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19 Apr 2021 07:00
London, UK, 19 April 2021
Edison issues update on Electra Private Equity (ELTA)
On 15 April, Electra Private Equity (ELTA) announced the disposal of Sentinel - one of the company's three remaining operating businesses - for £22.2m (58.1p per share), £11.3m higher than the asset's carrying value on the balance sheet as at 30 September 2021. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned c £2bn to shareholders. Since our 16 December 2020 initiation note, the shares have appreciated from a 22% discount to NAV to currently trading at a 4.1% premium.
Electra Private Equity's (ELTA) 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. Following the realisation of Sentinel, ELTA intends to retain the cash received pending further asset realisations and confirmation of future distributions to shareholders in due course.
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