29 Apr 2016 07:48
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Don't have an account? Click here to register.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."
More News
4 Apr 2016 13:44
Director dealings: Bramson keeps picking up Electra stock
(ShareCast News) - Activist investor Edward Bramson, who won a place on the board of Electra Private Equity in November after a 21 month-long battle with the board, has continued to snaffle more shares in the group. On Monday the company revealed that last week Bramson's Sherborne vehicle had bought
Read more15 Mar 2016 11:37
BUZZ-UK Budget: Liberum latest to warn of interest tax change
** Liberum latest broker to warn a possible change in the way UK allows cos to claim tax breaks could hit highly-levered stocks ** Government looking to cap tax breaks from interest payments on debt at 10-30 pct of EBITDA. Link: http://bit.ly/1MgJSoO ** Liberum screens for stocks with
Read more19 Feb 2016 16:09
4 Feb 2016 15:44
Activist investor Bramson ups stake in Electra Private Equity
(ShareCast News) - Edward Bramson has increased his stake in Electra Private Equity through his Sherborne Investors vehicle, three months after finally getting onto the board. Bramson, who was elected to the board in November, purchased 2,850 shares for £98,439. He has been slowly upping the stake
Read more4 Feb 2016 08:58
Electra sells Daler-Rowney to FILA Group
(ShareCast News) - Electra Private Equity has sold its stake in Daler-Rowney to the FILA Group, a Milan-listed producer of writing instruments and art supplies. The FTSE 250 company said it had received around £32m for the fine art materials producer, which was 163% higher than its valuation at 30 S
Read more28 Jan 2016 09:38
Electra Private Equity charges into new financial year
(ShareCast News) - Electra Private Equity charged into the financial year in bullish mood, with its board describing its first quarter as "excellent" on Thursday. The FTSE 250 firm said its share price of 3757p on 31 December 2015 reflected a total return of 15% since the start of the period, agains
Read more25 Jan 2016 07:43
Electra Private Equity to review investment strategy
(ShareCast News) - Electra Private Equity is undertaking a review into its investment strategy and policy as well as the company's structure, as it looks to maximise long-term shareholder value. The FTSE 250 investment firm announced the review on Monday, the first major review since it was approved
Read more21 Jan 2016 16:16
London close: Stocks gain on ECB stimulus hopes
(ShareCast News) - UK stocks advanced on Thursday as European Central Bank President Mario Draghi hinted at further stimulus. In a press conference following the ECB's decision to keep its key rates unchanged, Draghi said the central bank would "review and reconsider" its monetary policy measures at
Read more21 Jan 2016 16:10
21 Jan 2016 15:41
FTSE 250 movers: Halfords leads the peloton
(ShareCast News) - The FTSE 250 was in the black mid-afternoon Thursday, up 164.74 points (1.05%) to 15,805.75. Halfords pedalled to the front of the peloton after it said group like-for-like sales rose 0.3% in the third quarter with the company reporting that full year pre-tax profit expectations w
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