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HgCapital Trust plcFull year results for the year ending 31st December 2009
2© Copyright 2010 HgCapital
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
ContentsHgCapital Trust plc
3© Copyright 2010 HgCapital
SummaryHgCapital Trust plc
The portfolio is compact, appropriately valued with significant potential.
A conservative balance sheet with no debt and cash to invest.
We anticipate a positive new deployment environment and a subdued exit environment.
Replenishing of the transaction pipeline is becoming more visible and this will gather pace.
4© Copyright 2010 HgCapital
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
ContentsHgCapital Trust plc
5© Copyright 2010 HgCapital
Financial Highlights
ASSETS AT 28 FEB 2010 AT 31 DEC 2009 AT 30 JUNE 2009 AT 31 DEC 2008% CHANGE OVER YEAR
Net assets (£’000) 233,373* 236,044 221,163 234,094 0.8%
Net assets per share 926.6p 937.2p 878.1p 929.4p 0.8%
Liquid resources per share 364.5p 348.0p 399.7p 515.6p (32.5%)
Share price (mid-market) 837.5p 844.0p 786.0p 668.5p 26.2%
Discount (%) 9.6% 9.9% 10.5% 28.1% n/a
Performance
*After accruing a 25p per share dividend (£6.3m).
6© Copyright 2010 HgCapital
NAV Analysis
AT 28 FEB 2010 AT 31 DEC 2009 AT 30 JUNE 2009 AT 31 DEC 2008
£m % £m % £m % £m %
Unlisted Investments 139.9 59.9% 147.7 62.6% 121.4 55.0% 108.9 46.5%
Listed Investments 0.1 - 0.1 - 0.1 - - -
Liquid resources 91.8 39.3% 87.7 37.2% 100.7 45.5% 130.0 55.5%
Other net assets/(liabilities) 1.6 0.8% 0.5 0.2% (1.0) (0.5%) (4.8) (2.0%)
Net assets 233.4 100.0% 236.0 100.0% 221.2 100.0% 234.1 100.0%
Performance
7© Copyright 2010 HgCapital
Total Return
1 YEAR TO 31 DEC 2009
3 YEARS TO 31 DEC 2009
5 YEARS TO 31 DEC 2009
7 YEARS TO 31 DEC 09
10 YEARS TO 31 DEC 09
Share price 30.2% 7.7% 15.8% 24.4% 14.4%
Net asset value 3.6% 10.6% 16.5% 18.2% 12.8%
FTSE All-Share Index 30.1% (1.3%) 6.5% 9.3% 1.6%
*Figures are annualised
Performance
8© Copyright 2010 HgCapital
Analysis of net asset value (NAV) movements for the year ending 31 December 2009
Performance
9© Copyright 2010 HgCapital
Analysis of unrealised movements in investment portfolio (including accrued interest movement of £2.9 million) for the year ending 31 December 2009
Performance
10© Copyright 2010 HgCapital
Realised and unrealised movements in investment portfolio(including accrued interest) during the year ending 31 December 2009
Performance
11© Copyright 2010 HgCapital
ContentsHgCapital Trust plc
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
12© Copyright 2010 HgCapital
PortfolioTop 10 buy‐out investments and the RPP fund investment represent over 85% of value
Portfolio Review
*The valuation includes accrued interest
Investment Investment Date Sector
*Value at 31/12/08
£m
*Value at 31/12/2009
£m
% of invested portfolio 31/12/09
Cumulative value % Principal Reason for Change
Visma
Pulse
Goldshield (Midas Equityco)
Mondo
Sporting Index
Schleich
SLV
Americana
Epyx
Achilles
2006
1999
2009
2007
2005
2006
2007
2007
2009
2008
TMT
Healthcare
Healthcare
Industrials
Consumer & Leisure
Consumer & Leisure
Industrials
Consumer & Leisure
TMT
TMT
14.4
12.9
n/a
9.8
