21st Aug 2014 08:32
LONDON (Alliance News) - HgCapital Trust PLC Thursday reported a 5.8% total return over the first half of its financial year.
In a statement, HgCapital Trust said its net asset value per share increased to GBP12.18 pence from GBP11.80p over the six months ended June 30. At the end of July, pro-forma NAV per share showed a further increase to GBP12.20p.
The trust, which is a listed vehicle for investors to participate in private equity deals managed by private equity firm HgCapital, said it will pay a 19p special dividend on September 26, following a one-off dividend receipt from Nordic software and business management software and services company Visma Group Holdings.
HgCapital Trust shares were Thursday quoted up 3.5% at 1,050.00p.
"Strong trading and profitable realisations over the first half of 2014 have driven solid NAV growth with further deployment into new and bolt-on investments building a store of value for future returns," Chairman Roger Mountford said in a statement.
The trust's manager said that it sees opportunities to make "selective new and bolt-on acquisitions" over the next twelve months, though it "remains cautious" on the market environment for investing.
"Looking further out, we feel more confident about our portfolio than we did twelve months ago, and we are working hard to further improve the operational performance of our companies, the effects of this are yet to be fully reflected in our valuations. This will be further enhanced by a sustained recovery in the economic environment," the manager said.
By Samuel Agini; [email protected]; @samuelagini
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