20th Aug 2020 09:54
(Alliance News) - HgCapital Trust PLC on Thursday noted the sale of Citation Group, from which it will realise approximately GBP25.8 million.
Hg, HgCapital Trust's manager, announced the sale of subscription-based human resources and employment law, health &safety, and ISO services provider Citation to private equity firm KKR & Co LP.
HgCapital Trust allows investors to participate in Hg investments and will realise cash proceeds of an estimated GP25.8 million once the deal is complete. This represents a 16% uplift of GBP3.6 million over the GBP22.2 million carrying value in the trust's March 31 net asset value, in increase of 1 pence per share.
Given HgCapital Trust's March 31 NAV, its pro forma NAV once the transaction completes is predicted to be GBP970.5 million or 237.6p per share.
The trust's liquid resources available for future deployment are an estimated GBP153 million, 16% of pro forma March 31 NAV.
Shares in HgCapital Trust were down 0.3% at 246.78p in London on Thursday morning.
By Anna Farley; [email protected]
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