6.6
8.7
3.9
5.7
n/a
5.2
27.7
24.6
11.3
10.4
8.0
8.0
6.9
6.6
5.9
5.2
18.8%
16.5%
7.7%
7.1%
5.4%
5.4%
4.7%
4.4%
4.0%
3.5%
18.8%
35.3%
43.0%
50.1%
55.5%
60.9%
65.6%
70.0%
74.0%
77.5%
Increased trading, further investment
Increased trading
New investment
Increased trading
Ratings
Foreign exchange
Increased trading
Increased trading
New investment
-
Top 10 buyout investments 67.2 114.6 77.5%
RPP Fund 2006 Renewable Energy 4.3 11.6 7.9%
71.5 126.2 85.4%
13© Copyright 2010 HgCapital
Pre 2005
15%
Year 2005
10%
Year 200628%
Year 2007
23%
Year 2008
12%
Year 200912%
Pre 2005
15%
Year 2005
10%
Year 200628%
Year 2007
23%
Year 2008
12%
Year 200912%
Pre 2005
15%
Year 2005
10%
Year 200628%
Year 2007
23%
Year 2008
12%
Year 200912%
VINTAGEVALUATION BASIS
Valuation Basis and VintagePortfolio Review
As at 31 Dec 2009 by value
Earnings
65%
Written down
11%
Cost
15%
Net assets
9%2009
12%
2008
6%
2007
17%
2006
36%
2005
9%
pre 2005
20%
14© Copyright 2010 HgCapital
BY NUMBERBY VALUE
Sector coverage of investmentsPortfolio Review
As at 31 Dec 2009 by value
TMT
31%
Healthcare
29%
Industrials
12%
Renewable Energy
8%
Fund
1%
Services
2%
Consumer &
Leisure
17%
Industrials
22%
TMT
21%
Healthcare
21%
Fund
10%
Services
10%
Renewable Energy
3%
Consumer &
Leisure
14%
15© Copyright 2010 HgCapital
BY STAGEBY GEOGRAPHY
Geography and StagePortfolio Review
As at 31 Dec 2009 by value
UK
50%
Nordic Region
26%
Germany
12%
Europe
8%
North
America
1%
Benelux
3%
Buyout
90%
Renewable Energy
8%
Expansion
1%Fund
1%
16© Copyright 2010 HgCapital 16© Copyright 2009 HgCapital
PortfolioPortfolio Review
Top 10 buyout investments circa. 78% of value continue to out-perform, year on year sales growth and EBITDA growth of circa. 7% and 18% respectively.
Next 10 investments have been harder hit but this is reflected in the current values.
Overall trading has stabilised in most companies and we are seeing signs of recovery over the last few months.
We have significant capital reserved both offensively for value enhancing acquisitions and defensively if required to protect value.
Average Value Weighted Debt/EBITDA in the Top 10 investments is 3.1x.
Debt/EBITDA Band
Number EBITDA£m
Debt £m
HgCT Value £m
0 – 2 2 40 50 36
2 – 4 5 69 225 34
4 – 6 3 130 627 45
____10
____239
____903
____115
17© Copyright 2010 HgCapital 17
Top10 HgCapital Trust buyouts continue to out‐perform Portfolio Review
Top10 HgCapital Trust buyouts outperformed UK GDP growth by ~4x in 2008
Crisis slowed down sales growth in 2009, but did not stop companies from adding sales
PERFORMANCE SUMMARY OF TOP10 INVESTMENTS
COMMENTS
© Copyright 2010 HgCapital
18© Copyright 2010 HgCapital 18
Top10 HgCapital Trust buyouts continue to out‐perform
EBITDA has grown at rates of ~1.5-2x sales growth
Restructuring during 2009 positioned portfolio well to take full advantage of improving economic climate (current degree of operating leverage ~3x)
Portfolio Review
PERFORMANCE SUMMARY OF TOP10 INVESTMENTS
COMMENTS
© Copyright 2010 HgCapital
19© Copyright 2010 HgCapital
Existing portfolio valuations may be seen as a store of value
Consistent Application of Valuation Policies Valuations conform with IPEV guidelines.
