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- Electra to hand back another £350m and drop private equity from name
Electra to hand back another £350m and drop private equity from name – Electra has completed what it termed as “Phase II” of its strategic review. The conclusions are:
The Board intends to convene a general meeting in due course to allow shareholders to vote on these proposals. Shareholders who bought into Electra as a private equity trust will have to decide whether they want to remain invested in the company. They might want to consider asking for a 100% cash exit option.
To qualify for the Substantial Shareholding Exemption, Electra would have to be classified as a trading company (it would need to convince HMRC of this) and any companies it sold would also have to be classified as trading companies. It would have to have held the company for at least 12 months and it must be selling at least 10% of the company’s issued share capital/10% of the economic rights.
ELTA : Electra to hand back another £350m and drop private equity from name