Electra Private Equity : ELTA

19 May 2023 2 min read

QuotedData’s morning briefing 19 May 2023

The Unbound Group (UBG) (formerly Electra Private Equity) provided an update follow its strategic review. The company had recently reported that the trading environment remained challenging over Q1 with conditions deteriorating more than expected, leaving the company with cash constraints. As a result the board has decided to initiate a formal review of strategic options available […]

10 May 2023 2 min read

QuotedData’s morning briefing 10 May 2023

In QuotedData’s morning briefing 10 May 2023: UK Commercial Property REIT (UKCM) posted a 1.1% uplift in NAV to 80.6p for the quarter to 31 March 2023. With dividends of 0.85p, the group’s NAV total return for the quarter was 2.2%. Valuations within its portfolio grew slightly by 0.9% to £1.32bn, further evidence of value […]

28 Mar 2023 1 min read

QuotedData morning briefing 28 March 2023

Unbound group (UBG), formally Electra Private Equity, announced a statement regarding an offer from WoolOvers Group Limited for the entire issued and to be issued share capital of Unbound. Under the terms of the possible offer, Unbound shareholders would receive 10.5 pence in cash and 1 contingent value right per Unbound share. The terms of […]

14 Jan 2022 1 min read

QuotedData’s weekly news show 14th January 2022

QuotedData’s weekly news show 14th January 2022 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, Jayna Rana and Richard Williams covered the week’s top stories: • Electra Private Equity • JLEN Environmental Assets • HydrogenOne Capital Growth • abrdn European […]

10 Jan 2022 2 min read

Electra Private Equity to rebrand as Unbound Group and relist on AIM

Electra Private Equity to rebrand as Unbound Group and relist on AIM – The board of Electra Private Equity (ELTA) has confirmed plans to rebrand as Unbound Group, an online multi-brand retail platform supporting the lifestyles of the 55 plus age demographic, and be relisted on AIM with effect from 31 January 2022. Electra shareholders […]

02 Nov 2021 1 min read

QuotedData’s morning briefing 2 November 2021

In QuotedData’s morning briefing 2 November 2021: VH Global Sustainable Energy Opportunities (GSEO) says it has invested £30m of the £78m it committed to fund innovative net zero flexible power generation projects in the UK. The initial tranche will fund the construction of one project in Nottinghamshire, UK, consisting of a 10MW high efficiency combined […]

15 Oct 2021 2 min read

Electra updates on Hostmore demerger

Electra (ELTA), which is soon to be renamed as Unbound has provided an update on the demerger of Hostmore (Click here to see our previous story on Electra’s demerger proposals), which is principally TGI Fridays but also a brand called 63rd and 1st. Subject to approval by Electra shareholders on 1 November 2021, the Hostmore […]

17 Sep 2021 2 min read

QD view – private equity – silly cheap

As we discussed in Friday’s news show, it has been a good week for private equity investors. Hg Capital said it had sold its investment in supply chain management software company Achilles at a 20% premium to its last valuation, adding 0.9% to NAV. Apax Global Alpha announced an 89% uplift in the value of […]

16 Sep 2021 3 min read

QuotedData’s morning briefing 16 September 2021

In QuotedData’s morning briefing 16 September 2021: GCP Asset Backed Income says that on 15 September 2021 certain entities within what it terms “the Co-living Group” were placed into administration. We highlighted the fund’s problems with this loan on Monday. GCP Asset Backed Income, its co-lenders and an operator have formed a syndicate to fund […]

20 Aug 2021 1 min read

QuotedData’s weekly news show 20 August 2021

QuotedData’s weekly news show 20 August 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: Apax Global Alpha Electra Pershing Square Watch it again here This week’s interview was with Abby Glennie from Aberdeen […]

17 Aug 2021 2 min read

Electra demerger plan progressing

Electra demerger plan progressing – Electra Private Equity says that its board is confident that the value creation opportunity arising from both the demerger of Electra’s hospitality brands (mainly TGI Fridays) by spinning them off into a new company Hostmore, and the subsequent transition of Electra to AIM as the parent company of Hotter Shoes is […]

16 Jun 2021 1 min read

QuotedData’s morning briefing 16 June 2021

In QuotedData’s morning briefing 16 June 2021 – RTW Venture (RTW) raised gross proceeds of $8.967m following the issue of ordinary shares at a price of $2.07. Further to its announcements on 28 May 2021, Ashoka India Equity (AIE) announced the results of its initial issue, with applications for 2.85m ordinary shares having been received. The shares will […]

