21st May 2015 07:28
LONDON (Alliance News) - Electra Private Equity PLC shares were higher early Thursday after the investment trust said its diluted net asset value per share rose by 12% in the first half of its financial year and it will pay an interim dividend.
FTSE 250-listed Electra said its diluted net asset value per share rose by 12% in the half year to the end of March to 3,548 pence, while its share price rose by 19%, against a total return of 5% on the FTSE All-Share index.
Electra said the good performance has driven it to pay an interim dividend of 1% of its net asset value, amounting to 38 pence per share. It did not pay an interim dividend last year.
The investment trust said it made one major investment, a GBP99 million investment in the UK franchise of TGI Fridays, with a further GBP30 million invested in follow-on and other investments.
"The portfolio has continued to deliver strong returns for all shareholders, driven by Electra Partners' effective management of the portfolio and successful recent investments. We are pleased to be announcing an interim dividend following the review that was completed earlier this year. We believe the changes implemented are creating additional value for all shareholders," said Chairman Roger Yates.
Shares in Electra were up 5.8% to 3,292.00 pence in early trade, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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