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HgCapital Trust PLC on Tuesday said a recapitalisation of French legal software firm Septeo Group has increased the value of the trust’s investment in Septeo by 5%. HgCapital Trust provides access to the private equity investments of manager Hg. It said the Septeo transaction raised the value of the trust’s investment in Septeo to £130.0 million from the carrying value of £124.1 million in the net asset value of the trust at the end of September. The increase in value is worth 1.3 pence per HgCapital Trust share. Septeo is a provider of legal technology, operating in nine countries including France, Belgium, Canada and the US. The trust will take a net realisation of around £8.9 million from the Septeo recapitalisation, after re-investing most of the proceeds back into the business, alongside other clients of Hg. The trust’s exposure to Septeo, as a result, now will be £121.1 million or approximately 5% of NAV. The net asset value of the trust is expected to be £2.4 billion or £5.22 per share from £5.21 at the end of September. Shares in HgCapital Trust were down 0.9% to 533.00 pence in London on Tuesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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