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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Unbound Group Plc | LSE:ELTA | London | Ordinary Share | Ordinary Shares |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 63.80 | 60.60 | 63.60 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7014I Electra Investment Trust PLC 13 March 2003 Electra Investment Trust PLC ("Electra" or "the Trust" or "the Company") AGM Statement 13 March 2003 At the AGM held earlier today, Sir Brian Williamson, Chairman of Electra Investment Trust PLC made the following statement: "Electra's investment policy, which was approved by shareholders in June 2001, primarily focuses on the realisation of investments and returns of capital, with at least two-thirds of cash flow from realisations being returned to shareholders. In June 2001 the Board anticipated, subject to market conditions, that this would result in #500 million being returned to shareholders over the next three years. A first tranche of #150 million was returned in 2001, leaving a remaining target of #350 million. Since June 2001, the climate for realisations has become more challenging as stock markets have fallen and economic conditions worsened. As an illustration, the Trust's Manager estimates that over the last 18 months prospective disposals with a cumulative value of some #200 million had to be deferred. Despite this, during the year to September 2002 cumulative realisations raised #137 million for the Trust. Substantial realisation prospects continue to be progressed and the Board remains determined to ensure that disposals are made on terms that achieve the best value for shareholders. The Board is committed to ensuring that further returns of capital are made, consistent with the investment strategy approved by shareholders. Current economic conditions have made it necessary for the Trust to apply most of the disposal proceeds in 2002 to sustain or enhance the value of existing investments. The Board expects that the requirement for such investments is likely to reduce, and accordingly the bulk of future realisation proceeds will be available to reduce the Trust's gearing and to finance further returns of capital to shareholders. Having regard to the progress to date of the Trust's investment strategy and given the likely timing of realisations in current market conditions, the Board's priority is to ensure that the return of the #350 million to shareholders is completed as quickly as market conditions permit." All six resolutions proposed at the Company's AGM held today were duly passed. Enquiries: Sir Brian Williamson, Electra Investment Trust PLC Tel: 020 7831 6464 Hugh Mumford, Electra Partners Limited Tel: 020 7831 6464 This information is provided by RNS The company news service from the London Stock Exchange END AGMJJMJTMMABBPJ
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