Private equity reviving, says Electra

Net asset value per share remained steady at Electra in the final quarter but the private equity investment company said it is seeing an increasing number of investment opportunities, as the market picks up.The company said its unaudited net asset value per share at the end of 2009 was £17.21, compared to £17.20p at the end of September.At 31 December 2009 Electra's quoted portfolio was valued at £119m.‘The operating environment for many of our portfolio companies continues to be challenging although the diverse and defensive characteristics of our investments mean that the portfolio remains resilient,’ said Electra’s chairman Sir Brian Williamson.At the end of the year the company had cash and equivalents of £243m and had drawn down £165m of borrowings available under its new banking facility. Available investment capacity amounted to £263m comprising £32m of net liquid resources together with banking facilities of £185m and £46m of net proceeds from the July and December 2009 ZDP share issues. The company is being offered an increasing number of investment opportunities which it continues to review thoroughly. ‘With £263m of investment capacity, Electra is in a good position to take advantage of the opportunities expected in 2010,’ Williamson said.