Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksELTA.L Share News (ELTA)

  • There is currently no data for ELTA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Electra Selling Interest In Two Assets, Plans To Wind Down

Thu, 04th Oct 2018 09:44

LONDON (Alliance News) - Electra Private Equity PLC on Thursday said it has agreed the sale of its Photobox and Knight Square interests to funds advised by Lexington Partners LP.

The investment trust said it expects to receive GBP98 million in cash from the Photobox sale and GBP21 million from Knight Square. A further GBP13 million will also be given to Electra as loan repayment in relation to Knight Square.

The Photobox sale is due to take place in October, with Knight Square following in the first quarter of 2019.

Provided the Photobox sale goes as planned, Electra intends to distribute excess cash as an initial 365 pence per share special dividend in December, with a subsequent special 54p per share dividend to be paid once the Knight square disposal is complete.

Electra's remaining corporate investments, which have an approximate value of GBP403 million based on their adjusted March 31 carrying value, are to be sold as part of a slow wind-down.

"Given the size of the portfolio and the structural inefficiency of the listed private equity model that is accentuated by making new investments, it is now in shareholders' best interests to announce the controlled realisation of the remaining portfolio over an appropriate period," said Electra Chairman Neil Johnson.

"The remaining assets have opportunity for value creation from current levels and the board will actively work with portfolio company management to optimise realisations over time," he added.

Under this wind-down process, Electra will remain listed on the London stock exchange and, pending "further material disposals" will pay an annual dividend of GBP10 million in total. The company will now seek shareholder approval for this plan.

Shares in Electra were up 3.5% at 906.86p on Thursday.

More News
21 Jan 2016 12:13

LONDON MARKET MIDDAY: Stocks Tread Water Ahead Of ECB Decision

Read more
20 Jan 2016 11:11

Electra board not independent enough - shareholder advisor PIRC

* PIRC rejects Bramson, Brindle as non-executive directors * Follows successful election to the board on Nov. 5 * Calls for investors to reject both at Jan. 25 AGM By Simon Jessop and Freya Berry LONDON, Jan 20 (Reuters) - The board of Electra Private Equity is not indepen

Read more
18 Jan 2016 16:14

AGM, EGM Calendar - Week Ahead

Read more
14 Jan 2016 16:19

Dividends Calendar - Week Ahead

Read more
4 Jan 2016 07:55

Grainger to sell equity release division

(ShareCast News) - Grainger was expecting a cash boost on Monday, with the announcement it was selling its equity release division. The FTSE 250 landlord - the UK's largest listed residential lessor - reported it had exchanged contracts with Turbo Group Holdings to sell its Retirement Solutions busi

Read more
4 Jan 2016 07:16

Grainger To Sell Equity Release Division In GBP325 Million Deal

Read more
30 Dec 2015 14:41

Watchstone Group chairman buys shares

(ShareCast News) - Richard Rose, non-executive chairman of Watchstone Group - formerly Quindell - bought 100,000 shares in the insurance technology company at 257.88p each. This marked Rose's first purchase and gives him a 0.2% interest in Watchstone's issued share capital. Watchstone shares rocket

Read more
30 Dec 2015 10:01

DIRECTOR DEALINGS: Bramson Ups Electra Private Equity Stake Again

Read more
14 Dec 2015 18:18

DIRECTOR DEALINGS: Electra Private Equity Sees Bramson Increase Stake

Read more
23 Nov 2015 18:34

Activist Bramson Takes Charge Of Engagement With Electra's Manager

Read more
11 Nov 2015 10:30

Electra Private Equity completes Park Resorts merger

(ShareCast News) - Investment trust Electra Private Equity has completed the merger of Parkdean Holidays and Park Resorts Group. The latter comprises Electra's portfolio companies Park Resorts, South Lakeland Parks and Southview and Manor Park and the FTSE 250 group said the merger will combine two

Read more
11 Nov 2015 09:34

Electra Private Equity Completes Merger Of Park Resorts With Parkdean

Read more
6 Nov 2015 17:39

Electra Private Equity Chairman Roger Yates Resigns

Read more
5 Nov 2015 15:23

UPDATE 2-Activist investor Bramson wins battle for UK's Electra

* Bramson's Sherborne wins two board seats * Electra Chairman Roger Yates resigns * Sherborne to conduct strategic review (Recasts, adds Electra chairman resignation, detail) By Freya Berry LONDON, Nov 5 (Reuters) - Activist investor Edward Bramson staged a dramatic coup

Read more
5 Nov 2015 14:24

UPDATE: Bramson's Victory Prompts Yates To Quit As Electra's Chairman

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.