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HG Capital Trust PLC (HGT)

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Tuesday 22 October, 2019

HG Capital Trust PLC

Hg invests in Argus Media

RNS Number : 6089Q
HgCapital Trust PLC
22 October 2019
 

 

 

Hg, the Manager of HgCapital Trust plc ("the Company"), today announces that it plans to invest in Argus Media ("Argus"), a leading global provider of energy and commodity price reporting. This transaction is subject to regulatory approval.

 

The Company, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments.

 

HgCapital Trust plc will invest approximately £31.6 million in Argus, with other institutional clients of Hg investing alongside the Company through the Hg Saturn Fund.

 

Hg will become a joint shareholder in Argus, alongside Adrian Binks, Chief Executive and Chairman, General Atlantic (GA) and the management team. 

 

Note that these figures only relate to HgCapital Trust's share of Hg's overall investment in Argus.

 

Based on the 31 August 2019 NAV, the Company's liquid resources available for future deployment, including all announced transactions and the dividend to be paid on 25 October 2019, are estimated to be £134 million (14% of the pro-forma 31 August 2019 NAV of £984.3 million). In addition, the Company has access to an £80 million standby facility, which is currently undrawn. The investment will reduce the Company's outstanding commitments to invest in Hg transactions over the next two years to approximately £310 million.

 

Arma Partners acted as advisors to General Atlantic. General Atlantic were also advised by Freshfields Bruckhaus Deringer and Argus were advised by Macfarlanes. Hg were advised by Deloitte and Skadden.

 

For further details:

 

Hg

Laura Dixon                                                                                               +44 (0)20 7089 7888

 

Brunswick

Alice Gibb and Sam Chiene                                                                     +44 (0)20 7404 5959

 

About HgCapital Trust plc

 

HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.

 

The contents of the Hg, HgCapital Trust, Argus and General Atlantic's websites are not incorporated into, and do not form part of, this announcement.

 


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