Unicorn AIM VCT PLC on Friday announced that it will sell a large stake of Hasgrove Ltd to Castik Capital Sarl.
The Teignmouth, England-based venture capital trust noted that Hasgrove is currently its largest holding in its portfolio, most recently valued at £46.7 million as of an update released at the end of October.
Unicorn AIM expects to receive total net proceeds of about £87 million from the transaction. Out of that, about £22 million is expected to be settled via issuance of shares in a new holding company established to buy Hasgrove. Both Unicorn and Castik will become shareholders in the new company.
The remaining £65 million is expected to be received in cash. Unicorn AIM added that it will consider whether to declare a special dividend following completion and once final proceeds have been received. It will publish further details in due course.
Unicorn AIM Chair Tim Woodcock said: ‘The Unicorn team have delivered an excellent result in both realising considerable cash proceeds from the investment for the company’s shareholders, and negotiating a deal which enables the VCT to participate in the future growth of Hasgrove.’
Unicorn AIM shares fell 3.3% to 74.00 pence each on Friday afternoon in London.
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