HgCapital Trust puts another £38.8m into the Access Group
HgCapital Trust announced a further investment in business management software provider the Access Group on Tuesday.
The FTSE 250 company said financial terms of the transaction, which remained subject to customary regulatory approvals and was expected to close in the first calendar quarter of 2021, were not disclosed.
It said it would invest around £38.8m in the Access Group, with other institutional clients of Hg investing alongside, through the Hg Genesis 8 Fund.
“HgCapital Trust’s liquid resources available for future deployment, including all announced transactions and the interim dividend payable in October, are estimated to be £159m,” the board said in its statement.
“In addition, HgCapital Trust has access to a £200m standby facility, which is currently undrawn.”
The board said the investment would reduce HgCapital Trust’s outstanding commitments to invest in Hg transactions to around £720m, or 62% of the 31 August pro-forma net asset value.
At 0935 BST, shares in HgCapital Trust were up 0.6% at 287.72p.