3rd Jan 2006 09:07
Electra Investment Trust PLC03 January 2006 Regulatory Announcement ELECTRA INVESTMENT TRUST PLC 03 January 2006 FOR IMMEDIATE RELEASE Electra announces the sale of Inchcape Shipping Services Electra Investment Trust PLC ("Electra") is pleased to announce that it hasexchanged contracts for the sale of Inchcape Shipping Services ("ISS") forUS$285m to Istithmar, a major investment house based in the United Arab Emiratesfocusing on private equity, real estate and other alternative investments. ISSis the largest independently managed network of ship agents in the world. As a consequence of the sale, Electra will receive cash proceeds inclusive ofaccrued income of US$178.38m upon completion which is expected at the end ofJanuary 2006. The transaction will give rise to an increase in Electra's net asset value since30 Sept 2005 of £64.76m representing an uplift in net asset value of 148.84p pershare from the net asset value of 1172.22p, as at 30 Sept 2005 (exclusive of theproposed special dividend of 20p per share which was announced in December2005). Lazard acted as sole financial adviser to Electra. For further information: Sir Brian Williamson, Chairman, Electra Investment Trust PLC 020 7214 4200 Hugh Mumford, Chief Executive, Electra Partners Limited 020 7214 4200 Nick Miles, M: Communications 020 7153 1535 To find out more about Electra Partners visit http://www.electrapartners.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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