London, July 29
Electra Private Equity PLC Update on Sherborne Investors Management Electra Private Equity PLC ("Electra" or "the Company") received a request from Mr. Edward Bramson of Sherborne Investors Management to meet with the Chairman of Electra, Mr. Roger Yates. On 24 July 2014, Mr. Yates, together with a fellow non-executive director Mr. Geoffrey Cullinan, met with Mr. Bramson. At this meeting, Mr. Bramson requested that three new directors be appointed to the Board of Electra. One of those new directors would be Mr. Bramson and the other two, as yet unidentified, would be nominated by him. Mr. Bramson also requested that, subsequent to their appointment, he should be given a mandate to lead a strategic review of the Company. No specific proposals were presented by Mr. Bramson. The Board of Electra has carefully considered Mr. Bramson's request and has decided to reject it. The Board of Electra actively keeps the Company's strategy under regular review, is of the opinion that the current strategy has delivered consistently superior long-term returns for all shareholders and sees no reason to deviate from this successful strategy. Over the 10 year period to 31 March 2014, Electra has delivered a share price total return of 268%, more than double the total return of the FTSE All-Share (129% over the same period) and more than six times the total return for the Morningstar Private Equity Index* (39% over the same period). The Company's diluted NAV per share total return for the period is equivalent to a ten-year annualised return on equity of 14%, at the upper end of our target range of 10-15%. The Board of Electra has a long-standing policy of being comprised wholly of independent non-executive directors. Mr. Bramson, representing a c.19% shareholder in the Company, would not be independent. The Company's consistently superior performance over the long term provides clear evidence to support this policy of complete independence. The Board has always listened, and will continue to listen, to the views of shareholders consistent with enhancing long-term shareholder value. The Board believes that maintaining an open dialogue with shareholders and a wholly independent Board structure best enables the Board to consider the interests of all shareholders without undue influence from any quarter. Enquiries Goldman Sachs International +44 (0) 207 774 1000 Anthony Gutman Alex Garner Ken Hayahara J.P. Morgan Cazenove +44 (0) 207 742 4000 Michael Wentworth-Stanley William Simmonds Greenbrook Communications +44 (0)20 7952 2000 Andrew Honnor Charlotte Balbirnie Matthieu Roussellier * The Morningstar Private Equity Index is a bespoke index prepared by Morningstar UK Limited reflecting the performance of 19 private equity vehicles, excluding Electra, quoted on the London Stock Exchange.
Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.