24 May 2021 1 min read

QuotedData’s morning briefing 24 May 2021

In QuotedData’s morning briefing – 24 May 2021: Graham Kitchen, non-executive director and chairman of the board and nomination committee for Invesco Select, has decided to step down from 31 May. He will be succeeded as chair by Victoria Muir, who joined the board in 2015. Electra Private Equity has issued 690,566 new ordinary shares […]

15 Apr 2021 1 min read

Electra sells Sentinel and updates on portfolio

Electra sells Sentinel and updates on portfolio – Electra Private Equity has sold Sentinel Performance Solutions Group (UK manufacturer of products to improve the performance of heating and closed water systems) to Aalberts N.V.. Aalberts is a global industrial technology group headquartered in Utrecht, the Netherlands and listed on the Amsterdam Stock Exchange (www.aalberts.com). Sentinel Following […]

24 Feb 2021 1 min read

QuotedData’s morning briefing 24 February 2021

In QuotedData’s morning briefing 24 February 2021 – Vietnam Enterprise Investments (VEIL) announced yesterday that with effect from 1 July 2021, the management fee will be amended to 1.85% per annum of NAV for the first US$1.2bn of the company’s NAV, reducing to 1.65% per annum for NAV between US$1.2bn and US$1.5bn and further reducing […]

09 Dec 2020 2 min read

Electra Private Equity continues to look to end-2021 for full realisation

The past year has been highly challenging for Electra Private Equity (ELTA). In its annual results announcement this morning (covering the period to 30 September 2020), chairman, Neil Johnson, noted: “The emergence of the pandemic and the resultant impact on equity market values has had the effect of reducing the combined valuation of our three larger […]

27 Aug 2020 1 min read

QuotedData’s morning briefing 27 August 2020

It has been a quiet morning so far. In QuotedData’s morning briefing 27 August 2020: NB Distressed Debt (NBDD) reported interim results to 30 June 2020, with the main point of focus being the ongoing wind up of the company’s three share classes: Ordinary; Extended Life; and New Global. Chairman, John Hallam, noted: “the Ordinary class […]

29 Jul 2020 1 min read

Portfolio update from Electra Private Equity

The pandemic has brought considerable challenges to Electra Private Equity (ELTA), with its two largest businesses operating in the retail (Hotter Shoes) and hospitality sectors (TGI Fridays). In an update this morning, ELTA said that its portfolio companies have and continue to receive significant support from the UK Government. ELTA noted that “this support, comprising rates […]

21 May 2020 1 min read

QuotedData’s morning briefing 21 May 2020

In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield: Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays […]

20 Mar 2020 2 min read

Electra Private Equity to temporarily shut TGI Fridays restaurants from tonight

Electra Private Equity (ELTA) main stakes are in TGI Fridays, the restaurant chain, and Hotter Shoes. The company said the following in an update: “As with most businesses the current trading position and valuation of the portfolio companies of ELTA are being materially impacted by the countermeasures to the Covid-19 virus announced by the UK Government. […]

12 Dec 2019 1 min read

QuotedData’s other news 12 December 2019

In QuotedData’s other news 12 December 2019 Polar Capital Technology crept closer to the £2bn mark as its NAV grew by 2% over the six months ended 31 October 2019. The benchmark index was a little stronger over this period (up 4%) as very large tech companies (where PCT is underweight) drove the index higher. Gore […]

16 May 2019 1 min read

QuotedData’s other news 16 May 2019

BBGI SICAV (BBGI), the global public private partnership (PPP) infrastructure investment company, announced that it had completed the acquisition of a further 33.3% equity interest in the Ohio River Bridges – East End Crossing PPP Project and now owns 66.6% of the equity in the project. The project is a large-scale availability-based infrastructure project that […]

11 Dec 2018 2 min read

Electra seeks to optimise value during managed wind down

Electra Private Equity has announced its final results for the year ended 30 September 2018. The trust is conducting a managed wind down of its portfolio. Commenting on the results, Neil Johnson, the trust’s chairman, had the following to say, “From a market capitalisation of £1.2bn at the start of October 2015 we have now […]

05 Oct 2018 1 min read

Electra to make anther distribution

Electra to make anther distribution – Electra has announced an agreement for the sale of its larger non-controlled assets, Photobox and Knight Square at 103% of adjusted 31 March 2018 carrying value and the outcome of the third phase of its strategic review. There will be a general meeting on 30 October 2018 to consider the adoption of […]

