Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Electra unveils details of convertible bonds placing

Electra unveils details of convertible bonds placing

Following a placing and open offer in November for up to £100 million of subordinate convertible bonds, Electra Private Equity's board has revealed that of the £66.3 million placed, 90% went to current shareholders and 10% had gone to new shareholders.

The placing was opened to investors for roughly 20 days, starting at the end of November.  Although ordinary shares - priced 1686.0p- in the split cap trust trade on an 18.7% discount, the listed investment company is seen as one of the best picks in the closed-ended private equity space, reflected partly by the 11.1% premium on its zero dividend preference shares.

Between the end of January and December this year, however, the growth in its net asset value (NAV) per share has considerably lagged the benchmark.

Its NAV grew 20.8% over the period while the LPX Europe index surged ahead, returning 41.54% while the FTSE All Share increased by 11.8% over the same period.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Brewin's Gutteridge: Yuan direction

Brewin's Gutteridge: Yuan direction

This week Brewin Dolphin's research head chats to Fidelity Asian Investment Directors Jenny Lee and Gary Monaghan about the big changes in China.

Play On the Road Challenge: horsing around on the polo pitch

On the Road Challenge: horsing around on the polo pitch

Libby Ashby takes to the polo pitch with Stuart Leigh-Davies from Redmayne-Bentley for an 'On the Road' challenge.

Brewin's Gutteridge: where Miton's Godber sees value

Brewin's Gutteridge: where Miton's Godber sees value

This week Brewin Dolphin's research head talks to George Godber, co-lead fund manager of the Miton UK Value Opportunities fund, about value investing.

Your Business: Cover Star Club

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Profile: what tempted Brewin's Glasgow team over to Rathbones?

Rathbones’ Glasgow office has only been open for three months but the team, led by Angus Kerr, has already attracted new clients

Wealth Manager on Twitter