19th Nov 2024 10:53
(Alliance News) - HgCapital Trust PLC on Tuesday said a recapitalisation of French legal software firm Septeo Group has increased the value of the trust's investment in Septeo by 5%.
HgCapital Trust provides access to the private equity investments of manager Hg.
It said the Septeo transaction raised the value of the trust's investment in Septeo to GBP130.0 million from the carrying value of GBP124.1 million in the net asset value of the trust at the end of September. The increase in value is worth 1.3 pence per HgCapital Trust share.
Septeo is a provider of legal technology, operating in nine countries including France, Belgium, Canada and the US.
The trust will take a net realisation of around GBP8.9 million from the Septeo recapitalisation, after re-investing most of the proceeds back into the business, alongside other clients of Hg.
The trust's exposure to Septeo, as a result, now will be GBP121.1 million or approximately 5% of NAV.
The net asset value of the trust is expected to be GBP2.4 billion or GBP5.22 per share from GBP5.21 at the end of September.
Shares in HgCapital Trust were down 0.9% to 533.00 pence in London on Tuesday morning.
By Michael Hennessey, Alliance News reporter
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