Historic earnings when earnings are rising, forecast earnings when they are falling.
Track record Average uplift over book value on exit has been 2x on 30 exits since mid 2005.
Current Valuation Benchmarks
Average value weighted EV/ EBITDA multiple used at 31 December 2009 was 7.7x for the top 10 investments, representing ~79% of portfolio by value.
Average value weighted EV/ EBITDA multiple for FTSE All-Share Index at 31 December 2009 was 14.3x.
Portfolio Review
19© Copyright 2010 HgCapital
20© Copyright 2010 HgCapital
ContentsHgCapital Trust plc
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
21© Copyright 2010 HgCapital
COMPANY SECTOR ACTIVITY DEAL TYPECOST
£’000
New Investments
Goldshield Healthcare Markets pharmaceuticals and nutraceuticals in the UK Buyout 11,275 *
Epyx TMT A private car fleet services electronic marketplace Buyout 5,942**
Total new Investments 17,217
InvestmentsInvestment Activity
Further Investments
HgRPP LP Renewable Energy Renewable Energy Fund Fund 7,578
NOK/GBP Hedge n/a Financial derivative instrument n/a 1,699
SHL Services Psychometric testing and assessment Buyout 1,503
Visma TMT Business application software Buyout 1,341
King Industrials Leading distribution of special fasteners and expanders Buyout 293
Other investments 232
Total further investments 12,646
Total investment by the Company 29,863
*£3.3 million has been repaid in January 2010**£4.9 million reduction since June 2009 due to HgCapital 6 fund equalisations
22© Copyright 2010 HgCapital
COMPANY SECTOR EXIT ROUTERESIDUAL COST
£’000
BOOK VALUE AT 31 DEC 2009
£’000
PROCEEDS
£’000
CUMULATIVE GAIN/(LOSS)**
£’000
CURRENT YEAR GAIN/(LOSS)***
£’000
Pulse staffing HealthcareLoan stock redemption, interest and dividend
- 3,141 5,757 5,757 2,616
Hirschmann Industrials Release of escrow - 819 1,251 1,251 432
Other 866 489 1,313 447 824
Partial realisations 866 4,449 8,321 7,455 3,872
Total realisations 866 4,449 8,321 7,455 3,872
Investment Activity 2009 Realisations
* Includes gross revenue received during the year** Realised proceeds including gross revenue received, in excess of historic cost*** Realised proceeds including gross revenue received, in excess of 31 December 2008 book value and accrued interest.
23© Copyright 2010 HgCapital
Investment Environment and Prospects
Our investment stance has been influenced by our concern that there will be a second leg to the recession.- Accordingly we have little interest in cyclical stories.- We are very focused on buying growth companies at valuations below long run averages.
We anticipate the volume of investment opportunities will continue to pick up as - the process of deleveraging continues; - divestment of fallen angels by banks will pick up in 2010/11; - large wall of re-financings approaching.
As confidence returns- corporates eventually forced to restructure;- private owners finally decide to sell.
At a time when pricing conditions improve- valuations are inexpensive vs long – run historical mean;- catalyst for re-rating coming from accelerating earnings growth.
Yet many PE firms are troubled or distracted at best.
Whilst financing conditions gradually ease for the better sponsors, like HgCapital.
Investment Activity
24© Copyright 2010 HgCapital
ContentsHgCapital Trust plc
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
25© Copyright 2010 HgCapital
HgCapital 6 Portfolio
Relationship between HgCapital (“the Manager”), HgCapital Trust and the HgCapital 6 fund
The Manager
Manager Update
© Copyright 2010 HgCapital
Sources, arranges and manages investment portfolio
Manages investment portfolio
Investment
HgCapital Trust£280m
Other investors in HgCapital 6
£1,620m
Investment
Same terms (management fee, etc.)
