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Electra Private Equity to migrate to a corporate structure following review

Fri, 14th Oct 2016 07:28

(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 announced in January, the company said it would create a "robust and sustainable" corporate governance structure by returning control of all executive and investment functions to the board from June next year.It is currently developing internal resources to assume all operating responsibilities from June 2017.The FTSE 250-listed company said it intends to migrate from a listed investment trust to a corporate structure over time, as it believes this could "result in reduced expenses and reduced discounts to underlying portfolio value".An initial £200m return of capital through a tender offer is to be made during the final quarter of 2016, subject to shareholder approval including support for migrating to a corporate structure to be sought during the second phase, while the company will start a consultation with shareholders on a new capital allocation strategy.In May, the company served notice to terminate contracts which it had outsourced all of its activities to Electra Partners effective from 31 May.The second phase of the review of the company's portfolio will start in June, or earlier with the consent of Electra Partners.Chairman Neil Johnson said: "I believe that by returning control of all functions to the board we will put in place a more effective, transparent corporate governance structure. A much lower-cost executive team, fully accountable to the board and shareholders, will then pursue a strategy of portfolio company improvement and value enhancement, creating maximum value for our shareholders."We believe that it is important that we move investment management responsibilities to the board, in line with the new strategic direction of the company, to adopt a corporate structure with more typical financial reporting and transparency."
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4 Oct 2016 10:57

REFILE-UPDATE 1-Electra prices Premier Asset Management IPO as post-Brexit offerings pick up

(Refiled to fix technical error in original transmission) By Dasha Afanasieva LONDON, Oct 4 (Reuters) - Electra Private Equity priced the initial public share offer for its Premier Asset Management Group on Tuesday, giving the business a market value of 140 million pounds ($179 milli

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4 Oct 2016 07:12

Premier Asset Management float allows Electra to cash in

(ShareCast News) - Premier Asset Management Group completed its initial public offering in London on Tuesday, allowing Electra Partners to partially realise an investment by its Electra Private Equity vehicle. Premier AM, a UK retail asset management group, placed 35.9m new and 12.4m existing shares

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16 Sep 2016 15:35

UPDATE 1-SVG spurns HarbourVest's $1.4 bln bid, says in talks with others

* Rejects HarbourVest bid at 650 pence per share * Says offer undervalues company, assets * Shares up 4.4 pct (Adds HarbourVest reaction) By Simon Jessop LONDON, Sept 16 (Reuters) - Britain's SVG Capital rejected a hostile bid by U.S. rival HarbourVest on Friday, saying

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16 Sep 2016 08:29

SVG spurns HarbourVest's $1.4 bln bid, says in talks with others

* Rejects bid from HarbourVest at 650 pence a share * Says offer undervalues firm, assets * Says talking to other parties; shares up 4 pct By Simon Jessop LONDON, Sept 16 (Reuters) - Britain's SVG Capital rejected a hostile bid by U.S. rival HarbourVest on Friday, saying

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16 Sep 2016 07:38

Electra Partners announces successful Hollywood Bowl IPO

(ShareCast News) - Electra Partners has announced the successful initial public offering of its portfolio company Hollywood Bowl Group, a ten-pin bowling operator in which it owns an 85% interest. Electra said that upon admission to the Main Market of the London Stock Exchange on 21 September, Holly

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12 Sep 2016 09:24

Monday broker round-up

(ShareCast News) - Autotrader: Barclays reiterates equal-weight with a target price of 375p. Hikma: Jefferies maintains buy with a 2500p target. Wood Group: Exane BNP Paribas upgrades to buy with a 815p target. Man Group: Citigroup upgrades to buy with a 137p target. McCarthy & Stone: Goldman Sac

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8 Sep 2016 11:18

Crystal Amber Sparkles Among Investment Funds In August - QuotedData

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22 Jul 2016 07:55

Electra Private Equity appoints Thomas Cook exec to new CFO role

(ShareCast News) - Electra Private Equity has appointed Gavin Manson to the new role of chief financial officer with effect from 8 August. The role will see Manson - currently finance director for Thomas Cook's tour operations and hotels and resorts division - support the board in relation to the re

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22 Jul 2016 06:39

Electra Private Equity Hires Thomas Cook Executive For New Role Of CFO

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19 Jul 2016 16:07

DIRECTOR DEALINGS SUMMARY: Two Electra Board Members Buy Shares

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19 Jul 2016 15:51

Directors dealings: Commercial property firm McKay's boss and finance chief sell shares

(ShareCast News) - McKay Securities's boss, Simon Perkins, and his finance chief Giles Salmon unloaded a raft of shares in the real estate investment trust awarded to them as part of the company's 2007 Mckay performance scheme, on 18 July, the company said in a statement. Perkins sold 127,938 sha

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19 Jul 2016 15:27

DIRECTOR DEALINGS: Electra Private Equity Non-Executive Buys Shares

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19 Jul 2016 11:13

DIRECTOR DEALINGS: Edward Bramson Increases Interest In Electra

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15 Jul 2016 06:43

Electra Private Equity To Vote In Favour Of Winding Up Subsidiary

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1 Jul 2016 07:42

Electra partially realises Allflex investment

(ShareCast News) - Electra Partners announced on Friday that, on behalf of Electra Private Equity, it has partially realised its investment in Allflex Corporation in a series of transactions between Allflex, its shareholders and Public Sector Pension Investment Board, a Crown corporation in Canada.

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