24 Aug 2018 2 min read

Electra’s Formal Sales Process is closed

Electra’s Formal Sales Process is closed – but the Strategic Review continues For sometime, Electra Private Equity (ELTA) has been conducting a strategic review on itself. The objective of the review has been to consider all options for the future direction of the company and to implement a strategy to optimise shareholder value. There had been two previous […]

18 Apr 2018 1 min read

Sherborne continues its investment strategy through Electra

Sherborne continues its investment strategy through Electra – Sherborne Investors (SIGB), which owns 29.9% of the shares of Electra Private Equity (ELTA) as its only investment, has released its annual report for the year ended 31 December 2017. The NAV of Sherborne delivered a total return of 9.5% and the share price rose by 25.7% on the same basis. […]

07 Dec 2017 1 min read

Electra underperforms as it shrinks

Electra underperforms as it shrinks – Electra Private Equity reports that, for the year ended 30 September 2017, its NAV total return was 9%, well behind that of the Mid 250 Index at 14%. Including their third special dividend announced 23 October 2017, they have returned GBP1.8bn to shareholders since 1 October 2016. The shareholder return was […]

21 Nov 2017 1 min read

Investment Trust Insider on Sherborne

Investment Trust Insider on Sherborne James Carthew: the trusts that could be Sherborne’s next takeover target At the beginning of July 2017, Sherborne Investors C (SIGC) raised £700 million to ‘realise capital growth from investment in a target company identified by the investment manager with the aim of generating a significant capital return for shareholders.’ […]

23 Oct 2017 1 min read

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: Continue to focus on optimising return on shareholder capital. No new investment in current market conditions. However, should conditions change the Board will consider further investment. A further special […]

24 May 2017 1 min read

Electra has sold Pine Unit Trust for £50m

Epiris has announced that Electra has sold Pine Unit Trust as part of a wider transaction that saw Epiris raise £95m. PINE Unit Trust is a freehold investment property portfolio focused on the UK education sector. Epiris has sold this to the Universities Superannuation Scheme for GBP95 million. Electra Private Equity has received proceeds of GBP50 million […]

09 May 2017 1 min read

Investment Trust Insider on private equity

The private equity sector has been going through something of an upheaval over the past couple of years. Many of the funds within it are in wind down mode and new issues in the sector are rare. Epiris, the team behind the success of Electra (ELTA), have been busy selling off its portfolio ahead of […]

19 Apr 2017 1 min read

Epiris sells CALA and Retirement Bridge

Epiris has announced the sale of Electra Private Equity PLC’s interests in CALA Group, the national house builder, and Retirement Bridge Group, a home reversion equity release provider, to Patron Capital Partners for aggregate proceeds of GBP94 million. Both of Electra’s investments were made alongside Patron. In the case of CALA, as a minority investor in […]

07 Apr 2017 1 min read

Electra Private Equity to receive £40m from the sale of its remaining stake in Hollywood Bowl

Epiris, the manager of Electra Private Equity (Electra), has announced that it has sold its remaining stake in Hollywood Bowl. Electra is to receive £40 million from the sale. This reportedly represents a small decrease in Electra’s NAV on the valuation of the investment at 30 September 2016 but, inclusive of proceeds already received, Espiris […]

31 Mar 2017 2 min read

Electra receives £203m from sale of Audiotonix

Epiris has completed the sale of Audiotonix, a leading manufacturer of audio mixing consoles, to Astorg, a leading European private equity firm, having achieved the necessary regulatory approvals. Electra Private Equity has received proceeds from the sale of GBP203 million, an uplift of GBP62 million or 44% and equivalent to an increase in its NAV […]

30 Mar 2017 1 min read

Epiris sells Treetops Nurseries for Electra

Epiris has announced that it has agreed the sale of Treetops Nurseries, the UK’s fourth largest nursery education operator, to Busy Bees. The transaction is anticipated to close in April. Electra Private Equity is expected to receive proceeds from the sale of GBP93 million, an uplift of GBP44 million or 91% and equivalent to an increase in […]

24 Mar 2017 1 min read

Electra returning 49% of its capital through a special dividend of £26.12 per share

Electra Private Equity (Electra) has announce that it is declaring a special dividend of £1.0 billion, representing 2,612p per share, to be paid on 5 May 2017 to shareholders on the register of members at the close of business on 7 April 2017. Electra says that its estimated pro forma NAV per share, as at […]

