Electra Partners is pleased to announce that, following the successful initial public offering (“IPO”) of its portfolio company Premier Asset Management Group PLC, it expects to partially realise Electra Private Equity PLC’s (“Electra”) investment in the business.
Based on the offer price, Electra’s investment in Premier has a value of GBP46 million, an uplift of GBP13 million or 39% on the valuation of Electra’s investment at 31 March 2016, implying an increase in NAV per share of 26p.
On admission, Electra is expected to receive cash proceeds of GBP36 million from the redemption of preference shares and sale of ordinary shares in Premier. In addition Electra will hold approximately 8% of the issued ordinary share capital of Premier with a valuation at the offer price of GBP10 million; these shares are subject to a six-month lock-up.
ELTA : Electra to sell Premier Asset Management stake in IPO