On 21 May, Electra Private Equity (ELTA) announced the board's intention to demerge Fridays - the largest of the two operating businesses (74% of ELTA's NAV) - onto the FTSE Main Market and, subsequently, to bring Hotter Shoes (10% of NAV) to AIM through reclassification of the Electra entity. This followed the 15 April announcement about the disposal of Sentinel for £22.2m (58.1p per share), £11.3m higher than the asset's carrying value on the balance sheet at 30 September 2020. ELTA has been following a realisation strategy since October 2016, when it had a market cap of c £1.7bn, and has since returned c £2bn to shareholders. Since our December 2020 initiation note, the shares have appreciated from a 22% discount to NAV to currently trading at a 7% premium. The share price has almost doubled from 275.5p to 550.5p per share.Den vollständigen Artikel lesen ...