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Share Name Share Symbol Market Type Share ISIN Share Description
Electra Private Equity Plc LSE:ELTA London Ordinary Share GB0003085445 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -4.00 -5.88% 64.00 64.80 67.00 69.80 63.20 69.80 228,251 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.7 -1.8 -5.0 - 25

Electra Private Equity PLC Edison issues update on Electra Private Equity

28/09/2021 7:00am

RNS Non-Regulatory


TIDMELTA

Electra Private Equity PLC

28 September 2021

London, UK, 28 September 2021

Edison issues update on Electra Private Equity (ELTA)

On 16 September, Electra Private Equity (ELTA) issued a trading update for its largest remaining hospitality brands, Fridays and 63rd+1st, and named the board members for Hostmore, the parent company of those brands. ELTA's board confirmed its intention to demerge Fridays - the largest of the two operating businesses (74% of ELTA's NAV) - onto the Main Market of the London Stock Exchange (initially announced in May), early in Q421. The board aims to transition the remaining company, Hotter Shoes (10% of ELTA's NAV), to AIM, renaming it Unbound. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c GBP1.1bn, and has since returned c GBP2bn to shareholders. Since our initiation note published in December 2020, ELTA's NAV has appreciated c 45% from GBP135m to GBP197m. The market capitalisation of c GBP222m and a c GBP320m management valuation for Hotter and TGI Fridays (excluding cash, see below) implies further upside for ELTA's share price.

Electra Private Equity's (ELTA) investment objective is to follow a realisation strategy, which aims to crystallise value for shareholders through balancing the timing of returning cash to shareholders with maximisation of value. ELTA intends to use cash and other liquid assets for transaction costs and to support the balance sheet of TGI Fridays and Hotter Shoes businesses for listing.

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