23 Jan 2012 11:30
Electra Completes the Sale of Capital Safety Group
23 January 2012
Further to the announcement on 29 November 2011, Electra Private Equity PLC ("Electra") is pleased to announce the completion of the sale of its interest in Capital Safety Group ("CSG") to KKR.
Total proceeds to Electra are expected to be £56 million, of which £52 million has been received today. The remaining £4 million (based on today's exchange rates), is held in escrow, with £3 million payable after 60 days and £1 million payable after 90 days.
Based on the 30 September 2011 valuation of CSG, the total proceeds will give rise to an uplift in diluted NAV per share of approximately 60p.
The receipt of £56 million by Electra will generate net proceeds of £197 million over the thirteen years since the initial investment of £30 million in 1998; an IRR of 23%.