Electra Private Equity PLC Update on Strategic Review and Formal Sale Process (7586Y)
August 24 2018 - 1:00AM
UK Regulatory
TIDMELTA
RNS Number : 7586Y
Electra Private Equity PLC
24 August 2018
FOR RELEASE 7am 24(th) August 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART,
IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
24th August 2018
Electra Private Equity PLC
("Electra" or the "Company")
Update on Strategic Review and Formal Sale Process
On 24th May the Company announced the third and final stage of
its strategic review. The objective of the review is to consider
all options for the future direction of the Company and to
implement a strategy to optimise shareholder value.
As well as considering other options, the third phase of the
strategic review included consideration of selling the entire
portfolio of assets either at asset level or through a sale of the
Company. In May, at the same time as exploring the possibility of
selling some or all of the assets, a Formal Sales Process (FSP) as
referred to in the City Code on Takeovers and Mergers (the
"Takeover Code") was launched in order to meet the regulatory
requirements of considering a sale of the Company.
The Board has since received interest in acquiring each of the
portfolio assets (individually and in groups) however no firm
interest has been received in acquiring the Company. As such the
Board today con rms that it has closed the FSP and terminated
discussions with interested parties regarding potential acquisition
of the Company. Accordingly, the Company is no longer in an "Offer
Period" as de ned in the Takeover Code and the requirement to make
disclosures under Rule 8 of the Code has now ceased.
Discussions continue with a number of parties over the
possibility of acquiring portfolio assets individually and in
groups, however there can be no certainty that the discussions will
result in one or more transactions over any or all of the portfolio
assets that are acceptable to the Board.
The outcome of the third and final stage of the strategic review
will be announced by the end of October.
Throughout the course of this review the Company continues to
support its portfolio companies in delivery of their
strategies.
Commenting, Neil Johnson, Chairman of Electra Private Equity
PLC, said:
"In May we announced that as part of the third and final stage
of our strategic review we would consider selling some or all of
our portfolio assets either at asset level or through the sale of
the Company. Whilst as part of our review we continue to explore
interest in the portfolio of assets, individually and in groups,
with each of our main assets having received more than one
expression of interest, we are no longer considering a sale of the
Company and have therefore terminated the regulated Formal Sales
Process.
The final stage of our strategic review continues, and we
anticipate announcing the result before the end of October.'
For further information, please contact:
Electra Private Equity PLC
Gavin Manson, Chief Financial Officer 020 3874 8300
Greenhill
David Wyles / Brenlen Jinkens / Michael Lord 020 7198 7400
Brunswick Group
Gill Ackers 020 7404 5959
The person responsible for arranging for the release of this
announcement on behalf of Electra Private Equity PLC is Gavin
Manson, Chief Financial Officer.
Further information
Greenhill & Co. International LLP ("Greenhill") is
authorised and regulated by the FCA in the United Kingdom.
Greenhill is acting exclusively as financial adviser for the
Company and for no one else in connection with the matters referred
to in this Announcement and will not be responsible to anyone other
than the Company for providing the protections afforded to clients
of Greenhill, or for providing advice in relation to the matters
referred to in this Announcement. Neither Greenhill nor any of its
subsidiaries, branches or affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Greenhill in connection with the
matters referred to in this Announcement.
A copy of this announcement is also available on Electra's
website at www.electraequitycom.
Note: The composition of the company's corporate investment
portfolio is unchanged from 31st March 2018.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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