Electra Private Equity has revealed the results of its tender offer launched in November, as the trust's rising cash levels were threatening to hit its net asset value (NAV).
On 8 November, the board of £2bn investment trust said higher cash resources, as a result of a number of recent asset sales, could negatively impact the trust's NAV growth, and it will therefore implement its £200m tender offer and introduce share buybacks. Today, Electra announced a total of 1,987,768 ordinary shares were tendered at the strike price of £46.50, making the total consideration payable under the tender offer £92.4m. The firm said the proceeds will be despatched in the form of cheques from 30 December to qualifying shareholders. Trust analysts have 'little confidence...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
