ELTA.L Regulatory News (ELTA)

8 Feb 2007 12:00

Electra Private Equity PLC08 February 2007 Chairman's AGM Statement In my statement accompanying the Report & Accounts for the year ended 30September 2006, I reported that the year had been one of great achievement forElectra with excellent results, the completion of a major business review andShareholders' approval for a strategy which returned Electra to full investmentof its capital resources in private equity. The revised investment strategy and new management arrangements with ElectraPartners were approved by Shareholders at the Extraordinary General Meeting on12 October 2006 and I am pleased to say that these have now got off to a goodstart. The private equity market remains competitive although Electra has a broadlybased investment strategy and is able to target private equity opportunitiesthrough direct investment, fund investment and secondary buyouts of portfoliosand funds across a wide range of sectors and types of financial instrument. As aresult the first four months of the year have been active in terms of newinvestment. By contrast, the level of realisations for the first four months ofthe year have, as we expected, been less than last year. During the year ended 30 September 2006 Electra made on-market purchases at acost of £64.3m and cancelled 4.78 million shares. Since the year end a further1.22 million shares have been purchased on-market for cancellation for aconsideration of just under £18 million. In January we announced the appointment of two additional non-executiveDirectors of Electra, Colette Bowe and Lucinda Webber who will join the Board on1 March 2007. I am delighted that they are both with us today. In my letter toshareholders giving brief details about them I stated that the Board anticipatedthat a further non-executive Director would be appointed before the release ofthe Interim Results - likely to be in June, and that there would then be aperiod of transition after which some existing Directors would retire from theBoard. Electra Partners has now augmented its investment team and is in a strongposition to maximise returns on the existing portfolio and implement the newstrategy. I believe Electra has a good market position and continues to provideShareholders with a simple and liquid access to private equity. For further information: Sir Brian Williamson, Chairman, Electra Private Equity PLC 020 7306 3883Nick Miles, M: Communications Limited 020 7153 1535 This information is provided by RNS The company news service from the London Stock Exchange