Notice of General Meeting re reduction of capital

For Immediate Release

Electra Private Equity PLC

Reduction of Capital Circular and Notice of General Meeting and Half Year Results

21 May 2020

Reduction of Capital

Electra Private Equity PLC (the "Company") is today posting a circular (the "Circular") to shareholders in connection with a proposed capital reduction by the Company (the "Reduction of Capital"), including notice of a general meeting to be held at the offices of the Company at 17 Old Park Lane London W1K 1QT on 19 June 2020 at 11.00 am. A form of proxy relating to voting at the General Meeting will also be posted to Shareholders today.

The Circular will also be submitted to the Financial Conduct Authority's Electronic Submission Service and may shortly be viewed on the National Storage Mechanism (NSM) at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.  A copy of the Circular will shortly also be made available on the Company's website at www.electraequity.com.  

The Circular sets out a proposal for the entire share premium account and the capital redemption reserve of the Company to be cancelled. The effect of the Reduction of Capital, if approved by Shareholders, will be to enable the Company to increase its distributable reserves by the aggregate of the relevant balances on the Company's share premium account and capital redemption reserve in existence at the time the proposed cancellations take effect.

The proposed Reduction of Capital is conditional upon the passing of the special resolution set out in the notice of General Meeting by the Company's shareholders, as well as approval being obtained from the High Court of Justice of England and Wales (the "Court").

The purpose of the Reduction of Capital is to create distributable reserves that will give the Company the flexibility to pursue its stated investment objective and continue its managed wind down by enabling it to make future distributions of profits in cash or in specie to Shareholders and/or make future purchases of its own shares. In seeking approval of the Reduction of Capital, the Directors are not indicating any commitment and, do not have any immediate intention, to make any distributions or buy back any Ordinary Shares.

The proposed Reduction of Capital itself will not involve any distribution or repayment of capital or share premium by the Company and will not reduce the underlying net assets of the Company. Following the implementation of the Reduction of Capital there will be no change to the number of Ordinary Shares in issue and no new share certificates will be issued as a result of the proposed Reduction of Capital.

Half Year Results

The Company has published today by means of a separate announcement through the RNS its half year results for the six months to 31 March 2020, which can be viewed on the London Stock Exchange's website at www.london stockexchange.com and the Company's website at www.electraequity.com

-ENDS-

For further information please visit www.electraequity.com or contact:

Gavin Manson
Chief Financial and Operating Officer
Electra Private Equity PLC
17 Old Park Lane
London
W1K 1QT
Tel: +44 20 3874 8300