October 4, 2016 / 6:26 AM / a year ago

BRIEF-Electra Private Equity to draw 36 mln stg from Premier Asset Management IPO

Oct 4 (Reuters) - Electra Private Equity Plc

* Electra partners is pleased to announce that, following successful initial public offering (‘ipo’) of its portfolio company premier asset management group plc (‘premier’), it expects to partially realise electra private equity plc’s (‘electra’) investment in business

* On admission, electra is expected to receive cash proceeds of £36 million from redemption of preference shares and sale of ordinary shares in premier

* In addition electra will hold approximately 8% of issued ordinary share capital of premier with a valuation at offer price of £10 million

* Based on offer price, electra’s investment in premier has a value of £46 million, an uplift of £13 million or 39% on valuation of electra’s investment at 31 march 2016, implying an increase in nav per share of 26p

* Premier Asset Management announced IPO on Tuesday, raising gross proceeds of approximately £63.7 million Source text for Eikon: Further company coverage:

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