1 Jun 2017 07:00
1 June 2017
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Electra Private Equity PLC
Company Update
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Electra Private Equity PLC ("Electra" or the "Company") is updating the market following the assumption of responsibilities from the former manager effective today.
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Portfolio Composition & Balance Sheet Position
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The Company's portfolio now reflects significant realisations since the period ended 31 March 2017. As at today the Company's pro forma balance sheet positionis shown below, using 31 March 2017 values as adjusted for completed realisations:
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Pro Forma as at 1 June 2017 | |||||||
Investment Value(1) | Attributable Carried Interest(2) | Net Asset Value | NAV per Share (pence) | Â | |||
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(£ millions) |  | ||||||
TGI Fridays | 120.4 | (17.3) | 103.1 | 269p | Â | ||
Photobox | 102.7 | (2.6) | 100.1 | 261p | Â | ||
Hotter Shoes | 42.6 | (6.1) | 36.5 | 95p | Â | ||
Knight Square | 26.2 | (3.8) | 22.4 | 59p | Â | ||
Other | 7.0 | (0.9) | 6.1 | 16p | Â | ||
Buyouts and Co-investments | 298.9 | (30.8) | 268.1 | 700p | Â | ||
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Funds | 61.0 | (0.2) | 60.8 | 159p | Â | ||
Listed | 8.3 | (0.5) | 7.8 | 20p | Â | ||
Non-Core | 69.3 | (0.7) | 68.6 | 179p | Â | ||
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Cordatus VI | 19.8 | (0.5) | 19.3 | 50p | Â | ||
Tymon Park | 15.8 | (0.4) | 15.4 | 40p | Â | ||
Other | 9.2 | (0.2) | 9.0 | 23p | Â | ||
Debt | 44.8 | (1.2) | 43.6 | 114p | Â | ||
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Secondaries | 3.2 | (0.5) | 2.7 | 7p | Â | ||
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Investment Portfolio | 416.2 | (33.1) | 383.1 | 1,001p | Â | ||
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Cash | 774.0 | 2,022p | Â | ||||
Termination Payment Payable(3) | (34.0) | (89p) | Â | ||||
Other Net Assets / (Liabilities) | (4.0) | (10p) | Â | ||||
Pro Forma Net Asset Value | £1,119.1 | 2,923p |  | ||||
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Giving effect to the 914p dividend declared by the Company on 25 May 2017, pro forma net asset value would be £769 million, comprised of net cash balances of £386 million and investments of £383 million.
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(1) Values as at 31 March 2017
(2) Carried interest is payable to the former manager only upon realisation of the investment; represents accrued amount based on 31 March 2017 Investment Value, as adjusted for the 20% reduction in carried interest following the former manager's termination
(3) Termination payment to former manager payable at termination
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Strategic Review
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As noted in the Company's half year results on 25 May 2017, Phase II of the Strategic Review will commence today and will be announced in the fourth quarter of 2017.
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Contact Details From Today's Date
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From today the Company's primary contact for shareholders and analysts will be:
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Gavin Manson
Chief Financial Officer
+44 (20) 3874 8300
gavin.manson@electrapeplc.com
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As previously announced, the Company's registered address and Head Office is:
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First Floor
50 Grosvenor Hill
London W1K 3QT
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For further information:
For Electra Private Equity PLC:
Gavin Manson, Chief Financial Officer 020 3874 8300
Rowan Brown or Miranda Ward, Brunswick Group 020 7404 5959