23 Mar 2017 1 min read

Electra sells balance of Allflex stake

Epiris has announced that it has sold Electra Private Equity’s remaining stake in Allflex Corporation to an existing shareholder. Electra has received proceeds of GBP70.3 million from the sale, an uplift of GBP1.5 million or 2% on the valuation of its investment in Allflex at 30 September 2016, equivalent to an increase in NAV per share […]

06 Mar 2017 1 min read

Electra receives £514m from Sales of Parkdean Resorts and Innovia Group

Espiris, the investment manager of Electra Private Equity (Electra), has announced that it has the completed the sales of Parkdean Resorts and Innovia Group. Parkdean resorts has been sold to Onex Corporation for £1.35 billion and Electra has received proceeds from the sale of £406 million. Together with proceeds previously received, Electra’s total proceeds from […]

03 Mar 2017 1 min read

Electra in line to receive £66m from Axio’s sale of RISI

Epiris, the manager of Electra Private Equity, has announce that its portfolio company, AXIO Group, has agreed to sell RISI, an information provider for the global forest products industry, to Euromoney Institutional Investor PLC (Euromoney) for $125 million. Espiris says that the sale, which remains subject to regulatory approvals, would be the sixth major realisation […]

18 Feb 2017 2 min read

Epiris announces sale of OAG

Epiris is pleased to announce that its portfolio company AXIO Group has sold OAG, the global leader in aviation information and intelligence, to funds managed by Vitruvian Partners for approximately $215 million. This is the fifth major realisation from AXIO’s portfolio. Electra Private Equity PLC has received proceeds from AXIO of GBP104 million*, an uplift […]

30 Jan 2017 1 min read

Electra sells Davies Group

Epiris, managers of Electra, have announced the sale of leading insurance claims service provider Davies Group to HGGC, the US based private equity firm, for GBP90 million. Electra has received proceeds of GBP45 million from the sale, an uplift of GBP2 million or 4% on the valuation of its investment in Davies at 30 September […]

22 Dec 2016 1 min read

Electra tender offer returns £92.4m to shareholders at a strike price of 4,650 pence per share

Electra Private Equity has announced the final results of its tender offer, details of which were set out in the circular to shareholders published by on 8 November 2016. The strike price is 4,650 pence and a total of 1,987,768 ordinary shares were validly tendered and, accordingly, all valid tenders will be satisfied in full. […]

20 Dec 2016 1 min read

Electra Private Equity sells 32% stake in Innovia for circa £106m

Epiris, the manager of Electra Private Equity, has announced the sale of Electra’s interest in Innovia Group, a manufacturer of speciality films and substrate for polymer banknotes. Innovia Group has been sold to CCL Industries in a transaction that places an enterprise value on Innovia of $1.13 billion. Espiris says that, based on current exchange […]

19 Dec 2016 1 min read

Electra to receive proceeds of c £405m from the sale of Parkdean resorts

Epiris, the manager of Electra Private Equity, has announced that it has agreed the sale of Parkdean Resorts, a leading UK operator of caravan holiday parks, to Onex Corporation, for £1.35 billion. Espiris says that it anticipates that the transaction will close in the first quarter of 2017, subject to customary regulatory approvals. Espiris says […]

09 Dec 2016 1 min read

Electra delivers impressive NAV performance

Over the year to the end of September 2016, Electra‘s NAV rose by 35% to 5,149p. The share price ended the period at 4,310p, a total return of 36% for the year. The largest individual gains were generated by: Parkdean Resorts (GBP188 million), AXIO (GBP130 million), Hollywood Bowl (GBP94 million), Elian (GBP79 million) and Allflex (GBP53 […]

15 Nov 2016 1 min read

UIL, Industrial Multi Property Third Quarter Winners – QuotedData

LONDON (Alliance News) – The best performer in both price and net asset value terms in the third quarter was UIL Ltd, boosted by its largest investment, Australian-listed Resolute Mining Ltd, which benefited from a strong gold price. Industrial Multi Property Trust PLC and Kubera-Cross Border Fund Ltd both saw recoveries in their share price […]

08 Nov 2016 1 min read

Electra Private Equity proposes to return up to £200m via a tender offer

Electra Private Equity has announced proposals to return up to £200m to shareholders via a tender offer. The company says that Morgan Stanley & Co. International plc or to act as principal and a circular dated 8 November 2016, containing the full terms and conditions, together with a Tender Form and details of a General […]

17 Oct 2016 1 min read

10 YEARS OF PA: The birth of infrastructure funds, to property in turmoil

The investment company sector has changed considerably over the past ten years, as back in October 2006 we were still enjoying the dying days of the credit boom. read more here

