Electra Private Equity : 2021 Half Year Report Supplementary Information

Electra Private Equity PLC

2021 Half Year Report - Supplementary Information

21 May 2021

Important notice

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This document has been prepared by Electra Private Equity PLC (the "Company"). The information and opinions contained in this document and any other material discussed verbally in connection with it are provided as at the date of this document and no person undertakes to update or correct them. The information includes forward-looking statements and statements of opinion which are based on the Company's current expectations and projections about future events, but are subject to various risks and assumptions, and actual events or circumstances may differ materially from those indicated in these statements; none of these statements should be taken as forecasts or promises. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any other person as to the accuracy, completeness, fairness or correctness of the information or opinions contained in this document or any other material discussed verbally; no reliance should be placed on such information and no responsibility or liability is accepted for it.

This document does not constitute, or form part of, any offer to sell or issue, or invitation to sell, purchase or subscribe for, or any solicitation of any offer to sell, purchase or subscribe for, any securities of the Company or of any other entity. Neither this document nor any part of it should be relied on in connection with any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any other investment advice. Shareholders and prospective investors should make their own independent evaluation of any investment in the Company.

The securities of the Company have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state in the United States and may not be offered or sold in the United States, except in reliance on an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

By attending the presentation or meeting to which this document relates or by being in possession of this document you accept and agree to comply with the contents of this notice.

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Chairman's Quote

"With the recent sale of Sentinel, we enter the final stage of our strategy with confidence, having returned over £2 billion to shareholders since October 2016. The new management teams at our two remaining larger portfolio assets, Fridays and Hotter, have performed admirably through the pandemic, not just sustaining their businesses in the most difficult circumstances, but also transforming them. In light of this, and their potential for further significant longer term value creation, the Board has decided that the optimal outcome for shareholders is likely to lie in a capital market solution for both businesses. It is our intention to demerge Fridays onto the FTSE Main Market late in the third quarter of this year and, subsequently, in the fourth quarter, to bring Hotter on to AIM through reclassification of the Electra entity. Plans are well advanced for both listings."

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Composition of Net Asset Value

As at	31 March 2021	30 September 2020
	£m	p/share	£m	p/share
Fridays	146.2	381.9	106.6	278.5
Sentinel	22.2	58.0	10.9	28.5
Hotter	19.2	50.2	5.8	15.2
SPC	1.1	2.9	1.0	2.6
Other	4.0	10.5	4.3	11.2
Cash and cash equivalents	4.5	11.9	6.9	18.0
Other net liabilities	(0.4)	(0.1)	(0.2)	(0.5)
Total NAV	196.9	514.3	135.3	353.4

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Key Investments

		Impact on valuations from movements in
	Sep-20	EBITDA	Market Multiples	Discount	Net Debt	Mar-21
£m
TGI Fridays	106.6	(1.7)	63.2	-	(21.9)	146.2
Hotter	5.8	20.8	5.0	(17.4)	5.0	19.2
	112.4	19.1	68.2	(17.4)	(16.9)	165.4

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