27 Aug 2020 11:37
Electra Private Equity PLCConfirmation of Reduction of Capital
27 August 2020
Electra Private Equity PLC (the "Company") announces that further to its announcements on 21 May 2020 and 19 June 2020, the High Court of Justice in England and Wales (the "Court") sanctioned the cancellation of the share premium account and the capital redemption reserve of the Company on 21 July 2020 (the "Reduction of Capital").
Details of the Reduction of Capital were set out in the circular to shareholders dated 21 May 2020 and the Reduction of Capital was approved by shareholders at a general meeting of the Company held on 19 June 2020.
The order of the Court has been registered with the Registrar of Companies and, accordingly, the Reduction of Capital has now become effective.
The purpose of the Reduction of Capital is primarily to create distributable reserves that will give the Company the flexibility to pursue its stated investment objective and continue its managed wind down, including enabling it to make future purchases of its own shares and/or to make future distributions of profits in cash or in specie to shareholders. The proposed Reduction of Capital itself will not involve any distribution or repayment of capital or share premium or capital redemption reserve by the Company and will not reduce the underlying net assets of the Company.
-ENDS-
For further information please visit www.electraequity.com or contact:
Gavin MansonChief Financial and Operating OfficerElectra Private Equity PLC17 Old Park LaneLondonW1K 1QTTel: 44 (20) 3874 8300