Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of 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
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter