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BRIEF-Electra Private Equity says to return 200 mln stg to shareholders as part of strategic review
October 14, 2016 / 6:16 AM / a year ago

BRIEF-Electra Private Equity says to return 200 mln stg to shareholders as part of strategic review

Oct 14 (Reuters) - Electra Private Equity Plc :

* Result of strategic review - Phase I

* Announces outcome of first phase of review announced on 25 January 2016

* Electra Private Equity - will create a robust, sustainable corporate governance structure by returning control of all exec, investment functions to board from June 2017

* Company is developing internal resources to assume all operating responsibilities from June 2017

* Review of company’s portfolio (“phase II”) will commence in June 2017, or earlier with consent of Electra Partners

* Initial 200 million stg return of capital by way of tender offer launched during Q4 2016, which will be subject to shareholder approval

* Will commence a consultation with shareholders on a new capital allocation strategy

* Intends to migrate from a listed investment trust to a “corporate” structure over time

* Believes actions will result in recurring expense savings in excess of 25 million stg per annum

* Electra private equity - believes actions to also cause elimination of carried interest (on investments from june 2017), which totalled £80 million in last 12 months

* Termination of contracts with electra partners will become effective on 31 may 2017. Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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