Electra Lines Up Investments as NAV Rises

LONDON (Reuters) – London-listed Electra Private Equity Plc (ELTA.L) said it had seen an increase in possible investment targets during its third quarter to end-June in which its net asset value (NAV) rose 3.9 percent.

NAV was at 1,571 pence per share compared to 1,512 pence at end-March, reflecting performance of quoted assets. The group had not fully revalued its portfolio including non-quoted stakes, it said on Friday.

“Although new investment and realisations remained at low levels over the three months to June 30, there was an increase in the number of new investment opportunities,” chairman Brian Williamson said in a statement.

Its stock rose by 64 percent in the period to 940 pence, but has since fallen back to below 900 pence. By 0738 GMT, the shares stood at 913 pence, a 2 percent rise on the day.

At the end of March, Electra revalued its portfolio down by 16 percent.

Electra invested 8.4 million pounds ($13.7 million) in the three months to June 30. That brought the total invested over nine months to 69.8 million, heavily skewed to the first quarter and shy of the 75.1 million invested in the 2007-08 period.

Electra received realisation proceeds of 6.5 million pounds for period, bringing the total to 24.5 million for the nine months, less than a quarter of the prior year’s figure.

(Reporting by Joel Dimmock; Editing by Dan Lalor) ($1 = 0.6150 pound)