Electra stock rises as realisations hit £90m

The UK-listed trust enjoyed a good quarter for exits and is now back deploying capital.

Electra Private Equity, a London-listed investment trust, said its net asset value per share inched up by 0.6 percent in the final quarter of 2013, the first of its financial year. 

Reporting its interim management results this morning, Electra said diluted NAV per share stood at £27.81 at the 31 December 2013, up from £27.64 at the end of the previous quarter, after a three-month period in which the trust booked realisation proceeds of £89 million ($145 million; €107 million).

During that period, the trust invested just £15 million – “a relatively subdued level”, according to chairman Colette Bowe.

However, it has since agreed two new deals in the first quarter of this year: retailer Hotter Shoes, in which it will invest £85 million, and fund administration group Ogier Fiduciary Services, in which it will invest £83 million.

Electra's share price rose 7 percent during the quarter, leaving it up 24 percent for 2013 as a whole. That compares favourably to the FTSE all-share index, which was up 5 percent in the quarter and 23 percent for the year.

At 10.06 GMT, shares in Electra Private Equity were trading at £23.96, up 0.13 percent. That represents a 14 percent discount to NAV.