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London-based listed firm Electra Private Equity in cash placing to raise capital for attractive opportunities

22 Jul 2009

London-based listed firm Electra Private Equity’s new wholly-owned subsidiary, Electra Private Equity Investments, is undertaking an institutional cash placing to raise gross proceeds of up to £60m (€69.3m) by the issue of zero dividend preference shares.

The board at Electra felt it was an appropriate time to seek additional capital to take advantage of current and future private equity investment opportunities – specifically distressed sellers and a lucrative pricing environment. Electra is targeting bolt-on acquisitions to existing investments, capital for restructuring, PIPEs, secondary investments and development capital.

“We are pleased, in this environment, to have secured renewed banking facilities. Together with our net liquid resources of £87m (€100.6m) as at 30 June 2009, Electra has over £270m (€312m) of investment capability and is well positioned to take advantage of the growing number of investment opportunities in the market,” said Sir Brian Williamson, chairman of Electra.

Williamson is the former chairman of The London International Financial Futures and Options Exchange, Gerrard Group, Resolution Life Group and a former non-executive director of the Financial Services Authority and of the Court of the Bank of Ireland.

Electra also announced that it has agreed to terms with its existing lenders for a three and a half year, £185m multi-currency revolving credit facility. This agreement will expire in January 2013.

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