Electra to change name and investment policy after second phase of strategic review

Paying out special dividend

Electra Private Equity has completed the second phase of its strategic review, which has led to the decision to change its name and investment objective, while announcing a special dividend among other planned changes.

The board of the £2.1bn private equity investment trust kicked off a strategic review last May, for the first time in a decade, in response to pressure from shareholders including Edward Bramson's Sherborne Investors. In October 2016, the board announced plans to migrate the trust to a corporate structure, which was viewed as a disappointing move by trust analysts despite the board saying the shift would result in substantial savings. The conclusions of the second phase of its review will see the board update the investment policy of the trust to reflect a focus on shareholder returns...