Electra Private Equity PLC Disposal of Sentinel and Portfolio Trading Update (5161V)
April 15 2021 - 1:00AM
UK Regulatory
TIDMELTA
RNS Number : 5161V
Electra Private Equity PLC
15 April 2021
Electra Private Equity PLC
Disposal of Sentinel Performance Solutions Group Ltd
and Portfolio Trading Update
Electra Private Equity PLC ('Electra') is pleased to announce
the disposal of Sentinel Performance Solutions Group Ltd, a leading
UK manufacturer of products to improve the performance of heating
and closed water systems, to Aalberts N.V., ('Aalberts') a global
industrial technology group headquartered in Utrecht, the
Netherlands and listed on the Amsterdam Stock Exchange
(www.aalberts.com).
Electra is also providing an update on its other larger
portfolio companies, Fridays and Hotter Shoes, as it continues to
work towards realisation of its remaining portfolio companies in
2021.
A further update will be provided on 21(st) May with publication
of Electra's Interim Results for the period to 31(st) March
2021.
Sentinel Performance Solutions Group Limited ('Sentinel')
Following an initial investment in Sentinel in 2011, Electra
gained control of the business for a nominal sum in July 2019.
Following investment of GBP1.5m, management changes and the
implementation of a successful turnaround and development plan,
Electra is pleased to announce completion of a sale to
Aalberts.
Electra has received proceeds of GBP22.2m (58.1 pence per share)
which compares to the carrying value of GBP10.9m (28.5 pence per
share) as at 30(th) September 2020.
Electra intends retaining the cash received pending further
asset realisations and confirmation of future distributions to
shareholders in due course.
Electra was advised by Clearwater International (on corporate
finance advisory services) and international law firm DWF Law LLP
(on legal advisory services) for the transaction.
TGI Fridays ('Fridays')
Fridays commenced outside dining at 32 of its 87 sites on 12(th)
April on relaxation of Covid-19 restrictions. This represents less
than 10% of total internal / external capacity and builds on 'click
& collect' and delivery sales now operating from 27 sites.
All existing sites will open for 'dine-in' immediately on
relaxation of Covid-19 restrictions with current expectations
being:
-- Current: 1 site (Channel Islands)
-- 26(th) April: additional 8 sites - subject to possible tiering: (Scotland)
-- 17(th) May: additional 77 sites - England & Wales, including new Fridays Lincoln
-- 20(th) May: additional 1 site: New '63(rd) + 1(st) ' Cobham
As reported at Electra's AGM in February, the management team
has been agile in responding to challenging trading conditions and
optimising opportunities, leaving the business well positioned to
emerge strongly from lockdown and with a strong pipeline of high
quality additional sites for Fridays and 63(rd) + 1(st) targeted to
open throughout 2021 and beyond.
Hotter Shoes
Following the implementation of its new business model focused
on direct-to-consumer channels in the UK and US in October 2020,
Hotter has made further excellent progress in the first quarter of
2021.
In the 3 months to end March overall sales were up 6% YOY on a
LFL basis with direct channels up 34% YOY and more than
compensating for the Covid-related closure of Hotter's 17 stores
throughout the quarter.
Reported EBITDA for the quarter was up GBP0.9m on the same
period in 2020.
Chairman of Electra, Neil Johnson, commented:
"As we approach the final stages of our realisation strategy, we
are pleased with the ongoing progress of Fridays and Hotter Shoes,
both of which have made significant improvements to their
businesses in the last 12 months. We are delighted that we have
successfully completed the disposal of Sentinel on-time and to
plan, despite the challenges of the last year."
For further information:
Gavin Manson, Chief Financial and Operating Officer, Electra
Private Equity PLC 020 3874 8300
About Electra Private Equity PLC:
Electra is a private equity investment trust which has been
listed on the London Stock Exchange since 1976. Electra's
investment objective is to follow a realisation strategy, which
aims to crystallise value for shareholders, through balancing the
timing of returning cash to shareholders with maximisation of
value. The Company will not make any new investments but will
continue to support its existing investments to the extent required
in order to optimise returns. Since 1(st) October 2016, Electra has
distributed over GBP2 billion to shareholders through ordinary
dividends, special dividends and share buybacks. Electra's key
investments include TGI Fridays, Hotter Shoes and Sentinel
Performance Solutions. As at 30(th) September 2020, NAV per share
was 353.4p.
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