FACT SHEET – JUNE 2011 - Hg Capital Trust/media/Files/H/Hg... · FACT SHEET – JUNE 2011...
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FACT SHEET – JUNE 2011 Investment objective HgCapital Trust plc, which was established in 1989, is an investment trust listed on the London Stock Exchange. The Trust’s objective is to provide shareholders with long-term capital appreciation in excess of the FTSE All-Share Index by investing in unquoted companies. The Manager, HgCapital, seeks to meet the investment objective of the Trust using a business model that combines deep sector knowledge, a rigorous research-based approach and associated thematic investment origination and selection to systematically identify and repeatedly invest in the most attractive segments of the European mid-market, optimising deal flow and improving returns. In addition, the Trust has diversified into the renewable energy sector and currently holds investments in two HgCapital renewable energy funds. Why invest? The Trust provides investors with exposure to a diversified portfolio of private equity investments primarily in the UK and Continental Europe which has delivered superior returns over the past 10 years, outperforming the FTSE All Share by 3.0x on a total return* basis. The Manager, HgCapital, has continued confidence in the ‘Thematic Investing’ strategy using sector expertise to grow industry champions and to sustain future outperformance. Events since 30 June 2011 • NAV per share at 31 July 2011 was 1,142.6p (basic) and 1,114.1p (diluted); movement from June mainly due to foreign exchange fluctuations. • A £15m secondary LP investment was made in Hg6 (£7.8m cash, £7.2m commitment) in July 2011, a 2% premium to the 31 December 2010 NAV. • A £60m commitment to the Manager’s Mercury fund has been agreed by the Board. Mercury will invest exclusively in the TMT sector in the UK and Continental Europe focusing on smaller companies with an EV of between £20m and £100m. • The Trust has recently finalised a £40m three year standby facility with Lloyds TSB Bank plc, on an unsecured basis. • In July, the intended sale of Mondo was announced, anticipated to complete in Q4 2011. Initial estimated proceeds of £13.7m are due with a further £2.8m over the next two years. This compares with a carrying value of £14.7m as at 30 June 2011 and an original cost of £7 million. Outstanding commitments As at 30 June 2011 liquid resources were £94m representing 26% of NAV, with outstanding commitments of £191m (52% of NAV). A copy of the annual and interim reports can be found on our website www.hgcapitaltrust.com. Net assets (as at 30 June 2011) Ten Largest Investments £’000 % TeamSystem 26,491 7.2 Visma 24,421 6.6 SHL 18,244 5.0 Frösunda 16,019 4.3 Lumesse (formerly StepStone Solutions) 15,409 4.2 Midas (t/a Goldshield) 14,899 4.0 Mondo Minerals 14,724 4.0 Hg Renewable Power Partners LP 14,655 4.0 Achilles 14,171 3.8 Mainio Vire 12,456 3.4 171,489 46.5 Other investments 106,442 28.8 Total investments+ 277,931 75.3 Cash and other liquid assets 94,266 25.5 Net current assets (3,179) (0.8) Net assets 369,018 100.0 + Including investment valuation and accrued interest. Performance Index Share price Net asset value FTSE All-Share Index Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-09 Jun-10 Jun-11 Jun-08 50 100 150 200 250 300 350 400 Historical Total Return* Performance % p.a. (to 30 June 2011) 6 months 1 3 5 10 to June year years years years 2011 % % % p.a. % p.a. % p.a. Net Asset Value (basic) 6.3 26.7 6.7 13.5 13.5 Net Asset Value (diluted) 6.1 23.1 5.8 12.9 13.2 Share price 16.1 46.3 13.1 15.2 14.7 FTSE All Share Index 3.0 25.6 6.6 4.5 4.8 Share price outperformance vs FTSE All Share Index 13.1 20.7 6.5 10.7 9.9 *Total return assumes all dividends have been reinvested. Total return* performance record rebased to 100 at 30 June 2001 Source: Factset. Financial highlights (to 30 June 2011) +14.7% Ten year compound annual growth rate of the share price on a total return* basis vs. 4.8% p.a. from the FTSE All-Share Index +16.1% YTD share price total return* performance vs 3% from the FTSE All-Share Index +6.3% YTD increase in basic NAV per share on a total return* basis (+6.1% diluted NAV) +17% Revenue growth of the top 20 buyouts over the last twelve months +12% Profit growth of the top 20 buyouts in the last twelve months Cumulative Historic Performance % p.a. (total return* to 30 June 2011)
Transcript of FACT SHEET – JUNE 2011 - Hg Capital Trust/media/Files/H/Hg... · FACT SHEET – JUNE 2011...
