11 August 2016
HgCapital, the Manager of HgCapital Trust plc (“The Trust”), today announces an investment in Mobyt, a provider of Application-to-Person SMS services to enterprises, headquartered in Italy, subject to regulatory approval. The terms of this transaction have not been disclosed.
HgCapital Trust plc will invest in Mobyt, alongside other institutional clients of HgCapital, who will participate through the Mercury Fund. The Trust, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital's investments. The Trust will contribute a total of approximately £2.7 million.
This acquisition represents the tenth investment by the Mercury Fund and, following completion, the Fund will be approximately 66% invested.
Based on the 31 May 2016 reported NAV (including all announced transactions), the Trust’s liquid resources available for future deployment, are estimated to be £36.1 million (7% of the pro-forma 31 May 2016 NAV). In addition, the Trust has access to a £40 million standby facility, which is currently undrawn. The transaction will reduce the Trust's outstanding commitments to invest in HgCapital deals to approximately £93 million (18% 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 revaluation of the portfolio as at 30 June 2016 will be announced on 12 September 2016.