Electra announces further sale of shares in esure

RNS Number : 9597B

Electra Private Equity PLC

10 April 2013

 



10 April 2013

Electra announces further sale of shares in esure

Electra Private Equity PLC ("Electra") announces that, as a result of the exercise by JP Morgan Securities of the over-allotment arrangement in connection with the initial public offering ("IPO") of UK insurer esure, it has made a subsequent disposal.

Electra has sold 4 million of the 6 million esure shares it held post IPO (via its holding in the Tosca Penta Investments LP fund). The shares were sold at the IPO price of 290p and will result in Electra receiving further proceeds of £11.2 million.

Electra retains 2 million shares in esure which are subject to lock-up arrangements. At the IPO price, these shares have a valuation of £6.4 million.

This disposal has no further impact on Electra's diluted NAV per share in addition to that already announced on 22 March 2013.

Ends

For further information please contact:

For Tim Syder:
Nick Woods, M:Communications                                                                  [phone]

 

END

 

 

MSCEAKLNEAKDEFF