LONDON (Alliance News) - FTSE 250-listed private equity investor Electra Private Equity PLC on Monday said its net asset value per share produced a 25% total return for its investors in the year to the end of September.
The company said its net asset value per share rose to 3,914.0 pence per share in the year, equating to a total return for its shareholders of 25%. The company invested GBP188.0 million and realised GBP259.0 million over the course of the year and made a 34% gain on its existing portfolio.
The star performer in the portfolio was AXIO Data Group, the data management company, which delivered a GBP112.0 million uptick in its value. In addition, post the year-end, AXIO sold its Asian healthcare information arm, MIMS, to Asia-Pacific-based information provider SMS and Japanese bank Mitsui for USD250.0 million, with GBP95.0 million going to Electra.
Electra said it will pay a final dividend of 78.0p per share, taking its total dividend for the year to 116.0p.
"Electra's performance continues to be extremely strong, with net asset value increasing by over GBP470 million in the two years to September 30, 2015, driven by excellent performance in the investment portfolio and impressive uplifts from realisations," said Roger Yates, Electra's chairman.
"The board believes that Electra's investment approach has served shareholders extremely well over the years, producing consistent returns in the targeted range of 10-15%. The current portfolio is already delivering further strong growth, driven by our unique model, and we are very excited by the opportunities that lie ahead," Yates added.
Electra is currently involved in a battle with activist shareholder Edward Bramson, the head of Sherborne Investors, who is calling for changes at the company which he claims will improve returns for shareholders. Electra on Monday reiterated its opposition to the Sherborne propositions, which will be the subject of a general meeting of the company on November 5.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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