Electra Private Equity PLC Edison issues update on Electra Private Equity
28 September 2021 - 4:00PM
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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