mar 2014 10:07
LONDON (Alliance News) - HgCapital Trust PLC Monday said its diluted net asset value per share total return was negative in 2013, with net asset value falling amidst certain developments in Sweden and Spain.
The trust, which gives investors exposure to private equity deals managed by private equity firm HgCapital, said its diluted net asset value total return was negative 1.6% in 2013.
Diluted net asset value per share fell to 1,180.4 pence from 1,221.7 pence in 2013, but slightly grew to 1,180.6 pence as recorded on February 28.
In 2013, the FTSE ALL-Share Index total return was 20.8%, but HgCapital Trust Chairman Roger Mountford said: "A private equity portfolio is unlikely to be closely correlated with listed equities in the short term and we do not seek to reflect movements in any index."
HgCapital Trust proposed a 29.0 pence final dividend, to 2012's 23.0 pence.
"This year's valuation has been affected by unfavourable conditions in the Swedish market for green certificates, but we are hopeful that this will prove temporary. The actions of the Spanish government, in seeking powers to rewrite tariffs on which substantial inward investment has been based, is regrettable; the manager, along with other international investors, is taking action to mitigate the effects, if possible," Mountford said in a statement.
"We anticipate further activity across all three of the strategies where we have made investment commitments, through both new investments and bolt-on acquisitions by portfolio companies," Mountford added.
HgCapital Trust shares Monday fell to 1,041.80 pence, down 1.2%.
By Samuel Agini; [email protected]; @samuelagini
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