The board of the Electra investment trust has decided to wind up the company following the third stage of its strategic review.
Having agreed the sale of its larger non-controlled assets, Photobox and Knight Square, to funds advised by Lexington Partners, the fund will only hold TGI Fridays, Hotter Shoes and a few smaller positions. The board said it would be "inappropriate" to continue to pursue value creation due to the concentrated nature of the portfolio and the structural inefficiency in reinvesting in a listed private equity vehicle with a significant market discount to NAV. A managed wind-down of the portfolio will begin to return cash to shareholders. Until it is wound up, the company will continue to ...
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