14 Oct 2016 3 min read

Electra updates on strategic review

The Board of Electra Private Equity PLC has announced the outcome of the first phase of the review announced on 25 January 2016. The principal object of the review is to maximise long-term shareholder value by assessing Electra’s investment strategy and policy and its structure. The key outcomes of Phase I are as follows: On […]

07 Oct 2016 2 min read

Electra sells Vidal Group

Electra Partners has announced that its portfolio company AXIO Group has received a binding offer from M3, Inc. to purchase Vidal Group, a leading European provider of reference drug information for healthcare professionals, for EUR100 million. The proposed transaction, which remains subject to certain conditions including consultation with the relevant works council in France and […]

04 Oct 2016 1 min read

Electra to sell Premier Asset Management stake in IPO

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 […]

16 Sep 2016 2 min read

Electra benefits from Hollywood Bowl IPO

Electra Partners has announced the successful initial public offering (“IPO”) of its portfolio company Hollywood Bowl Group, the UK’s largest ten-pin bowling operator. Upon admission of its shares to the Main Market of the London Stock Exchange on 21 September 2016, Hollywood Bowl will have a market capitalisation of GBP240 million. Based on the offer price, […]

01 Jul 2016 1 min read

Electra partial sale of Allflex

Electra has raised €72m from the redemption of preferred equity and from the sale of c28% of its 15% equity interest in Allflex. This is equivalent to a return of 0.8x cost. the retained stake in Allflex has a value, implied by this transaction, of €78m (£65m). Together this repreents a 48% uplift to the […]

20 Jun 2016 1 min read

More directors resign from Electra

The Board of Electra Private Equity PLC has announced the resignations of Dame Kate Barker and Francesca Barnes from the Board of Directors with immediate effect. Dame Kate joined the Board in 2010 and was Chairman of the Remuneration and Nomination Committee and Senior Independent Director. She served as interim Chairman from November 2015 until Neil […]

14 Jun 2016 1 min read

Electra Private Equity cancels its £275m revolving credit facility

Electra Private Equity has announced that its board has decided to cancel its existing £275m multi-currency revolving credit facility. The trust says that the facility is currently undrawn and therefore no repayment is required as a result of the cancellation. This follows the trust’s announcement, on 26 May 2016, that its board has served its […]

06 Jun 2016 1 min read

Electra Partners announces sale of Elian for £435m

Electra Partners has announced that it has agreed the sale of Elian to Intertrust for £435m. Electra Partners say that the transaction is subject to regulatory and Intertrust Group N.V. shareholder approvals. Following completion of the transaction, which Electra Partners say is expected during the third or final quarter of 2016, Electra Private Equity is […]

26 May 2016 1 min read

Electra puts its investment manager on notice

Electra Private Equity has provided what it describes as an “Interim update on the review of the Company’s investment strategy and policy and its structure”. Electra say that the review, which was announced in January, is on track for completion in the autumn. However, they say that a number of interim conclusions have been reached […]

04 May 2016 1 min read

Electra will not issue new ZDPs

Electra’s interim results show it generating a total return on net assets of 15% for the six months ended 31 march 2016, well ahead of a 7% return for the Morningstar Private Equity Index. The discount widened a little leading to a 9% return to shareholders. The return on the UK market for the period was […]

03 May 2016 1 min read

Electra sells stake in Kalle

Electra Private Equity has announced the sale of their interest in Kalle, the global manufacturer of artificial sausage casings and sponge cloths, to Clayton Dubilier & Rice LLC. The transaction is subject to regulatory approvals. Upon completion Electra is expected to receive proceeds of £22 million (based on current exchange rates), Together with proceeds from the […]

04 Feb 2016 1 min read

Electra sells Daler-Rowney

Electra has announced the sale of its interest in fine art materials producer Daler-Rowney to the FILA Group, a Milan-listed producer of writing instruments and art supplies. Electra received proceeds of approximately £32m which equates to an uplift of £20m or 163% on the valuation of Daler-Rowney at 30 September 2015, implying an increase in NAV per share […]

25 Jan 2016 1 min read

Electra announces to review all options for maximising long term shareholder value

Electra Private Equity has announced that it is reviewing the Company’s investment strategy and policy and its structure. The announcement says that the review “will look at all options for maximising long-term shareholder value” although it does not give additional detail on what these various options might be. However, the board say that they presently […]

