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HgCapital agrees to sell NetNames to CSC

01 August 2016 13:50

HgCapital, the manager of HgCapital Trust plc, has announced that it has agreed the sale of NetNames, a leading provider of global brand protection and internet domain name management services, to CSC, a US-based, leading provider of business administration services to corporations.

The terms of the transaction were not disclosed. The trust, the listed investment trust which participates in all HgCapital's investments alongside its institutional clients, will realise cash proceeds of approximately £14.3 million on completion of the transaction.

This represents an uplift of £1.8 million (14%) over the carrying value of £12.5 million in the net asset value of the trust at 31 May 2016 which was based on the directors' valuation as at 31 December 2015. Based on the 31 May 2016 reported NAV (including all announced transactions), the pro-forma NAV of the Trust is expected to increase to £522.0 million or 1,398.4 pence per share. The Trust's liquid resources available for future deployment are estimated to be £34.7 million (7% of the pro-forma 31 May 2016 NAV).

At 1:50pm: (LON:HGT) HG Capital Trust PLC share price was +2.5p at 1246.5p

Story provided by StockMarketWire.com

Related Company: HGT

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