ClinPhone IPO

HG Capital Trust PLC
20 June 2006



The following is the text of a press release issued by HgCapital, which manages
the investment portfolio of HgCapital Trust plc alongside those of other
institutional clients.

On completion of the IPO of ClinPhone plc, HgCapital Trust, a listed investment
trust giving investors the opportunity to participate in all of HgCapital's
investments, will receive £5.8 million in cash and will retain shares worth £1.5
million at the issue price.


              HgCapital announces completion of ClinPhone plc IPO
    Market capitalisation of £94.1 million. HgCapital achieves an IRR of 37%

London, 20th June 2006. HgCapital, the European sector-focused private equity
investor, will realise £22 million in cash from its investment in ClinPhone plc
('ClinPhone') following the company's flotation on the London Stock Exchange. At
the flotation price, the investment will generate a capital profit of £25.7
million, representing an IRR of 37% over 9 years. Dealings are expected to
commence on 23 June 2006.

ClinPhone, which is headquartered in Nottingham, UK, is a leading specialist
supplier of technology solutions to the clinical trials industry. The company
was founded in 1993 by Dr. Neil Rotherham and Dr. Jonathan Engler, who saw an
opportunity to improve the clinical trial process by providing centralised
support services.

This is a partial realisation by HgCapital, whose clients will retain a 6.2%
stake in the business. HgCapital first invested in the company in 1996. Since
then, ClinPhone has developed into a global business which now employs 430
staff, supporting over 1,200 clinical trials. Its systems can be accessed in 88
countries in 77 languages and the organisation now handles over 100,000
successful clinical events per month.

This is the HgCapital's second exit in the pharmaceuticals services sector,
which includes PBR, the contract research organisation focused on managing
early-phase clinical trials, which was sold yesterday (19th June 2006) for €85
million to PRA International.

HgCapital's three most recent IPOs (Paddy Power, December 2000; Xyratex, June
2004; and Raymarine, December 2004) have significantly outperformed their
relevant indices in the post-IPO period, demonstrating HgCapital's ability to
build companies capable of achieving long term growth.

Lindsay Dibden, Partner of HgCapital and Head of the Healthcare team commented:
'The successful IPO of ClinPhone is a clear endorsement of the quality of this
business. We have been an investor in ClinPhone for over 9 years, during which
time its profits have grown by 49%, compounded annually'.

Enquiries

HgCapital
Lindsay Dibden                   [phone]

Maitland
Peter Ogden                      [phone]


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