Electra Private Equity, the listed arm of Electra Partners, has seen its NAV per share creep up 8.5 per cent over the year but its share price has at the same time dipped 0.6 per cent. That share price drop must be put in the context of the FTSE All-Share Index sinking 7.4 per cent for the year to the end of September as a result of eurozone jitters.
As of 30 November, Electra’s NAV per share was 2,221p, although the 8.5 per cent annual uptick in value came in at 46.7 per cent when accounting for dividends.
A further 54p was added to each share’s NAV from the recent sale of safety equipment specialist Capital Safety Group to KKR for $1.2bn (€897.8m), according to Oriel Securities.
“Against the background of a tightening banking market and shortage of capital, Electra’s high level of investment capacity is likely to be extremely advantageous. Electra therefore remains well placed for the challenges ahead,” said Hugh Mumford, managing partner of Electra Partners.
Electra’s listed trust is sitting on a warchest after issuing a well-timed £100m (€116.9m) bond last December, equipping it with leverage before the debt market ground to a halt in the summer.
It also refinanced a credit facility, extending its loan to £195m and the term to June 2016.
Currently the fund has £290m of investment capacity.