Edition:
United Kingdom

Electra Private Equity end-Sept. net asset value 342 mln stg


Tuesday, 11 Dec 2018 

Dec 11 (Reuters) - Electra Private Equity PLC ::NAV AT 30 SEPTEMBER 2018 OF £342M (892.4 PENCE PER SHARE).SAYS HIGHLIGHTS . NAV AT 30 SEPTEMBER 2018 OF £342M (892.4 PENCE PER SHARE).SAYS PRO FORMA NAV OF £202M (527.4 PENCE PER SHARE).SAYS FURTHER DIVIDEND ANNOUNCEMENTS WILL FOLLOW IN Q1 OF 2019.SAYS CONCENTRATION OF PORTFOLIO LEADS TO VOLATILITY AS DIFFICULT CONDITIONS IN UK RETAIL AND CASUAL DINING IMPACTED TGI FRIDAYS (£124.6M) AND HOTTER SHOES (£6.8M).SAYS BOTH IMPACTED BY EXCEPTIONAL WEATHER CONDITIONS IN 2018 AS WELL AS UNDERLYING MARKETS.SAYS RECOVERY PLANS FOR BOTH BUSINESSES ARE IN PLACE INTENDED TO INCREASE RESILIENCE AND VALUE PRIOR TO EXITS IN AN ACCEPTABLE TIMEFRAME.SAYS SPECIAL PRODUCT COMPANY (£7.3M) PERFORMING STRONGLY IN US CABLE AND TELECOM INFRASTRUCTURE MARKET WHILST SENTINEL (£4.1M) IS EXPERIENCING A CHALLENGING END TO A STRONG YEAR AS CUSTOMERS SUPPLY CHAINS ADJUST TO END USER DEMAND IN UK BUILDING PRODUCTS SECTOR.SAYS TAIL ASSETS CONTINUE TO PROVIDE EXPECTED VALUE REALISATIONS.SAYS PHOTOBOX SOLD POST YEAR END AND KNIGHT SQUARE DISPOSAL EXPECTED TO COMPLETE LATER THIS MONTH.