History

Set out below are some of the key milestones in Electra's development.

1935 - 1980 1981 - 1985 1986 - 1990 1991 - 1995 1996 - 2000 2001 - 2005 2006 - 2010 2011 - 2013 2014 - present
1935 - 1980

1935
Formation of the Company as Cables Investment Trust Limited by Cable & Wireless and Globe Investment Trust.

1975
Cables Investment Trust Ltd is renamed Electra Investment Trust Limited and becomes one of the early investors in the UK buyout industry.

1976
Electra Investment Trust lists on the London Stock Exchange with total net assets of £59 million.

1980
Electra Investment Trust becomes a founding shareholder of Candover Investments Plc.

As at 31 March Electra Investment Trust has total net assets of £76 million and a share price of 40p.

1981 - 1985

1985
As at 31 March Electra Investment Trust has total net assets of £249 million and a share price of 123p.

1986 - 1990

1986
Michael Stoddart appointed Chairman.

1990
Launch of £486 million, Electra Private Equity Partners fund. Electra Investment Trust commits £200 million.

As at 30 September Electra Investment Trust has total net assets of £468 million and a share price of 246p.

1991 - 1995

1995
As at 30 September Electra Investment Trust has total net assets of £749 million and a share price of 368p.

1996 - 2000

1997
Eversholt Leasing, one of three rolling stock leasing companies, originally created as part of the privatisation of the UK's railway industry, is sold to HSBC Holdings. Electra generates total proceeds of £92 million over 13 months; a return of 5.7x and an IRR of 467%.

1998
Record level of unlisted investment - £328 million in the year to 30 September.

1999
Electra Investment Trust begins share buy-back programme.

Tender Offer returns £544 million to shareholders.

PHS, a provider of products and services to commercial and industrial wash rooms, is sold to Charterhouse Development Capital. Electra generates total proceeds of £119 million over the four years; a return of 7.6x and an IRR of 74%.

Record level of unlisted realisations - £419 million in the year to 30 September.

2000
Michael Stoddart retires. Sir Brian Williamson appointed Chairman.

As at 30 September Electra Investment Trust has total net assets of £874 million and a share price of 1,034p.

2001 - 2005

2001
The Stationery Office, a supplier to Parliament and the Government of publishing, passport production, document management, printing and business supplies is fully realised. Electra generates total proceeds of £114 million over four and a half years; a return of 4.2x and an IRR of 61%.

During the year ended 30 September 2001, £150 million is repaid to shareholders via a tender offer. Between 1999 and 2007 Electra realises a total of £2.4 billion and returns £1.2 billion in cash to shareholders via tender offers and on-market share buy-backs.

2003
Gower, a manufacturer of self-assembly kitchens, is sold to Nobia. Electra generates total proceeds of £36 million over the 15 years of this investment; a return of 11.3x and an IRR of 26%.

2004
Safety Kleen Europe, the garage waste removal company, is sold. Electra generates total proceeds of £103 million over five and a half years; a return of 4.6x original investment and an IRR of 31%.

2005
As at 30 September Electra Investment Trust has total net assets of £521 million and a share price of 1,113p.

2006 - 2010

2006
Inchcape Shipping Services, the market leading supplier of marine services, is sold to Istithmar. Electra generates total proceeds of £102 million over seven years; a return of 2.7x and an IRR of 24%.

Electra Investment Trust is renamed Electra Private Equity.

2007
Electra wins the Investment Trusts magazine "Best Private Equity Trust" award.

2008
Freightliner Group, one of the UK's leading container freight rail companies, is sold to Arcapita. Electra receives final proceeds of £85 million. Over 12 years Electra generates a return of 5.5x and an IRR of 46%.

2009
Raises £46 million of net proceeds from Zero Dividend Preference Shares, through Electra Private Equity Investments PLC.

2010
Sir Brian Williamson retires. Colette Bowe appointed Chairman.

As at 30 September Electra Private Equity has total net assets of £725 million and a share price of 1,368p.

£100 million of 5% Subordinated Convertible Bonds issued.

2011 - 2013

2012
Capital Safety Group, a leading specialist safety equipment manufacturer, is sold to KKR. Electra generates net proceeds of £197 million over 13 years since the initial investment of £30 million in 1998; a return of 6.5x and an IRR of 23%.

Amtico, the luxury flooring manufacturer, is sold to US trade buyer Mannington Mills. Electra generates total proceeds of £74.5 million over 16 years; a return of 4.2x on original investment and a compound IRR of 14% per annum.

Electra wins the Money Observer "Private Equity Investment Trust of the Year" award.

Electra wins the Investment Week "Private Equity Investment Company of the Year" award.

2013
esure, the motor and home insurance provider, is listed on the London Stock Market. Including income and shares still held, the investment in esure generates total proceeds for Electra of £84 million over 3 years; a return of 3x on original investment and a compound IRR of 48% per annum.

Allflex, the animal identification systems business, is sold to BC Partners for $1.35 billion. Electra receives proceeds of £266 million, representing a gross return of 15x original cost (including income) over the 15 years of investment; an IRR of 28%.

2014 - present

2014
Dame Colette Bowe retires. Roger Yates appointed Chairman.

2015
Nuaire, the ventilation systems manufacturer, is sold to Polypipe Group Plc in a transaction with an enterprise value of £145 million. Electra received final proceeds of £72 million. Electra's total return on the investment was 3.8x original cost; an IRR of 18%.

Electra wins the AIC "Best Report and Accounts - Specialist" award.

As at 30 September Electra Private Equity has total net assets of £2,074 million and a share price of 5,149p.

Edward Bramson is appointed to the Board of Electra Private Equity PLC in November.

2016
Neil Johnson is appointed as non-executive Chairman and Director of the Company with effect from 12 May.

May - The Board announces that it has decided to establish an executive function and that it has served notice of termination of the contracts under which the Company had wholly and exclusively outsourced all of the Company’s activities to Electra Partners LLP (“Electra Partners”), with termination becoming effective on 31 May 2017.

October -The Board announces it intends to migrate from a listed investment trust to a “corporate” structure over time as it believes this could result in reduced expenses and reduced discounts to underlying portfolio value.

The Board announces a review of the Company’s portfolio (“Phase II”) will commence in June 2017.

Parkdean Resorts, a leading UK operator of caravan holiday parks is sold to Onex Corporation, for £1.35 billion.
Electra receives proceeds from the sale of £405 million, which with previous proceeds equates to a return of c.3.9x cost, and an IRR of c.46%.

Elian is sold to Intertrust Group N.V for £435 million. Electra receives proceeds of £199 million, which together with income and previous proceeds, equates to a return of 2.6x original cost, and an IRR of 55%.

Hollywood Bowl the UK’s largest ten-pin bowling operator is the subject of a successful IPO giving it a market capitalisation of £240 million.

December - Buy back of 2m shares at a Strike Price of 4,650 pence following a Tender Offer, resulting in consideration payable of £92m.

2017
In March Electra declares a special dividend of £1.0 billion, representing 2,612p per share.

Electra appoints G10 Capital Ltd, part of Lawson Conner Group to serve as the Company’s AIFM.

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