25
£1.9bn
Note: HgCapital Trust plc has a unique investment opt-out (without penalty)
26© Copyright 2010 HgCapital 26
HgCapital’s strategy and tactics have been effective and are well suited to the next stage in the life of Private Equity
Manager Update
MID-MARKET AND PAN REGIONAL (UK, Germany, Northern Europe)
Multiple value levers.
Conservative capital structures.
Multiple exit options not overly dependent on capital markets.
DEEP SECTOR KNOWLEDGE THROUGH SPECIALIST TEAMS
Research-driven investment selection in TMT, Services, Healthcare & Industrials.
Higher deal conversion.
Optimizes exits.
DEDICATED SPECIALIST PORTFOLIO MANAGEMENT Drive incremental growth and profit.
Strengthen teams and franchises.
BROAD BENCH OF PROFESSIONALS LED BY A COHERENT PARTNER GROUP
40+ investment executives with an average experience of 8+ years in private equity related workfields.
Partners have worked 12 years together and enjoy an average experience of 16 years in private equity.
Total team of 75 employees.
LAUNCHING NEW PRODUCTS THAT EXPLOIT CORE COMPETENCIES
Hg6: £1.9 billion flagship buy-out fund- similar focus, strategy and tactics to earlier funds.
RPP1&2 : Expansion of successful Renewable Power Generation business.
More research-led ideas that leverage core competences.
© Copyright 2010 HgCapital
27© Copyright 2010 HgCapital
ContentsHgCapital Trust plc
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
28© Copyright 2010 HgCapital
Events since the year endHgCapital Trust plc
Hoseasons sold in February for a multiple of 2.3x original cost. This represents a 105% uplift to the carrying value at 31st December 2009. This equates to 10.3p per share.
Net asset value per share for January 2010 and February 2010 was 932.5p and 926.6p (post provision for dividend).
Liquid resources, after allowing for the dividend payment now represent 39% of Net Asset Value.
The Board declared a 25p per share dividend in February, which will be paid in March 2010.
As previously announced the Board is currently considering raising further funds. A further announcement will made in due course.
29© Copyright 2010 HgCapital
Contents
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
HgCapital Trust plc
30© Copyright 2010 HgCapital 30© Copyright 2009 HgCapital
ConclusionHgCapital Trust plc
Sound portfolio with significant potential.
A strong belief that we are entering a buyer’s market because economic conditions will continue to be tough and equity is in short supply.
We anticipate a subdued exit environment.
HgCapital Trust well positioned to continue to outperform in the future.
31© Copyright 2010 HgCapital
Contents
Summary
Performance
Portfolio Review
Investment Activity
Manager Update
Events since the year end
Conclusion
Appendices
HgCapital Trust plc
32© Copyright 2010 HgCapital 32
HgCapital Trust has rewarded the patient investor –outperforming the FTSE All‐Share Index by 3x and listed PE peers by 2.5‐7x over the last 10 years
+11.6% p.a. share price appreciation for HgCT vs. (3.5)% p.a. for LPE Peers, (0.6)% p.a. for the FTSE All-Share Index10 year total return of 14.7% p.a. for HgCT vs. 2.7% p.a. for the FTSE All-Share Index
Note: Chart shows share price return. Data as per 12 January 2010; (1) Equally weighted index of 3i Group, Candover, Electra, Graphite, and SVG Capital.
