12 Aug 2008 15:47
Electra Private Equity Plc ("Electra") - Interim Management Statement
12 August 2008
This is an Interim Management Statement issued by Electra in accordance with the FSA's Disclosure and Transparency Rule 4.3. This statement relates to the three month period from 1 April 2008 to 30 June 2008.
Sir Brian Williamson, Electra's Chairman said:
"The most recent progress reports received from the largest of Electra's portfolio companies indicate that the majority are continuing to trade in line with, or better than, budget and above the previous year. However, trading conditions could become tougher as the outlook deteriorates with rising unemployment and further falls in consumer spending. In relation to further portfolio acquisitions, a decline in economic prospects should lead to more reasonable acquisition valuations and an increase in supply of investment opportunities, an attractive position for Electra with strong cash resources."
1 Unaudited Net Asset Value Per Share
The investment portfolio, which comprises direct investments and investments through third party private equity funds has not been revalued at 30 June 2008. However, calculated on the basis of the net asset value at 31 March 2008 adjusted to reflect the purchases and sales of investments (including anticipated proceeds from the Freightliner sale detailed below), currency movements and bid values in respect of listed investments, the unaudited net asset value at 30 June 2008 was 1,985p per share by comparison with 1,910p at 31 March 2008, an increase of 3.9%.
2 Share Price Performance
Electra's share price declined by 5.0% over the three months to 30 June 2008 while the FTSE All-Share Index declined by 2.4%. Over the year to 30 June 2008, Electra's share price decreased by 7.1% while the FTSE All-Share Index decreased by 16.1%.
3 Freightliner
On 13 June 2008 Electra announced that it had entered into a conditional agreement for the sale of its interest in Freightliner. At 31 March 2008 Electra valued its holding in Freightliner at £32.9 million. Electra received net proceeds of £71.1 million in respect of this transaction at completion on 24 July 2008 following receipt of European Commission clearance.
4 Investments and Realisations
Electra invested a total of £15.6 million in the three months to 30 June 2008, including £13.9 million in private equity funds. This brings the total invested in the nine months to 30 June 2008 to £75.1 million. Investment for the equivalent nine month period last year was £246.6 million.
Realisation proceeds received by Electra were £8.0 million for the three months to 30 June 2008, bringing realisation proceeds to £105.0 million for the nine months to 30 June 2008 (2007: £178.9 million).
Ends
For information please contact:
Sir Brian Williamson, Chairman, Electra Private Equity Plc 020 7306 3883
Hugh Mumford, Managing Partner, Electra Partners LLP 020 7214 4200
Nick Miles, M: Communications Limited 020 7153 1535
This statement aims to give an indication of material events and transactions that have taken place during the period from 1 April 2008 to the date of publication of this statement and their impact on the financial position of Electra Private Equity Plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within Electra's portfolio.