Further to the announcement of 4 October 2018, Electra is pleased to announce that it has completed the sale of its interest in Photobox to funds advised by Lexington Partners L.P.
Electra has received proceeds from the sale of £98m.
As announced on 4 October 2018, the Board has convened a general meeting of the Company to be held at the offices of Allen & Overy LLP, One Bishops Square, London E1 6AD at 10.00 a.m. on 30 October 2018 to consider the adoption of a revised investment objective and policy. Further details of the general meeting and revised investment objective and policy are set out in the shareholder circular that was posted to shareholders on 4 October 2018. Subject to shareholder approval, the Board intends to distribute excess cash as an initial special dividend of £140m in December 2018.
The person responsible for arranging for the release of this announcement on behalf of Electra Private Equity PLC is Gavin Manson, Chief Financial Officer.