HgCapital slashes divi after treading water in 2011
HgCapital Trust, the listed arm of private equity firm HgCapital, said 2011 was all about protecting shareholder value in a tough year for equity markets.
HgCapital Trust, the listed arm of private equity firm HgCapital, said 2011 was all about protecting shareholder value in a tough year for equity markets.
The firm's diluted net asset value (NAV) per share eased 2.0% to 1,069.3p at the end of 2011 from 1,090.7p a year earlier, but with dividend payments added to the equation, the total return was positive, at 0.5%.
The net asset value of the portfolio retreated to £346.8m from £348.0m at the end of 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total available liquid resources at the end of the year were £94m (27% of NAV) with outstanding commitments of £195m (56% of NAV).
The group ploughed £87m over the year, principally in five new management buy-out investments, while it cashed in £62m worth of chips during the year, with full exits from investment in 2011 achieved at an aggregate premium of 56% over the book value as at December 31st, 2010.
"The portfolio is trading well the top 20 buyouts having delivered double digit revenue and profit growth over the year," revealed Roger Mountford, Chairman of the trust. "The trust continues to deliver long-term out-performance and offers the prospect of renewed growth in value for shareholders," Mountford claimed.
The company has proposed a final dividend of 10p, down from 28p last year. The company does not pay interim dividends.
The shares fell 11p to 967p after the release of the figures.
jh
-
Zoopla: UK property supply hits eight-year high ahead of general election
News More homeowners are putting their properties up for sale but many are relisting after failing to find a buyer last year - is now a good time to buy?
By Marc Shoffman Published
-
What’s happening to the NatWest share sell-off? Impact of general election 2024 explained
The UK government has held shares in NatWest Group since the 2008 Financial Crisis. But a plan to sell off a large chunk of them appears to have been delayed.
By Henry Sandercock Published