Electra Private Equity PLC (“Electra”) announces the sale of heating products manufacturer BDR Thermea Group BV (“BDR”).
Completion of this transaction will take place on 31 October 2011, from which date the Remeha Group BV in the Netherlands will be the sole shareholder of BDR.
Electra’s portfolio, including BDR, will be revalued on 30 September 2011. However, based on the 31 March 2011 valuation of BDR, this sale would result in an approximate uplift in diluted NAV per share of 30p. This is on the basis of today’s exchange rate and that full sale proceeds due to Electra, including deferred proceeds expected to be received over a number of years, were to be received today.