Electra sees positive results despite shareholder tensions

Ellie Pullen
28 November 2014

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Electra Private Equity saw a 15% increase in net asset value per share for the year to September 2014, despite ongoing tensions between the firm and Sherborne Investors.

Diluted NAV per share increased to 3,174p. Over a 10-year period, diluted NAV per share – including dividends – increased by 262%, which is equivalent to a 10-year annualised return of 14%.

Electra reaped a 25% total return from its existing portfolio for the year and saw £246m total portfolio returns.

The firm invested a total of £410m over the 12-month period, with notable investments including Hotter Shoes in January for around £200m and The Original Bowling Company in September for £91m.

Electra's performance comes despite a long-running battle between its board and Sherborne Investors, which demanded in August that directors call a general meeting of Electra's shareholders.

The most recent development in the case saw Electra's shareholders vote against resolutions to install Sherborne's Edward Bramson and Ian Brindle, while removing Geoffrey Cullinan from the board of Electra. Sherborne has been trying to gain enough power to conduct a strategic review of the firm.