Hg, the manager of HgCapital Trust plc (HGT.L), announced the recapitalization of Septeo Group, which will bring several new minority investors into the business. The terms of the transaction have not been disclosed and remain subject to customary conditions and regulatory approvals. HgCapital offers private and institutional investors the opportunity to participate in all of Hg's investments.
The transaction values HgT's investment in Septeo at approximately 130.0 million pounds. This would represent an uplift of 5.9 million pounds (5% or 1.3 pence per share) over the carrying value of 124.1 million pounds in the Net Asset Value or "NAV" of HgT at 30 September 2024.
HgT said it will receive a net realisation of approximately 8.9 million pounds from Septeo, having re-invested a portion of its proceeds in the business alongside other institutional clients of Hg. HgT's exposure to Septeo will be 121.1 million pounds at closing representing approximately 5% of NAV.
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