The Electra plc Board has declared a first Special Dividend FY20 of £12 million or 31p per share payable on 24 January 2020 to shareholders on the register at close on 27 December 2019.
Other financial highlights include:
Net asset value ("NAV") at 30 September 2019 of £210.0 million (548.4p per share);
Valuation of the four largest controlled investments increased by 30.6% on prior year to £186.6 million, comprising 88.9% of NAV (97.1% excluding cash);
The Company's objective is to optimise and realise value in remaining portfolio over a two-year period and distribute to shareholders, and opportunities to accelerate distribution of value will be explored;
Special Product Company ("SPC") and two smaller investments realised post year end at a £1 million uplift to NAV with £12 million cash received;
Remaining fully controlled assets (TGI Fridays ("TGI"), Hotter Shoes ("Hotter") and Sentinel Performance Solutions ("Sentinel")) have combined LTM maintainable EBITDA of £35.5 million with net debt of £55.3 million (including cash held centrally);
Cash operating costs will be reduced to less than £3 million p.a. from January 2020;