04 Jan 2016 1 min read

Electra buys Grainger Retirement Solutions

Grainger, the UK’s largest listed residential landlord, has announces that it has exchanged contracts with Turbo Group Holdings Limited, an entity owned by Patron Capital Partners and Electra Private Equity plc to sell its Equity Release Division (“Retirement Solutions”), with completion anticipated on or before 30 May 2016, subject to Turbo gaining regulatory approval from […]

16 Nov 2015 1 min read

Asia ex-Japan investment trust discounts widen

The economic slowdown in China is impacting other countries in Asia and the developed world, and hopes of growth in consumer spending and the services sector coming to the rescue are fading. Rebalancing the economy away from infrastructure investment and traditional industrial drivers, while cushioning the services sector and allowing new industries to develop, is […]

05 Nov 2015 1 min read

Sherborne wins!

Shareholders in British private equity firm Electra voted in favour of activist investor Edward Bramson and Sherborne’s Chairman, Ian Brindle being appointed to the board at a general meeting today. Shareholders voted 53.5 percent in favour of the resolution by Bramson’s investment vehicle Sherborne to appoint Bramson to the board. Sherborne Investors, which owns 30 per […]

03 Nov 2015 1 min read

Electra proceeds with mandatory conversion of its 5% 2017 convertible bonds

Electra proceeds with mandatory conversion – Electra Private Equity announced on 23 October 2015 its intention to exercise the mandatory conversion option in its 5% subordinated convertible bonds due 2017. The exercise of the option will automatically and mandatorily convert all of the outstanding Bonds into new ordinary shares of Electra. Electra has now announce that […]

26 Oct 2015 1 min read

Electra shareholders make 25% on their investment in a year

Electra has announced results for the year ended 30 September 2015 (which is a pretty fast turnaround!). The total return on net assets was and the return to shareholders were both 25%. The equivalent figures for the Morningstar private equity index were 10% and 13% and for the FTSE All-Share Index -2%. The dividend for […]

23 Oct 2015 1 min read

Electra to mandatorily convert its CULS

Electra Private Equity has announced that it intends to exercise the mandatory conversion option in its 5 per cent. Subordinated Convertible Bonds due 2017. The exercise of such option will automatically and mandatorily convert all of the outstanding Bonds into new ordinary shares of Electra. Electra expects to deliver a notice to holders of the […]

20 Oct 2015 1 min read

Electra buys Photobox

Electra Private Equity, together with Exponent Private Equity, is pleased to announce the proposed acquisition of Photobox Group, Europe’s leading digital consumer service for personalised products and gifts. Present in 22 European markets, Photobox Group is the parent of the PhotoBox, Moonpig, PaperShaker, Sticky9, Hofmann, Posterjack and posterXXL brands. The group has a strong customer […]

09 Oct 2015 1 min read

Electra sells Zensar Technologies stake

Electra Private Equity has announced it is selling its 23% interest in Zensar Technologies Limited, the listed Indian IT services business, to a company backed by funds advised by Apax Partners, the private equity firm. On completion of the transaction, Electra will receive proceeds of approximately £84m (based on current exchange rates). Inclusive of dividends and proceeds […]

07 Oct 2015 1 min read

Electra Private Equity’s AXIO Data Group sells MIMS for $250m

Electra Private Equity has announced that portfolio company, AXIO Data Group, has agreed to sell MIMS, its Asian healthcare information business, to SMS and Mitsui for $250m. The transaction, which is expected to complete later today, will result in an increase in Electra’s diluted NAV per share of 122p compared to the 31 March 2015 […]

02 Oct 2015 1 min read

Keeping it in the family can benefit investment trusts

Recent attempts by Sherborne Investors (SIGB) to take over the board of Electra Private Equity investment trust (ELTA) is an example of where a large shareholder can exert a great deal of control and influence over an investment trust – whether the small private shareholders want it to or not. However, some instances where having […]

23 Sep 2015 2 min read

Cayenne Trust CULS conversion facilitates a speedier return of capital

The Cayenne Trust has released its interim results for the six-months ended 31 July 2015 during which its NAV per share increased by 1.6% (4.2% on a fully diluted basis). In comparison, the FTSE All Share Equity Investment Instruments Index increased by 3.39% during the period. A dividend of 3.8p was paid on 21st August. […]

