9th Feb 2005 12:00
Electra Investment Trust PLC09 February 2005 ELECTRA AGM STATEMENT The statement below will be made by the Chairman at the Annual General Meetingof Electra Investment Trust PLC to be held at 12 Noon today. In my statement accompanying the Report and Accounts I reported that Electra hadmade very significant progress over the year to 30 September 2004, achievingstrong net asset value growth, share price performance, substantial realisationsof investments and further returns of capital to shareholders. During the financial year to 30 September 2004, 6.2 million shares werepurchased for cancellation in addition to the 12.2 million shares cancelledthrough the Tender Offer. I also indicated in my statement that future returnsof capital were likely to be executed primarily by way of on-market buybacks ofElectra's shares. In January this year a further 2.2 million shares werepurchased for cancellation. Since the start of the realisation programme inMarch 1999 Electra has, through Tender Offers and on-market purchases, returnedover £1.1 billion to shareholders, of which £168m has been returned since June 2004. Since June 2001 Electra has had a flexible approach to investment which hasallowed portfolio realisations to be timed to maximise value and new investmentsto be made on attractive terms. This policy will continue with investments beingmade in a broad spread of private equity assets in funds managed by ElectraPartners and through other investment opportunities generated by ElectraPartners. Using Electra Partners' dealflow and investment management skills, your Boardconsiders that Electra is well positioned both to successfully realise andselectively make profitable new investments within the constraints of itscurrent investment strategy. The Board is confident that this policy willcontinue to create shareholder value. For further information: Sir Brian Williamson, Chairman, Electra Investment Trust PLC 020 7831 6464 Hugh Mumford, Chief Executive, Electra Partners Limited 020 7831 6464 Nick Miles, M: Communications Limited 020 7153 1535 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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