LONDON (ShareCast) - (Sharecast News) - HgCapital Trust has agreed to sell Silverfin, a leading cloud platform designed for accountants, to cloud software specialist Visma, it announced on Monday.
The FTSE 250 firm said that while specific terms of this deal were confidential, completion was still contingent on fulfilling closing conditions.

It said the transaction valued its stake in Silverfin at roughly £18.8m, indicating an increase of £3.1m or 0.7p per share - 20% growth over the earlier stated value of £15.7m in its net asset value at the end of August.

HgCapital said the figures pertained exclusively to its portion of Hg's comprehensive investment in Silverfin.

"Based on the 31 August reported net asset value, the pro-forma NAV of the trust is expected to be £2.2bn, or 473.9p per share," the board said in its announcement.

"HGT's available liquid resources, which includes the undrawn bank facility of £350m for future deployment, including all announced transactions and the interim dividend payable in October, are estimated to be £672.2m, or 31% of the proforma 31 August net asset value."

At 1233 BST, shares in HgCapital Trust were up 0.19% at 397.75p.

Reporting by Josh White for Sharecast.com.

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