18 Sep 2015 6 min read

Electra gets new requisition from Sherborne

Electra has announced that yesterday afternoon it received from Pershing Nominees Limited on behalf of Sherborne Investors (“Sherborne”) a requisition for a General Meeting at which resolutions will be proposed seeking to appoint Edward Bramson and Ian Brindle to the Board of Electra. As shareholders are aware, this is the second time Sherborne has sought […]

01 Sep 2015 1 min read

Electra’s Park resorts to merge with Parkdean holidays

Electra Private Equity has announced the proposed merger, subject to regulatory approval, of its Park Resorts Group (Park Resorts, South Lakeland Parks and Southview and Manor Park) with Parkdean Holidays creating a nationwide operator with 73 sites. The transaction gives the enlarged company an enterprise value of £960m and combined EBITDA in excess of £100m. […]

07 Aug 2015 1 min read

Sherborne Investors reiterates pledge not to bid for Electra

Sherborne’s net asset value fell by 1.5% over the six months ended 30 June 2015 to a level of 104.47p. The shares were trading at a discount of 3.3% to this NAV at the end of the period but the share price had climbed by 6.3% over the first half. By contrast Electra‘s shares rose by 4.9% […]

05 Aug 2015 1 min read

Electra agrees the sale of Nuaire for £145m

Electra Private Equity has announced that it has agreed to sell its interest in ventilation systems manufacturer Nuaire to Polypipe Group in a deal valued at approximately £145m. On completion of the transaction, which is expected during August, Electra is to receive proceeds of approximately £72m. This represents an uplift of £24 million, or 50% on the […]

21 May 2015 1 min read

Electra has a good start to the year

Electra Private Equity’s interim has released its interim results for the six-months ended 31 March 2015. These show a 12% increase in NAV during the period, whilst Electra’s share price rose 19%, reflecting a narrowing of the discount. This compares favourably against the FTSE All-Share returned, which returned 5% during the period. The total return on the portfolio was £11m of […]

24 Apr 2015 1 min read

Cayenne Trust says considering proposals for future of the company

The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]

26 Feb 2015 1 min read

Sherborne reports disappointing results

Sherborne Investors results for the year ended 31 December 2014 show the fund generating a return of 11.16% on net assets over the year. This is a lot better than the return on the FTSE All-Share Index but Sherborne Investors has just one investment – Electra Private Equity. Electra’s share price rose by 27% over […]

25 Feb 2015 1 min read

Sherborne threatens new requisition for Electra

Sherborne Investors has written to the Board of Electra proposing a resumption of discussions about board representation and participation in an expanded review of options to increase Electra’s shareholder value and threatening to requisition a meeting of shareholders if Ian Brindle, Edward Bramson and a new independent director aren’t appointed to the board of Electra. Given the resounding rejection […]

11 Feb 2015 1 min read

Electra announces results of review and cuts fees

Electra Private Equity has published the results of the review of the company’s structure that was promised after it defeated Sherborne’s proposals. The plan is to cut the management fee from 1.5% to 1%, leave the performance incentives intact and remove all the currency hedging – which will effectively reduce Electra’s cash pile and cut its […]

23 Dec 2014 1 min read

Electra – more deals, Sherborne still buying

Electra Private Equity has announced that Axio Data Group, one of the companies it owns, has sold a specialist logistics intelligence business, Breakbulk, to ITE, the exhibitions group, for £10m. With this deal Electra has taken £76m in cash out of Axio, a business it paid £91m for in 2013, yet Axio still owns five other […]

27 Nov 2014 1 min read

A good year for Electra

ELTA : A good year for Electra Electra Private Equity, chaired by Roger Yates (pictured) has had an eventful but nonetheless successful year. An approach by Sherborne Investors, which was ultimately defeated at an EGM at the beginning of October, may have been a distraction but, despite this, Electra has provided a return of 15% on its diluted NAV […]

06 Oct 2014 1 min read

Electra defeats Sherborne

ELTA : Electra defeats Sherborne Electra Private Equity has announced that at the meeting held today all the resolutions put forward by Sherborne were rejected by shareholders – the full results of the voting are shown below. 1. That Mr. Edward Bramson be and is hereby appointed as a director of the Company. Votes for 11,008,318 (38.22%), Votes against 17,796,709 (61.78%) 2. That […]

22 Sep 2014 9 min read

Electra responds to Sherborne

ELTA : Electra responds to Sherborne Electra Private Equity has responded to Sherborne’s letter to Electra shareholders. The response is so detailed that we have taken the unusual step of reproducing it in full below. Electra Private Equity PLC (“Electra” or the “Company”) notes the letter from Sherborne Investors Management (Guernsey) LLC (together with its […]

