Electra sells Rio Trens Corpo

RNS Number : 2282W

Electra Private Equity PLC

16 November 2010

 



16 November 2010

Electra sells Rio Trens Corporation

Electra Private Equity PLC ("Electra") today announces the sale of its minority interest in Rio Trens Corporation ("RTC"), a company which has an interest in a Brazilian transportation company.

Electra has not yet completed the valuation of its portfolio at 30 September 2010, or announced its results for the year ended 30 September 2010.

However, based on Electra's valuation of its interest in RTC at 31 March 2010 and reflecting a further investment by Electra made in June 2010 as a result of a rights issue by RTC, the sale today represents an uplift of 69p per share from Electra's net asset value at 31 March 2010 of 1,900p per share, based on exchange rates at the time of transaction.

Hugh Mumford, Managing Partner of Electra Partners, the Manager of Electra Private Equity PLC, said:

"We are delighted with this sale; our third realisation since June.

"One of the key benefits of Electra's uniquely flexible investment mandate is that we are able to take a longer term view on our investments. RTC, like Freightliner and DM&E before it, is a prime example of our ability to hold investments for as long as is necessary in order to make a good return for shareholders."

Electra Partners refers to Electra Partners LLP acting on behalf of its client Electra Private Equity PLC.

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For further information please contact:

Kate Ruck Keene, M:Communications                                                                                         [phone]

 

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