Appendices
0%
50%
100%
150%
200%
250%
300%
350%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
HgCapital Trust LPE Peer Index (1) FTSE All-Share
299%
70%
94%
© Copyright 2010 HgCapital
33© Copyright 2010 HgCapital 33
HgCapital Trust – Outperforming its listed PE peersAppendices
HgCapital Trust outperformed key competitors by an average of 4.5x over the last 10 yearsBest performing peer Electra was outperformed by 2.5x and worst performing SVG by >7x
Note: Chart shows share price return. Data as per 12 January 2010
0%
50%
100%
150%
200%
250%
300%
350%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
HgCapital Trust Candover Electra
SVG Graphite 3i Group
299%
62%
121%
82%
42%
44%
© Copyright 2010 HgCapital
34© Copyright 2010 HgCapital
Analysis of Movement in NAV
£’000
Opening net asset value as at 1 January 2009 234,094
Realised proceeds in excess of book value at 31 December 2008 (excludes gross revenue) 493
Net unrealised depreciation of investments (excluding accrued interest) 5,780
Gross revenue 9,682
Priority profit share to General Partners (6,401)
VAT recovery on historic management fees 833
Other Expenditure (1,078)
Dividend paid (6,297)
Carried interest (1,062)
Closing net asset value as at 31 December 2009 236,044
Appendices
35© Copyright 2010 HgCapital
Portfolio by Sector: 31 December 2009Appendices
InvestmentYear of
Investment Valuation basis Residual cost £’000
Total valuation* £’000 Portfolio value %
TMT InvestmentsVisma 2006 Earnings 14,609 27,729 18.8%Epyx 2009 Cost 5,942 5,942 4.0%Achilles 2008 Cost 5,226 5,226 3.5%Elite 2005 Written down 5,749 5,196 3.5%Software (Cayman), LP – re Blue Minerva 2006 Earnings 530 1,586 1.1%Software (Cayman), LP – re Guildford 2007 Earnings 253 735 0.5%Tiger Capital 2008 Other 632 254 0.2%Addison 2005 Other - - -Total TMT 32,941 46,668 31.6%
Healthcare InvestmentsPulseGoldshield (Midas Equityco)
19992009
EarningsCost
6,13111,275
24,59711,299
16.5%7.7%
Voyage 2006 Written down 8,755 3,736 2.5%Casa Reha 2008 Written down 8,151 2,872 1.9%Doc M SARL 2004 Other - 122 0.1%Tribal Group plc 2009 Quoted 573 77 0.1%PBR 2002 Other - - -Total Healthcare 34,885 42,703 28.8%
*Including accrued interest
36© Copyright 2010 HgCapital
Portfolio by Sector: 31 December 2009Appendices
InvestmentYear of
Investment Valuation basis Residual cost £’000
Total valuation* £’000 Portfolio value %
Consumer & Leisure InvestmentsSporting Index 2005 Earnings 7,186 8,021 5.4%Schleich 2006 Earnings 4,634 7,994 5.4%Americana 2007 Earnings 4,625 6,551 4.4%Hoseasons 2003 Earnings 2,197 2,473 1.7%Cornish Bakehouse 2007 Written down 4,200 1,221 0.8%Total Consumer & Leisure 22,842 26,260 17.7%
Industrial InvestmentsMondo 2007 Earnings 7,004 10,434 7.1%SLV 2007 Earnings 5,962 6,946 4.7%Hirschmann 2004 Other - 112 0.1%W.E.T. 2003 Written down 7,709 - -FTSA 2006 Written down 6,813 - -KVT (King) 2008 Written down 5,827 - -Hofmann 2005 Other - - -Lantor plc (formerly South Wharf plc) 1992 Other - - -Total Industrials 33,315 11,316 9.2%
*Including accrued interest
37© Copyright 2010 HgCapital
Portfolio by Sector: 31 December 2009Appendices
InvestmentYear of
Investment Valuation basis Residual cost £’000
Total valuation* £’000 Portfolio value %
Renewable Energy InvestmentsHgRPP LP 2006 Net assets 11,987 11,620 7,9%Total Renewable Energy 11,987 11,620 7.9%
Services InvestmentsSHL 2006 Written down 7,991 2,587 1.8%Atlas Energy 2007 Written down 8,153 - -Fabory 2007 Written down 7,474 - -SGI 1999 Other 1,669 - -Total Services 25,287 2,587 1.8%
