2nd Mar 2015 08:32
LONDON (Alliance News) - Electra Private Equity PLC Monday said its investment portfolio showed an upward net movement of GBP38 million in its first quarter, as the private equity investment trust invested in more new investments than it realised by exiting others.
In a statement, the private equity investment trust managed by Electra Partners said that GBP117 million was invested in the three months to end-December, including GBP99 million in restaurant chain TGI Fridays, while GBP89 million was realised.
The quarterly update made no mention of the revived efforts of activist shareholder Sherborne Investors to target Electra Private Equity.
A previous move by Sherborne to use its shareholding in the trust to gain influence was voted down by shareholders last Autumn, but the activist shareholder renewed its battle in February after Electra undertook a strategic review.
"Electra is increasingly approaching the optimum balance between invested and investible capital. The board is delighted with the progress Electra Partners continues to make, delivering consistently superior long-term returns for all our shareholders," Electra Private Equity Chairman Roger Yates said in a statement on Monday.
Yates is due to meet Edward Bramson, a partner and portfolio manager at Sherborne Investors Management LP, at a meeting requested by the activist shareholder. The date of the meeting is yet to be announced.
Electra shares were down 0.5% at 3,144.88 pence shortly after the market open on Monday.
By Samuel Agini; [email protected]; @samuelagini
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