Electra Private Equity PLC (ELTA.L) announced that, as a result of the exercise by JP Morgan Securities of the over-allotment arrangement in connection with the initial public offering of UK insurer esure, it has made a subsequent disposal of shares in esure.
Electra said it has sold 4 million of the 6 million esure shares it held post initial public offering or IPO, via its holding in the Tosca Penta Investments LP fund. The shares were sold at the IPO price of 290 pence and will result in Electra receiving further proceeds of 11.2 million pounds.
Electra noted that it retains 2 million shares in esure which are subject to lock-up arrangements. At the IPO price, these shares have a valuation of 6.4 million pounds.
Electra stated that the disposal has no further impact on its diluted NAV per share in addition to that already announced on 22 March 2013.
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