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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Trouble brews in B&M as bargain shops take a hit
Opinion Once a stock market darling, B&M's share price has slumped. What has gone wrong for bargain shops?
-
US and China reach a ceasefire in their trade war after talks in London
The US and China's trading relationship – the most important one in the global economy – is back on track. Will the truce last?