HGT Hg Capital Trust Plc

 

TIDMHGT 
 
RNS Number : 4880H 
HG Capital Trust PLC 
22 February 2010 
 

 
 
 
 
 
    HgCapital Trust plc announces the successful sale of Hoseasons to Wyndham 
                              Exchange & Rentals 
 
London, 22 February 2010: HgCapital Trust plc, which provides investors with a 
listed vehicle to invest in all private equity deals managed by HgCapital, is 
today pleased to announce that HgCapital has agreed to sell Hoseasons Holdings 
Ltd, the leading independent self-catering holiday operator in the UK. The 
business is to be acquired by Wyndham Exchange & Rentals, the European leader in 
independent holiday accommodation, for an enterprise value of GBP51 million. 
Completion is subject to Wyndham receiving the necessary consent from the 
Financial Services Authority. 
 
The transaction marks the culmination of HgCapital's successful investment in 
Hoseasons. During this period, the company has developed a powerful 
multi-channel marketing strategy with online sales now representing over 50% of 
total bookings.  Last year the company sold more than 300,000 self-catering 
holidays to more than 1 million customers. 
 
HgCapital Trust's holding in Hoseasons had a book value at 31 December 2009 of 
GBP2.5 million, based on the Directors' valuation at that date. On completion of 
the sale, the Trust will realise estimated cash proceeds of GBP5.1 million, a 
multiple in excess of 2.0 times the book value of the investment and 2.3x 
original cost. The sale will result in an uplift of 10.4p to its NAV per share. 
On 9 February 2010 the Trust announced that its estimated NAV per share at 31 
December 2009 was no less than 910p (net of a dividend of 25p per share declared 
on 17 February 2010). When completed, the sale of Hoseasons would therefore 
raise the estimated NAV to no less than 920.4p (net of the dividend). 
 
Roger Mountford, chairman of HgCapital Trust, commented: "This is another 
successful investment by HgCapital that has created value for our shareholders. 
The team at HgCapital has worked closely with Hoseasons' talented management, 
led by its Chief Executive Richard Carrick, to transform this long-established 
business, with excellent results. We wish the company well with its new owners." 
 
Richard Carrick added: "I would like to thank HgCapital for the help and support 
they have given Hoseasons over a number of years.  We very much look forward to 
taking our business forward with Wyndham." 
 
HgCapital and Hoseasons were advised by Close Brothers Corporate Finance. 
 
For further details: 
 
+---------------------------+------------------------------------+---------------------------+ 
| HgCapital                 | Ian Armitage (Chairman, HgCapital) | +44 (0)20 7089 7888       | 
|                           |                                    |                           | 
+---------------------------+------------------------------------+---------------------------+ 
| Maitland                  | Neil Bennett                       | +44 (0)20 7379 5151       | 
|                           |                                    |                           | 
+---------------------------+------------------------------------+---------------------------+ 
|                           | Rowan Brown                        | +44 (0)20 7379 5151       | 
+---------------------------+------------------------------------+---------------------------+ 
 
About HgCapital Trust plc 
 
HgCapital Trust plc is an investment trust whose shares are listed on the London 
Stock Exchange. The trust gives investors exposure, through a liquid vehicle, to 
a portfolio of high-growth private companies, managed by HgCapital, an 
experienced and well-resourced private equity firm with a long-term track record 
of delivering superior risk-adjusted returns for its investors. 
 
The Trust has won Investment Week's Private Equity Investment Trust of the Year 
award for the last five consecutive years. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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