HgCapital agrees to sell NetNames to CSC

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01 August 2016

HgCapital agrees to sell NetNames to CSC

HgCapital, the Manager of HgCapital Trust plc ("The Trust"), 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 ("NAV") 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).

The investments within the Trust portfolio were last valued at 31 December 2015. The Trust’s 2016 interim results, including the re-valuation of the portfolio as at 30 June 2016 will be announced on 12 September 2016.

HgCapital agrees to sell NetNames to CSC

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