Electra initiates sale process

The LP has appointed Greenhill to advise on the process, which constitutes the third phase of an extensive review initiated at the start of 2016. The third phase focuses on the consideration of whether to explore offers for the firm in its entirety, to consider the sale of its entire portfolio or to explore the sale of individual assets.

Electra said in a statement that it has not yet received any formal approaches with regards to a takeover, but that it has received expressions of interest in the sale of its entire portfolio and is currently in "early-stage" negotiations surrounding the sale of individual assets.

The 2016 review was launched two months after shareholders voted in favour of activist investor Edward Bramson and Ian Brindle taking seats on the company's board of directors during a general meeting.

Four months after the board changes, the contract of Epiris (then known as Electra Partners) to be the investment portfolio manager of Electra Private Equity was put on termination notice, with the GP's mandate ending in May 2017. Epiris has since gone on to raise its first fund as an independent manager, which has a target of £1bn and has made three investments to date.

The latest development comes 19 months after Electra announced it was to move away from its status as a listed investment trust to a corporate structure and return £200m of capital to shareholders by way of a tender offer.

Electra has reported a 3.9% increase in its net asset value to £425m across the six-month period ending in March 2018. As part of the sale process announcement, it also announced that it is to pay a dividend of 25 pence per share to stakeholders.

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