Hg, the Manager of HgCapital Trust plc (“HgT”), today announces that it has agreed the sale of Dext Software Ltd (“Dext”), a leading bookkeeping automation platform provider, to IRIS Software Group (“IRIS”), a leading global provider of accountancy, education management, HR and payroll solutions

The terms of the transaction have not been disclosed and completion is subject to closing conditions.

HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg’s investments.

This transaction values HgT’s investment in Dext at approximately £32.7 million. This would represent an uplift of £3.6 million (13% or 0.8 pence per share) over the carrying value of £29.1 million in the Net Asset Value (“NAV”) of HgT at 30 September 2024.

Note that these figures only relate to HgT’s share of Hg’s overall investment in Dext.

Based on the 30 September 2024 reported NAV, the pro-forma NAV of HgT is expected to be £2.4 billion (or 523.0 pence per share). HgT’s available liquid resources, which includes the undrawn bank facility of £347 million for future deployment (including all announced transactions and the interim dividend paid in October) are estimated to be £445 million (19% of the pro-forma 30 September 2024 NAV).

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