Legacy PE Fund InvestmentsWeston Presidio Capital III, LP 1998 Net assets 2,320 1,041 0.7%ACT Venture Capital 1994 Net assets 38 42 -Crest Avenue 1992 Net assets 9 - -Wand / Yankelovich LP 1992 Net assets 5 - -Total Fund 2,372 1,083 0.7%
Derivative Instrument InvestmentsNOK / GBP Hedge n/a n/a 1,699 1,322 0.9%Hg5 Euro Hedge n/a n/a - (1,917) (1.3%)
Total Derivative Instrument 1,699 (595)(0.4%)
Total Portfolio 165,328 147,818 100.0%
*Including Accrued Interest
Realisation history since mid‐2005 at 2x book value Appendices
38
Note: Bubble size reflects realisation proceeds; written-off assets not shown; (1) Exit proceeds as multiple of latest holding value pre-exit; (2) Includes written-off assets
© Copyright 2010 HgCapital
0.0x
0.5x
1.0x
1.5x
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
5.5x
6.0x
6.5x
7.0x
7.5x
Aug-04 Feb-05 Sep-05 Mar-06 Oct-06 Apr-07 Nov-07 Jun-08 Dec-08 Jul-09 Jan-10
Average Holding Value Multiple: 2x (2)
Holding Value Multiple (1)
Castlebeck
FTETunstall
Blue Minerva
Schenck
Addison
Classic Copyright
Orbis-com
Trados PBRTravel-sphere
Clin-Phone
World-mark
ClarionEvents
HofmannMenu
CSG
Doc-M
Hirsch-mann
BertramRolfe & Nolan
Axiom
39© Copyright 2010 HgCapital
HgCapital – Strategic relevance
STRATEGY Mid-Market.
£50 million - £500 million EV buyouts/buy-ins:
− Consistently strong deal-flow.
− Multiple exit options.
− Not overly dependent on capital markets (for returns, financing or exit).
− Defensible market positions / proven records.
− Ability to attract high quality management teams.
− Return attribution potential to effect material operational improvements.
Sole / lead / control investors.
Seek multiple value levers.
Conservative capital structures.
Pan-Regional
Primary coverage of northern Europe.
Cultural affinity with management teams and business environments.
Secondary coverage of other European markets via sector focus.
© Copyright 2010 HgCapital
Appendices
39
40© Copyright 2010 HgCapital
HgCapital – Tactical advantage
TACTICS Sector-focused.
5 dedicated sector teams (developed over 12 years) covering c.70% of the market.
Annual business planning process drives agenda for each team.
Strategy superseding geography in investment targeting.
Intensive post-transaction planning and management.
Company and portfolio level activity (developed over 10 years).
Dedicated resource and expertise (team of 8 professionals, plus support from other senior partners).
Helps drive growth and optimise exits.
Highly resourced.
Favourable ratio of staff to deals - team of 75 with 19 active portfolio companies.
Just under £3 billion AUM.
Partners average 16 years of private equity experience / worked together for 12 years.
© Copyright 2010 HgCapital
Appendices
40
41
Disclaimer
This document constitutes an advertisement and is not a prospectus. It does not constitute an offer to sell or a solicitation of an offer to buy any securities described herein in the United States or in any other jurisdiction, nor shall it, by the fact of its distribution, form the basis if, or be relied upon, in connection with any contract therefor. No offer, invitation or inducement to acquire shares or other securities in HgCapital Trust plc (“Shares”) is being made by or in connection with this document. Any offer, invitation or inducement to acquire Shares will be made solely by means of a prospectus published in connection with any offering (the "Prospectus") and any decision to buy Shares should be made solely on the basis of the information contained in the Prospectus.
