Electra Private Equity PLC Update on Strategic Review and Formal Sale Process (7586Y)

TIDMELTA

RNS Number : 7586Y

Electra Private Equity PLC

24 August 2018

FOR RELEASE 7am 24(th) August 2018

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

24th August 2018

Electra Private Equity PLC

("Electra" or the "Company")

Update on Strategic Review and Formal Sale Process

On 24th May the Company announced the third and final stage of its strategic review. The objective of the review is to consider all options for the future direction of the Company and to implement a strategy to optimise shareholder value.

As well as considering other options, the third phase of the strategic review included consideration of selling the entire portfolio of assets either at asset level or through a sale of the Company. In May, at the same time as exploring the possibility of selling some or all of the assets, a Formal Sales Process (FSP) as referred to in the City Code on Takeovers and Mergers (the "Takeover Code") was launched in order to meet the regulatory requirements of considering a sale of the Company.

The Board has since received interest in acquiring each of the portfolio assets (individually and in groups) however no firm interest has been received in acquiring the Company. As such the Board today con rms that it has closed the FSP and terminated discussions with interested parties regarding potential acquisition of the Company. Accordingly, the Company is no longer in an "Offer Period" as de ned in the Takeover Code and the requirement to make disclosures under Rule 8 of the Code has now ceased.

Discussions continue with a number of parties over the possibility of acquiring portfolio assets individually and in groups, however there can be no certainty that the discussions will result in one or more transactions over any or all of the portfolio assets that are acceptable to the Board.

The outcome of the third and final stage of the strategic review will be announced by the end of October.

Throughout the course of this review the Company continues to support its portfolio companies in delivery of their strategies.

Commenting, Neil Johnson, Chairman of Electra Private Equity PLC, said:

"In May we announced that as part of the third and final stage of our strategic review we would consider selling some or all of our portfolio assets either at asset level or through the sale of the Company. Whilst as part of our review we continue to explore interest in the portfolio of assets, individually and in groups, with each of our main assets having received more than one expression of interest, we are no longer considering a sale of the Company and have therefore terminated the regulated Formal Sales Process.

The final stage of our strategic review continues, and we anticipate announcing the result before the end of October.'

For further information, please contact:

Electra Private Equity PLC

Gavin Manson, Chief Financial Officer 020 3874 8300

Greenhill

David Wyles / Brenlen Jinkens / Michael Lord 020 7198 7400

Brunswick Group

Gill Ackers 020 7404 5959

The person responsible for arranging for the release of this announcement on behalf of Electra Private Equity PLC is Gavin Manson, Chief Financial Officer.

Further information

Greenhill & Co. International LLP ("Greenhill") is authorised and regulated by the FCA in the United Kingdom. Greenhill is acting exclusively as financial adviser for the Company and for no one else in connection with the matters referred to in this Announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Greenhill, or for providing advice in relation to the matters referred to in this Announcement. Neither Greenhill nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Greenhill in connection with the matters referred to in this Announcement.

A copy of this announcement is also available on Electra's website at www.electraequitycom.

Note: The composition of the company's corporate investment portfolio is unchanged from 31st March 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 24, 2018 02:00 ET (06:00 GMT)