October 4, 2018 / 6:10 AM / 2 months ago

BRIEF-Electra Private Equity calls meeting to discuss wind-down of portfolio

Oct 4 (Reuters) - Electra Private Equity PLC:

* BOARD OF ELECTRA TODAY ANNOUNCES: . AGREEMENT FOR SALE OF ITS LARGER NON-CONTROLLED ASSETS, PHOTOBOX AND KNIGHT SQUARE AT 103% OF ADJUSTED 31(ST) MARCH 2018 CARRYING VALUE

* INTENTION TO DISTRIBUTE EXCESS CASH AS AN INITIAL SPECIAL DIVIDEND OF £140M (£3.65 PER SHARE) IN DECEMBER

* A GENERAL MEETING TO BE HELD ON 30 OCTOBER 2018 TO CONSIDER ADOPTION OF A REVISED INVESTMENT OBJECTIVE AND POLICY

* WILL REVIEW ITS STRATEGY FOR REMAINING PORTFOLIO OF ASSETS, OF WHICH VALUE OF TWO LARGER CORPORATE INVESTMENTS ARE BOTH OVER 97% OWNED BY COMPANY, WITH AGGREGATED LAST 12 MONTHS UNAUDITED EBITDA OF £31M AND NET DEBT OF £65M.

* CHAIRMAN OF ELECTRA PRIVATE EQUITY PLC, SAID: IT IS NOW IN SHAREHOLDERS’ BEST INTERESTS TO ANNOUNCE CONTROLLED REALISATION OF REMAINING PORTFOLIO OVER AN APPROPRIATE PERIOD. Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise)

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