Electra Private Equity PLC Directorate Change (4284Z)
24 Enero 2022 - 9:37AM
UK Regulatory
TIDMELTA
RNS Number : 4284Z
Electra Private Equity PLC
24 January 2022
Unbound Group plc
Directorate Changes on Planned Relisting on AIM
24 January 2022
Further to this morning's announcement of the change of the
Company's name from Electra Private Equity PLC ("Electra") to
Unbound Group plc ("Unbound" or the 'Company"), the Board of
Unbound announces further significant steps in anticipation of the
Company's planned Admission to AIM, which is expected to be
effective on 31 January 2022:
-- It has resolved that with effect from admission to AIM:
-- Ian Watson and Daniel Lampard be appointed Directors of the
Company as Chief Executive Officer and Chief Financial Officer
(respectively)
-- Neil Johnson will continue as Non-Executive Chairman, having
previously been Executive Chairman
-- Gavin Manson will step down from his role as Chief Financial
and Operating Officer and will continue on the Board as a
Non-Executive Director.
Following an initial announcement in May 2021 of the Company's
intention to bring Hotter on to AIM through reclassification of the
Company, the formal process to complete the transition of Electra
Private Equity PLC to Unbound Group plc began last year with
shareholder approval of the transition being granted at the
Company's General Meeting on 30 December 2021.
The transition, to be finalised through admission to AIM,
expected on 31 January 2022, marks the final stage of the
successful implementation of Electra's realisation strategy, which
began in 2016 with a Board review of the Company's investment
strategy and policy and its structure. During the subsequent
realisation phase, Electra returned over GBP2.2 billion of cash to
shareholders from a starting market capitalisation of GBP1.1
billion, with Hostmore plc, demerged in November 2021 and Unbound
Group plc well positioned to further increase shareholder
value.
Neil Johnson, Chairman of Unbound, commented:
"The changes announced today mark continuing preparation for the
finalisation of the value realisation strategy that we have
successfully implemented in recent years and which we intend to
complete with the planned transition to AIM on 31 January.
Having delivered what we set out to do over the past six years,
in delivering the creation of shareholder value whilst leaving
behind strong and sustainable businesses, up to the demerger of
Hostmore PLC in November 2021, Electra has delivered an annual
Total Shareholder Return of 15.3%, more than double that of the
FTSE 250 at 7.3%.
Both Hostmore and Unbound are now well capitalised businesses
with strong management in place and credible plans to develop
further significant shareholder value over the short and longer
term.
The transition marks a new beginning, and, with Ian and Dan, we
look forward with confidence to implementing the strategy for
Unbound Group plc on AIM and building a successful and sustainable
business."
The Company will continue to operate as an Investment Trust
throughout its current accounting period ending 30 January
2022.
ENDS
ENQUIRIES
Unbound Group plc
Gavin Manson, Chief Financial and Operating Officer
020 3874 8300
Unbound Group plc and Hotter Shoes
Jenna Shillcock
01695 712720
Vico Partners
Sofia Newitt
020 3957 5045
NOTES TO EDITORS
Electra Private Equity PLC
Electra is a private equity investment trust which has been
listed on the London Stock Exchange since 1976. Electra's
investment objective is to follow a realisation strategy, which
aims to crystallise value for shareholders, through balancing the
timing of returning cash to shareholders with maximisation of
value. Since 1 October 2016, Electra has distributed over GBP2.2
billion to shareholders through ordinary dividends, special
dividends, a share buyback and the demerger of Hostmore plc.
Unbound Group plc
Unbound Group plc will be the parent company for a range of
brands focused on the 55 plus demographic. Initially focused on
Hotter Shoes, Unbound's curated, multi-brand retail platform will
offer additional products and services that will enhance the
enjoyment and wellbeing of its targeted customer community. This
online platform will be based on the foundations of Hotter as a
trusted brand, cloud-based digital infrastructure, and strong
customer personalisation through data insight. Unbound's expanded
offering beyond footwear will feature apparel and wellness products
and services, with third-party complementary brands featuring
alongside new Unbound brands, as well as Hotter.
Hotter Shoes
Hotter Shoes has been transformed from a retail to a
multi-channel business with a strong and growing digital focus over
the last 2 years, and is now a fast-growing, profitable and
cash-generative e-commerce focused footwear brand. Hotter provides
footwear with uncompromising focus on comfort and fit through the
use of differentiating technology, to a targeted demographic that
values its brand and products. Hotter's direct-to-consumer channels
now reach 29% of the female population in the UK over the age of
55, providing them with footwear that allows them to do more of
what they love. Cultural and demographic shifts now provide an
opportunity to further monetise the existing Hotter customer
database and grow it through the addition of similarly themed
products beyond footwear.
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END
BOAPPUPWGUPPGAC
(END) Dow Jones Newswires
January 24, 2022 10:37 ET (15:37 GMT)
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