LONDON (Alliance News) - Sherborne Investors (Guernsey) B Ltd Friday reported higher consolidated comprehensive income for its first half, as it continued to pursue its investment strategy through its holding in Electra Private Equity PLC.
For the half year to end-June the company reported GBP13.7 million in consolidated comprehensive income, up from GBP4.1 million a year before, mostly as a result of a GBP14.0 million unrealised gain on investments held at fair value and GBP3.8 million in dividend income.
The closed-ended investment company said that its investment manager has advised the board that it continues to believe Electra represents an attractive investment opportunity. As at the end of the period Sherborne held a 28.21% interest in Electra through shares and 1.63% in securities convertible into shares.
As of Friday the company holds a 29.20% interest in Electra through shares, and 1.74% in securities convertible into shares. The investment manager does not plan to effect a conversion of a sufficient number of shares that it would be required to make a mandatory bid for the entire share capital of Electra.
Back in February Electra Chairman Roger Yates agreed to meet with Sherborne's Edward Bramson, after Sherborne renewed its efforts to influence matters at Electra, although the date of the meeting is yet to be announced. The company renewed its proposal that it had originally made in July 2014, to appoint Ian Brindle, Bramson and a new independent director to the board of Electra. No further update on this meeting was provided Friday.
In March the FTSE 250-listed Electra said its investment portfolio showed an upward net movement of GBP38 million in its first quarter, as the private equity investment trust invested in more new investments than it realised by exiting others.
Shares in Sherborne were untraded Friday morning. It last closed at 91.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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