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HgCapital Trust adds to NAV from sale of Parts Alliance

01 June 2017 13:26

HgCapital, the Manager of HgCapital Trust, said it has agreed the sale of Parts Alliance to Uni-Select for £205m.

The sale of Parts Alliance delivers a c. 2.0x investment multiple and a c. 19% gross IRR over the investment period.

The Company said it will realise cash proceeds of approximately £21.3m on completion, which represents an uplift of £6.7m (46%) or 18p per share over the carrying value of £14.6m in the Net Asset Value of the Trust at 30 April.

Based on the pro-forma 30 April 2017 reported NAV, (including the impact of the revaluation of the carried interest provision), the pro-forma NAV of the Trust is expected to be £613.5m (or 1,643.7p per share).

The Company's liquid resources available for future deployment are estimated to be £136m (22% of the pro-forma 30 April 2017 NAV).

In addition, the Company has access to a £80m standby facility, which is currently undrawn.

At 1:26pm: (LON:HGT) HG Capital Trust PLC share price was +16.5p at 1534.5p

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Related Company: HGT

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