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Electra Private Equity Asset Value Falls After Hefty Special Dividend

Thu, 24th May 2018 12:52

LONDON (Alliance News) - Electra Private Equity PLC said Thursday its asset value fell sharply after the payment of a hefty special dividend and as poor weather in March impacted its portfolio firms, as it looks a potential sale to unlock further value.

For the six months ended March, net asset value per share fell to 1,109.27 pence from 1,980.96p six months earlier. Shares in Electra were 9.8% higher at 910.00 pence on Thursday.

This was after its net asset value dropped to GBP425 million from GBP758 million prior. Adjusted for the payment of a 914p per share special dividend in December the NAV rose 3.9%. Electra also announced another special dividend of 25p per share.

NAV was impacted by between GBP15 million and GBP20 million due to "inclement" weather in March. This hurt its portfolio companies which include casual dining firm TGI Fridays and photo printing company Photobox Group.

"Since the internalisation of management in 2017 we have increased our focus on optimising value for shareholders," Electra Chairman Neil Johnson said. "In the last six months we have completed an in-depth review of the companies in our corporate portfolio with their management teams and we are confident that each of the controlled investments now has a deliverable strategy to grow value. We have invested to remove impediments to delivery and are confident in the ability of these investments to create value."

"We have further reduced our non-corporate portfolio and simplified our corporate structure, reducing costs and resolving legacy issues," Johnson added. "The time is right to commence the final stage of our strategic review which will consider all options in order to optimise shareholder value.''

Electra said it was considering further divestments of its holdings or the sales of the company as a whole.

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3 Feb 2017 07:04

Electra Private Equity to sell audio console manufacturing business

(ShareCast News) - Epiris, the portfolio manager of buyout fund Electra Private Equity, is to sell its Audiotonix business, which manufactures audio mixing consoles, to European private equity firm Astorg. From the sale, which is expected to close in the first quarter of 2017, Electra will receiv

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30 Jan 2017 10:11

Electra Private Equity pockets £45m from Davies sale

(ShareCast News) - Epiris, the portfolio manager of buyout fund Electra Private Equity, has sold insurance claims service provider Davies Group to US-based private equity firm HGGC for £90m. Electra has received proceeds of £45m from the sale, which is a £2m uplift on the valuation of its investment

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23 Dec 2016 09:27

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20 Dec 2016 09:26

UPDATE 2-Canada's CCL to buy British bank note maker Innovia for $842 mln

* CCL buying Innovia from group of private equity firms * Electra Private Equity says makes 106 mln stg from sale * Innovia's polymer bank notes faces objections by vegetarians (Updates dateline, adds analyst comment, details from stake seller Electra, bullet points) By Aravin

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20 Dec 2016 07:24

Electra's Espiris sells Innovia for $1.13bn

(ShareCast News) - Private equity outfit Electra, said on Tuesday its portfolio manager Epiris had sold Innovia Group, a manufacturer of speciality films and substrate for polymer banknotes to CCL Industries for an enterprise value of $1.13bn. Based on today's exchange rates, Electra would receive p

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19 Dec 2016 07:45

UPDATE 1-Electra's manager Epiris to sell Parkdean Resorts for 1.35 bln stg

* To sell caravan holiday park firm to Onex Corporation * Electra to receive around 405 mln stg from sale * Internal rate of return on the deal around 46 pct (Adds details) By Noor Zainab Hussain Dec 19 (Reuters) - British buyout fund Electra Private Equity said its port

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19 Dec 2016 07:27

Electra Private Equity bags £405m from caravan sites sale

(ShareCast News) - Electra Private Equity is due to receive roughly £405m proceeds from the £1.35bn sale of Parkdean Resorts to Canadian investors Onex Corporation. The sale of the caravan park owner, which is expected to complete on 1 March 2017, will see an uplift of £25m on Electra's book value i

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19 Dec 2016 07:25

Electra's manager Epiris to sell Parkdean Resorts for 1.35 bln stg

Dec 19 (Reuters) - British buyout fund Electra Private Equity said its portfolio manager Epiris had agreed to sell Parkdean Resorts, an operator of caravan holiday parks, to private equity firm Onex Corporation for 1.35 billion pounds ($1.69 billion). The deal is expected to close in the f

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9 Dec 2016 10:47

UPDATE 1-Electra posts bumper returns ahead of split from Epiris

(Adds detail, background) LONDON, Dec 9 (Reuters) - British buyout fund Electra Private Equity reported strong full-year returns on Friday as it prepares to cut ties with its portfolio manager Epiris. Electra said it made a return of 35 percent in diluted net asset value (NAV) per sha

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9 Dec 2016 07:08

Electra Private Equity posts solid returns

(ShareCast News) - Electra Private Equity posted its preliminary results for the year to 30 September on Friday, with a net asset value per share of 5,149p, representing a total return of 35% for the year. The FTSE 250 firm's share price was 4,310p, a total return of 36% for the year, compared with

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5 Dec 2016 14:35

Electra Partners renamed Epiris as tries to forge new future

By Dasha Afanasieva LONDON, Dec 5 (Reuters) - Buyout firm Electra Partners has renamed itself Epiris, aiming to forge a new future after being sacked as the portfolio manager for Electra Private Equity earlier this year. Epiris - a combination of EP for Electra Partners and "Iris", t

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8 Nov 2016 08:11

Electra Private Equity to launch £200m share buyback

(ShareCast News) - Electra Private Equity said on Tuesday that it plans to return up to £200m to shareholders by a way of a tender offer. The company said the return of excess cash to shareholders should reduce the negative impact of holding this cash on growth in net asset value per ordinary share.

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14 Oct 2016 07:28

Electra Private Equity to migrate to a corporate structure following review

(ShareCast News) - After a review of Electra Private Equity's investment strategy, policy and structure the company is to return control of all functions to the board in order to create value for shareholders, while switching to a corporate structure. Following on from the first phase of the review

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7 Oct 2016 07:30

Electra Partners sells Vidal Group to M3 Inc

(ShareCast News) - Electra Partners' portfolio company AXIO Group has received a binding offer from M3 Inc. to purchase Vidal Group, a European provider of reference drug information for healthcare professionals, for €100m. The proposed transaction, which remains subject to certain conditions, would

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