24 Jan 2022 15:37
Unbound Group plc
Directorate Changes on Planned Relisting on AIM
24 January 2022
Further to this morning's announcement of the change of the Company's name from Electra Private Equity PLC ("Electra") to Unbound Group plc (''Unbound" or the 'Company"), the Board of Unbound announces further significant steps in anticipation of the Company's planned Admission to AIM, which is expected to be effective on 31 January 2022:
· It has resolved that with effect from admission to AIM:
· Ian Watson and Daniel Lampard be appointed Directors of the Company as Chief Executive Officer and Chief Financial Officer (respectively)
· Neil Johnson will continue as Non-Executive Chairman, having previously been Executive Chairman
· Gavin Manson will step down from his role as Chief Financial and Operating Officer and will continue on the Board as a Non-Executive Director.
Following an initial announcement in May 2021 of the Company's intention to bring Hotter on to AIM through reclassification of the Company, the formal process to complete the transition of Electra Private Equity PLC to Unbound Group plc began last year with shareholder approval of the transition being granted at the Company's General Meeting on 30 December 2021.
The transition, to be finalised through admission to AIM, expected on 31 January 2022, marks the final stage of the successful implementation of Electra's realisation strategy, which began in 2016 with a Board review of the Company's investment strategy and policy and its structure. During the subsequent realisation phase, Electra returned over £2.2 billion of cash to shareholders from a starting market capitalisation of £1.1 billion, with Hostmore plc, demerged in November 2021 and Unbound Group plc well positioned to further increase shareholder value.
Neil Johnson, Chairman of Unbound, commented:
"The changes announced today mark continuing preparation for the finalisation of the value realisation strategy that we have successfully implemented in recent years and which we intend to complete with the planned transition to AIM on 31 January.
Having delivered what we set out to do over the past six years, in delivering the creation of shareholder value whilst leaving behind strong and sustainable businesses, up to the demerger of Hostmore PLC in November 2021, Electra has delivered an annual Total Shareholder Return of 15.3%, more than double that of the FTSE 250 at 7.3%.
Both Hostmore and Unbound are now well capitalised businesses with strong management in place and credible plans to develop further significant shareholder value over the short and longer term.
The transition marks a new beginning, and, with Ian and Dan, we look forward with confidence to implementing the strategy for Unbound Group plc on AIM and building a successful and sustainable business."
The Company will continue to operate as an Investment Trust throughout its current accounting period ending 30 January 2022.
ENDS
ENQUIRIES
Unbound Group plc
Gavin Manson, Chief Financial and Operating Officer
020 3874 8300
Unbound Group plc and Hotter Shoes
Jenna Shillcock
01695 712720
Vico Partners
Sofia Newitt
020 3957 5045
NOTES TO EDITORS
Electra Private Equity PLC
Electra is a private equity investment trust which has been listed on the London Stock Exchange since 1976. Electra's investment objective is to follow a realisation strategy, which aims to crystallise value for shareholders, through balancing the timing of returning cash to shareholders with maximisation of value. Since 1 October 2016, Electra has distributed over £2.2 billion to shareholders through ordinary dividends, special dividends, a share buyback and the demerger of Hostmore plc.
Unbound Group plc
Unbound Group plc will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer community. This online platform will be based on the foundations of Hotter as a trusted brand, cloud-based digital infrastructure, and strong customer personalisation through data insight. Unbound's expanded offering beyond footwear will feature apparel and wellness products and services, with third-party complementary brands featuring alongside new Unbound brands, as well as Hotter.
Hotter Shoes
Hotter Shoes has been transformed from a retail to a multi-channel business with a strong and growing digital focus over the last 2 years, and is now a fast-growing, profitable and cash-generative e-commerce focused footwear brand. Hotter provides footwear with uncompromising focus on comfort and fit through the use of differentiating technology, to a targeted demographic that values its brand and products. Hotter's direct-to-consumer channels now reach 29% of the female population in the UK over the age of 55, providing them with footwear that allows them to do more of what they love. Cultural and demographic shifts now provide an opportunity to further monetise the existing Hotter customer database and grow it through the addition of similarly themed products beyond footwear.