FACT SHEET – JUNE 2011
Investment objectiveHgCapital Trust plc, which was established in 1989, is an investment trust listed on the London Stock Exchange. The Trust’s objective is to provide shareholders with long-term capital appreciation in excess of the FTSE All-Share Index by investing in unquoted companies.The Manager, HgCapital, seeks to meet the investment objective of the Trust using a business model that combines deep sector knowledge, a rigorous research-based approach and associated thematic investment origination and selection to systematically identify and repeatedly invest in the most attractive segments of the European mid-market, optimising deal flow and improving returns. In addition, the Trust has diversified into the renewable energy sector and currently holds investments in two HgCapital renewable energy funds.
Why invest?The Trust provides investors with exposure to a diversified portfolio of private equity investments primarily in the UK and Continental Europe which has delivered superior returns over the past 10 years, outperforming the FTSE All Share by 3.0x on a total return* basis. The Manager, HgCapital, has continued confidence in the ‘Thematic Investing’ strategy using sector expertise to grow industry champions and to sustain future outperformance.
Events since 30 June 2011• NAV per share at 31 July 2011 was 1,142.6p (basic) and 1,114.1p
(diluted); movement from June mainly due to foreign exchange fluctuations.
• A £15m secondary LP investment was made in Hg6 (£7.8m cash, £7.2m commitment) in July 2011, a 2% premium to the 31 December 2010 NAV.
• A £60m commitment to the Manager’s Mercury fund has been agreed by the Board. Mercury will invest exclusively in the TMT sector in the UK and Continental Europe focusing on smaller companies with an EV of between £20m and £100m.
• The Trust has recently finalised a £40m three year standby facility with Lloyds TSB Bank plc, on an unsecured basis.
• In July, the intended sale of Mondo was announced, anticipated to complete in Q4 2011. Initial estimated proceeds of £13.7m are due with a further £2.8m over the next two years. This compares with a carrying value of £14.7m as at 30 June 2011 and an original cost of £7 million.
Outstanding commitmentsAs at 30 June 2011 liquid resources were £94m representing 26% of NAV, with outstanding commitments of £191m (52% of NAV).
A copy of the annual and interim reports can be found on our website www.hgcapitaltrust.com.
Net assets (as at 30 June 2011)
Ten Largest Investments £’000 %
TeamSystem 26,491 7.2
Visma 24,421 6.6
SHL 18,244 5.0
Frösunda 16,019 4.3
Lumesse(formerlyStepStoneSolutions) 15,409 4.2
Midas(t/aGoldshield) 14,899 4.0
MondoMinerals 14,724 4.0
HgRenewablePowerPartnersLP 14,655 4.0
Achilles 14,171 3.8
MainioVire 12,456 3.4
171,489 46.5
Otherinvestments 106,442 28.8
Total investments+ 277,931 75.3
Cashandotherliquidassets 94,266 25.5
Netcurrentassets (3,179) (0.8)
Net assets 369,018 100.0
+Includinginvestmentvaluationandaccruedinterest.
Perfo
rman
ce In
dex
Share price Net asset value FTSE All-Share Index
Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-09 Jun-10 Jun-11Jun-08
50
100
150
200
250
300
350
400
Historical Total Return* Performance % p.a. (to 30 June 2011) 6months 1 3 5 10 toJune year years years years 2011% % %p.a. %p.a. %p.a.
