Electra Private Equity will seek shareholder approval to change its name and remove the words 'private equity' to better reflect its revised strategic focus.
It said the proposal was one of the key outcomes of phase II of the strategic review first announced on 25 Jan.
The commencement of phase II was announced on 1 Jun, following assumption of responsibilities from the former manager.
It said the key outcomes of phase II were:
- The Board intends to continue its strategy of focusing on optimising return on shareholder capital. The Board considers that current market conditions do not support new investment. However, should conditions change the Board will consider further investment.
- In line with this capital allocation strategy, the board has declared a further special dividend of £350 million, or 914p per share. This will be paid on 1 Dec to shareholders on the register of members at the close of business on 3 Nov
- Subject to shareholder and regulatory approval the company will update its investment policy to reflect a focus on shareholder returns and will explore options for reclassification of its current listing.
- Taxation benefits related to the realisation of assets currently provided through the Company's Investment Trust Company tax status are expected to be obtained through the Substantial Shareholding Exemption (SSE) should its listing classification change.
- Actions will be taken to further simplify the group's corporate and underlying partnership structures realising cost and efficiency benefits.
At 8:13am: (LON:ELTA) Electra Private Equity Plc share price was +73p at 1798p