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UK fund Electra says third quarter NAV drops 0.1 percent

Published 14/08/2014, 08:59
UK fund Electra says third quarter NAV drops 0.1 percent

LONDON (Reuters) - UK Electra private equity plc (L:ELTA) said on Thursday its diluted net asset value per share went down by 0.1 percent to 2,910 pence in the three months to end of June 2014, partly forced down by currency shifts.

The group said that it had spent 124 million pounds on new assets over the period, including 84 million pounds in Ogier Fiduciary Services and 33 million pounds in Innovia Group.

Electra said it has realised 47 million pounds of asset disposals over the period, but that currency movements decreased the value of the portfolio by 11 million pounds.

Last month Electra rejected a request from activist investor Edward Bramson to join its board and lead a strategy review. Bramson's Sherborne Investors Management is the firm's largest shareholder with a 19.04 percent stake.

Shares in the firm were last trading flat at 2,655 pence each.

(Reporting by Sophie Sassard and Freya Berry, editing by William Hardy)

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