The information presented herein is not an offer for sale within the United States of any equity shares or other securities of HgCapital Trust plc. HgCapital Trust plc has not been and will not be registered under the US Investment Company Act of 1940, as amended (the Investment Company Act"). In addition, the Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require HgCapital Trust plc to register under the Investment Company Act. No public offering of the Shares is being made in the United States. The Shares may only be resold or transferred in accordance with the restrictions set forth in the Prospectus to be published in connection with any proposed offering and related subscription documents. This communication should not be distributed, forwarded, transferred, reproduced, or otherwise transmitted, directly or indirectly, to any persons within the United States or to any US Persons unless it is lawful to do so.
This document is being issued by HgCapital and is for private circulation only. The information and opinions contained in this document are for background purposes only, do not purport to be full or complete and do not constitute investment advice. Subject to HgCapital's regulatory requirements and responsibilities, no reliance may be placed for any purpose on the information and opinionscontained in this document or their accuracy or completeness and no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by HgCapital or any of its members or employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.
HgCapital’s communications are only directed at eligible counterparties and professional clients. HgCapital acts for its investors and for no one else in relation to its business. It will not advise, provide services to or be responsible for providing customer protections to any other person.
This information is not intended to provide, and should not be relied upon, for accounting, legal, tax advice or investment recommendations. You should consult your tax, legal, accounting or other professional advisors about the issues discussed herein. The descriptions contained herein are summaries and are not intended to be complete and neither HgCapital nor any of its affiliates undertakes any obligation to update or correct any errors or inaccuracies in any of the information presented herein. The information in these materials and any other information discussed at the presentation is subject to change. This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefor.
The distribution of these materials in certain jurisdictions may be restricted by law and persons into whose possession these materials come should inform themselves about and observe any relevant restrictions. In particular, these materials are not for publication or distribution, directly or indirectly, in, into or from the United States of America, Canada, Australia, Japan, New Zealand or the Republic of South Africa. Any failure to comply with the above restrictions may constitute a violation of such securities laws. This document is and may be communicated only to (and is directed only at) persons to whom such communication may lawfully be made.
These materials include statements that are, or may be deemed to be, "forward-looking statements" which are based on current expectations and projections about future events. In some cases, these forward-looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout these materials and include statements regarding the intentions, beliefs or current expectations of HgCapital and/or its members or employees concerning, among other things, the trading performance, results of operations, financial condition, liquidity, prospects and investment policy of HgCapital Trust plc. By their nature, these forward-looking statements as well as those included in any other material discussed at any presentation involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.
© Copyright 2010 HgCapital
HgCapital
42
Disclaimer
Forward-looking statements are not guarantees of future performance. A number of important factors could cause actual results or outcomes to differ materially from those expressed, projected or implied in any forward-looking statements. No one undertakes publicly to update or revise any such forward-looking statement. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. No one undertakes to publicly update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise.
Return targets are targets only and are based over the long-term on the performance projections of the investment strategy and market conditions at the time of modelling and are therefore subject to change. There is no guarantee that any target return can be achieved. Investors should not place any reliance on such target return in deciding whether to invest in HgCapital Trust plc or any fund established by HgCapital.
To the extent available, the industry, market and competitive position data contained in these materials come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. The contents of this document have not been independently verified, are not comprehensive, does not contain all the information that a prospective purchaser of securities may desire or require in deciding whether or not to offer to purchase such securities and do not constitute a due diligence review and should not be construed as such. Subject to HgCapital's regulatory requirements and responsibilities, no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of HgCapital or any of its members, employees, agents or advisers or any other person as to the accuracy, completeness or fairness of the information, forward-looking statements or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information, forward-looking statements or opinions or in respect of any omission, and this document is distributed expressly on the basis that it shall not give rise to any liability or obligation if, for whatever reason, any of its contents are or become inaccurate, incomplete or misleading and neither HgCapital nor any such persons undertakes any obligation to provide the recipient with access to additional information or to correct any inaccuracies herein which may become apparent.
HgCapital is the trading name of HgCapital LLP and Hg Pooled Management Limited.
Registered office: 2 More London Riverside, London SE1 2AP.
Authorised and regulated by the Financial Services Authority.
© Copyright 2010 HgCapital
HgCapital