ELTA.L Regulatory News (ELTA)

23 Aug 2007 07:00

Electra Private Equity PLC23 August 2007 Electra Private Equity Plc 23 August 2007 Electra Private Equity announces the refinancing of Allflex Holdings II Inc Electra Private Equity Plc ('Electra') is pleased to announce the refinancing ofAllflex Holdings II, Inc ('Allflex') in a transaction led by Royal Bank ofScotland plc. As a consequence of the refinancing and related transactions, Electra willreceive cash proceeds of $78.3m together with interests in the new companyvalued at $114.0m. At current exchange rates, the transaction will give rise toan increase in Electra's net asset value since 31 March 2007 of £42mrepresenting an uplift in net asset value per share of 112.5p. In 1998, Electra led the $160m buyout of Allflex. Allflex is the world's leadingmanufacturer and distributor of visual and electronic animal identification tagswith factories in several countries, including France, USA, Canada, Australia,New Zealand, Brazil and China. Its major markets encompass Europe, NorthAmerica, South America and Australasia. Its principal products are sold into thecattle and sheep sector, and play an important role in the recording oflivestock movements. Allflex has been refinanced on two previous occasions, most recently in 2005.Based on the aggregate proceeds and retained investment arising from this latestrefinancing, Electra will achieve a multiple of over 5 times its originalinvestment with an IRR over 9 years of 25%. David Symondson at Electra Partners commented, "this investment, in common withthe sale of Capital Safety Group in May of this year, bears testament toElectra's policy of holding successful investments for the longer term withabove average returns being achieved. Furthermore, Allflex has been successfullyrefinanced, despite difficult conditions in the debt markets. This reflects thestrength of Allflex's business. Allflex's markets continue to expand as foodhealth and safety becomes an increasingly important topic for governments. Welook forward to a continued period of sustainable growth from our investment inAllflex". For further information:David Symondson/Rhian Davies, Electra Partners LLP 020 7214 4200Nick Miles, M:Communications 020 7153 1530 Notes to Editors Electra Private Equity PLC (www.electraequity.com) Electra has specialised in private equity for 30 years achieving investmentreturns substantially in excess of the FTSE All-Share Index and returning atotal of £1.2 billion to shareholders through tender offers and on-market sharebuybacks since 1999. Since October 2006 Electra has had a revised investmentstrategy which returns Electra to full investment of its capital resources inprivate equity. Electra, with its differentiated investment approach, has astrong market position and provides shareholders with a direct and liquid accessto private equity. Electra Partners LLP (www.electrapartners.com) Electra Partners is an independent private equity fund manager whose majorclient is Electra Private Equity PLC. As at 31 March 2007, it had funds undermanagement of £900 million. Electra Partners are looking for private equityinvestment opportunities across all sectors and the ideal investment size is£25-£70m in transactions with an enterprise value of £70-£200m. Electra Partners' most recent new investments have been in Kingfield Heath,Lil-lets and Nuaire in the UK and Locatel in France alongside the refinancing ofCapital Safety Group in June. This information is provided by RNS The company news service from the London Stock Exchange