NetAssetValue(basic) 6.3 26.7 6.7 13.5 13.5
NetAssetValue(diluted) 6.1 23.1 5.8 12.9 13.2
Share price 16.1 46.3 13.1 15.2 14.7
FTSEAllShareIndex 3.0 25.6 6.6 4.5 4.8
Share price outperformance vs FTSE All Share Index 13.1 20.7 6.5 10.7 9.9
*Totalreturnassumesalldividendshavebeenreinvested.Totalreturn*performancerecordrebasedto100at30June2001Source:Factset.
Financial highlights (to 30 June 2011)
+14.7%Ten year compound annual growth rate of the share price on a total return* basis vs. 4.8% p.a. from the FTSE All-Share Index
+16.1% YTD share price total return* performance vs 3% from the FTSE All-Share Index
+6.3% YTD increase in basic NAV per share on a total return* basis (+6.1% diluted NAV)
+17% Revenue growth of the top 20 buyouts over the last twelve months
+12% Profit growth of the top 20 buyouts in the last twelve months
Cumulative Historic Performance % p.a. (total return* to 30 June 2011)
Financial highlights (to 30 June 2011) CalendarYear end 31 December Accounts published Interim: 25 August 2011 IMS October 2011
Financials as at 30 June 2011Index FTSE ALL Share Ticker Codes: Ordinary Shares HGT Subscription Shares HGTS Ordinary Shares in issue 31,799,725 Subscription Shares in issue 5,524,973 Market Capitalisation £362.5 million Net Assets £369.0 million NAV per Ordinary Share Basic 1,160.4p Diluted 1,129.3p Share Price Ordinary Shares 1,140.0p Ordinary share price discount to NAV (basic) (1.8%) Ordinary share price premium to NAV (diluted) 0.9% Share Price Subscription Shares 181p Continuation Vote 2015
Subscription SharesEach subscription share entitles the holder to subscribe for one Ordinary Share at a price of £9.50 per Ordinary share at 31 October 2011 and thereafter 31 May and 31 October in 2012. The final exercise date is on 31 May 2013 at a subscription price of £10.25 per Ordinary share.
HgCapital 6 and other management fee arrangementsFor more information on the structure and fee arrangements for HgCapital Trust plc, please refer to the latest edition of the HgCapital Trust report and accounts, available at www.hgcapitaltrust.com
Board of DirectorsRoger Mountford (Chairman)
Richard Brooman (Chairman of the Audit and Valuation Committee)
Peter Gale (Deputy Chairman)
Piers Brooke
Andrew Murison
Mark Powell
ManagerHg Pooled Management Limited www.hgcapital.com
Important informationThis document is issued and approved by Hg Pooled Management Limited. Nothing in this document is intended to constitute advice and this document should not be taken as a recommendation to buy or sell shares in HgCapital Trust plc. If you are interested in HgCapital Trust plc, you should contact your financial advisor before making any investment decision. Remember that past performance is not necessarily a reliable indicator of future results, and that the value of shares can go down as well as up. HgCapital is the trading name for Hg Pooled Management Limited and HgCapital LLP, both of which are authorised and regulated by the Financial Services Authority.
BrokersRBS Hoare Govett Limited 250 Bishopsgate London EC2M 4AA
Numis Securities Ltd 10 Paternoster Square London EC4M 7LT Contact detailsHgCapital Trust plc 2 More London Riverside London SE1 2AP
T +44 (0)20 7089 7888 E [email protected]
†Percentagesarebasedonfixedassets(excludinghedges)andaccruedinterestandareshownbyvalue
Valuation Basis†
39%Earnings
35%Cost
9%Thirdparty transaction
9%Writtendown
8%Netassets
Sector by value†
38%TMT
18%Healthcare
15%Services
13%Industrials
8%Renewableenergy
8%Consumer&Leisure
Geographic spread by value†
42%UK
24%NordicRegion
12%Germany
9%Italy
8%Europe(RPP)
5%Benelux
Deal type by value†
92%Buyout
8%Renewableenergy
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