Intention to raise up to £60 million by the issue of Zero Dividend Preference Shares
20 July 2009
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OF AMERICA OR TO US PERSONS
THIS ANNOUNCEMENT IS AN ADVERTISMENT AND NOT A PROSPECTUS AND INVESTORS SHOULD NOT SUBSCRIBE FOR OR PURCHASE ANY SHARES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION IN THE PROSPECTUS TO BE PUBLISHED BY ELECTRA PRIVATE EQUITY INVESTMENTS PLC IN CONNECTION WITH THE PROPOSED PLACING
Electra Private Equity plc (Electra) announces that its new wholly-owned subsidiary, Electra Private Equity Investments PLC (the "Company") is undertaking an institutional cash placing (a "Placing") to raise gross proceeds of up to £60 million by the issue of Zero Dividend Preference Shares ("ZDP Shares"). The Company has been incorporated solely for the purpose of issuing and redeeming the ZDP Shares.
The Company expects to publish a pathfinder prospectus in connection with the Placing on or around 22nd July 2009.
J.P. Morgan Cazenove Limited is acting as sole bookrunner to the Placing.
Immediately following the Placing, the Company will lend to Electra the net proceeds of the Placing, which will be managed in accordance with Electra's investment policy.
Electra also today announces that it has agreed terms with its existing lenders for a 3.5-year, £185 million multi-currency revolving credit facility. This agreement will expire in January 2013.
A full copy of this announcement is attached.
Intention to raise up to £60 million by the issue of Zero Dividend Preference Shares