Electra unveils valuation impact of esure IPO

FTSE 250-listed Electra Private Equity has unveiled the valuation impact of the initial public offering of UK motor insurer esure, its third largest investment of September 30th 2012.

FTSE 250-listed Electra Private Equity has unveiled the valuation impact of the initial public offering of UK motor insurer esure, its third largest investment of September 30th 2012.

In February 2010, Electra invested £30m via the Tosca Penta Investments LP fund in the management buyout of esure from Lloyds Banking Group, led by Peter Wood, founder and Executive Chairman of esure.

To date, £15.3m of Electra's original investment has been repaid.

As a result of esure's IPO, Electra is due to receive further cash proceeds of £51.5m which represent the repayment of the remaining prior ranking capital, the yield thereon, and the sale of ordinary shares.

In addition, Electra - via its holding in the Tosca Penta Investments LP fund - will hold 6.19m ordinary shares in esure which are subject to over-allotment or lock-up arrangements. At the IPO price, these shares have a valuation of £17.9m.

This represents anuplift in Electra's diluted Net Asset Value (NAV) per share of 33p from the audited accounts at September 30th 2012, as well as the Interim Management Statement at December 31st 2012.

Electra Private Equity's share price was up 0.08% to 2,368p at 08:28 on Friday.

MF

Recommended

Improve your odds of investment success with these three stocks
Share tips

Improve your odds of investment success with these three stocks

Professional investor Tom Wildgoose of the Nomura Global High Conviction Fund highlights three of his favourite stocks.
2 Aug 2021
How to profit from pampered pets beyond the pandemic
Share tips

How to profit from pampered pets beyond the pandemic

Covid-19 has greatly boosted ownership. But the market had been expanding for years, and demographic, cultural and medical trends all point to long-te…
30 Jul 2021
Share tips of the week – 30 July
Share tips

Share tips of the week – 30 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Jul 2021
Robinhood is going public – should you invest?
US stockmarkets

Robinhood is going public – should you invest?

Online stockbroking app Robinhood is going public on the US stock exchange. Saloni Sardana looks at whether it's worth a punt.
29 Jul 2021

Most Popular

Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Cryptocurrency roundup: Twitter founder’s “DeFi” platform
Bitcoin & crypto

Cryptocurrency roundup: Twitter founder’s “DeFi” platform

In crypto this week: regulators are getting worried; Jack Dorsey’s bitcoin DeFi platform; and dogecoin’s co-founder lambasts cryptocurrencies.  Salon…
16 Jul 2021