Completion of the sale of interest in Photobox

RNS Number : 6603E

Electra Private Equity PLC

19 October 2018

 

FOR IMMEDIATE RELEASE

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

19 October 2018

Electra Private Equity PLC

("Electra" or the "Company")

Further to the announcement of 4 October 2018, Electra is pleased to announce that it has completed the sale of its interest in Photobox to funds advised by Lexington Partners L.P.

Electra has received proceeds from the sale of £98m.

As announced on 4 October 2018, the Board has convened a general meeting of the Company to be held at the offices of Allen & Overy LLP, One Bishops Square, London E1 6AD at 10.00 a.m. on 30 October 2018 to consider the adoption of a revised investment objective and policy. Further details of the general meeting and revised investment objective and policy are set out in the shareholder circular that was posted to shareholders on 4 October 2018. Subject to shareholder approval, the Board intends to distribute excess cash as an initial special dividend of £140m in December 2018.

The person responsible for arranging for the release of this announcement on behalf of Electra Private Equity PLC is Gavin Manson, Chief Financial Officer.

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
Gil Ackers                                                                                          020 7404 5959

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.

 

END

 

 

DISBSBDGCBBBGIC