LONDON (ShareCast) - (Sharecast News) - HgCapital Trust plans to invest in global energy and commodity price reporting provider Argus Media, it announced on Tuesday, subject to regulatory approval.
The FTSE 250 firm said it would invest about £31.6m in Argus, with other institutional clients of Hg investing alongside it through the Hg Saturn Fund.

It would become a joint shareholder in Argus alongside Argus chief executive and chairman Adrian Binks, as well as existing shareholder General Atlantic, and the management team.

"Based on the 31 August net asset value, the company's liquid resources available for future deployment - including all announced transactions and the dividend to be paid on 25 October - are estimated to be £134m, or 14% of the pro-forma net asset value of £984.3m," the HgCapital Trust board said in its statement.

"In addition, the company has access to an £80m standby facility, which is currently undrawn.

"The investment will reduce the company's outstanding commitments to invest in Hg transactions over the next two years to approximately £310m.

HgCapital Trust said the intention behind its establishment was to give private and institutional investors the opportunity to participate in all of Hg's investments via its London-listed shares.

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