17 Sep 2014 1 min read

Sherborne discloses why it targeted Electra

ELTA : Sherborne discloses why it targeted Electra Sherborne has today published a long letter that it is asking Electra to send to its shareholders that sets out its reasons for targeting Electra. Sherborne has compared Electra’s performance to the FTSE 250 index from 2004 and, from 2009, unlisted “private equity funds of similar size” and […]

11 Sep 2014 1 min read

Sherborne silent on need for change at Electra

ELTA : Sherborne silent on need for change at Electra Electra has published the circular convening the meeting requested by Sherborne at which it seeks to remove one of Electra’s existing directors and appoint two of its own. It then hopes to lead a strategic review of the company. Incredibly, Sherborne are asking shareholders to […]

08 Sep 2014 1 min read

Electra buys ten pin bowling company

ELTA : Electra buys ten pin bowling company Electra is buying The Original Bowling Company – the UK’s largest ten pin bowling operator – for £91m. Electra Private Equity is committing £51m to this. The Original Bowling Company has 43 centres – 29 operating as Hollywood Bowl and 14 as AMF. The announcement says that […]

22 Aug 2014 1 min read

Electra Private Equity sees advances from Sherborne move up a gear

ELTA : Electra Private Equity sees advances from Sherborne move up a gear Electra Private Equity has announced that it has received a requisition request from Sherborne Investors GP, LLC requiring Electra’s directors to call a general meeting of the Company’s shareholders. The objective is to consider resolutions that 1) Mr. Edward Bramson (of Sherborne Investment Management) […]

04 Aug 2014 1 min read

Electra Partners : ELTA – acquisitions

Electra Partners has spent £49m adding to its portfolio of holiday parks. It bought two parks – Southview in Skegness, Lincolnshire and Manor Park in Hunstanton, Norfolk – spending £20m of its own money and securing a debt facility from Investec. The two parks bring a nine hole golf course and a four star hotel, the Southview […]

29 Jul 2014 1 min read

Electra : ELTA – update on Sherborne Investors

Electra has announced that, at the request of Sherborne (which holds 19% of the company), its Chairman met Edward Bramson of Sherborne Investors Management (pictured) on 24 July. At the meeting Mr Bramson suggested that Electra appoint three new directors, including Edward Bramson, and that he be given a mandate to conduct a strategic review […]

29 May 2014 1 min read

Electra Private Equity : ELTA – interim results

Electra Private Equity has released its interim statement. This covers the six month period ended 31 March 2014. Over the period Electra’s net asset value rose by 5.4% to 2,914p, driven in part by gains in the valuations of Axio Data and Park Resorts. Electra outperformed the FTSE All-Share Index, which rose by 4.8%. Electra’s share price […]

02 May 2014 1 min read

JP Morgan Private Equity : JPEL – update

JP Morgan Private Equity has announced that it has invested $50m in four companies since December – one third of their target for the period ended 31 December 2015. All of the investment has been funded from the proceeds of distributions from its existing portfolio. $14m of the $50m was invested in a US based […]

28 Apr 2014 1 min read

Candover : CDI sells Innovia to Electra : ELTA

Candover has sold Innovia (a manufacturer of films for packaging and the substrate for polymer banknotes – they are working on the new £5 and £10 notes) for €498m. this was the last asset in Candover’s 2001 fund. Candover Investments (the fund) will get €12.8m of proceeds and €7.6m of carried interest from the transaction. […]

25 Mar 2014 1 min read

Electra : ELTA – acquisitions

Electra has announced that it has invested a further £15m in house builder, CALA homes, so that CALA could buy Banner Homes – both companies concentrate on the high end house building sector. Electra has also invested £14m buying audio-mixing console manufacturer, Calrec,

28 Feb 2014 1 min read

Electra Private Equity : ELTA – Sherborne

Sherborne Investors (Guernsey) B Limited has an interest of 10.2% in Electra – about half in ordinary shares and the rest through total return swaps. Although Sherborne, run by Edward Bramson (pictured) and known as activists, have acknowledged the stake they haven’t said what their agenda is in taking the stake.

20 Jan 2014 1 min read

Electra : ELTA – buys shoe company

Electra has announced that it has invested £85m in Hotter Shoes. The acquisition will have no immediate impact on Electra’s net asset value. Hotter Shoes is the UK’s largest manufacturer of shoes, has 59 own stores, sells through another 200 outlets and has a large online presence. If you are curious, the easiest thing to […]