Electra's unexpected reprieve

Article Abstract:

Electra has evaded a hostile bid from 3i following a vote in which 76.1% of stockholders supported Electra's restructuring proposals. The battle to acquire Electra lasted three months, to April 15 1999, the day of the vote. Electra and 3i were initially involved in friendly discussions, but after they failed to achieve an agreement, 3i made a bid for Electra which would come into effect if stockholders did not accept restructuring proposals from Electra. Electra was able to find new allies, and 3i had not realised how much support there was for Electra's management from stockholders.

Electra Investment Trust PLC

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Venture capitalist to prune portfolio

Article Abstract:

The venture capital company, 3i, will alter the management of its portfolio, which includes some 3,000 companies. 3i has 200 investment executives in a regional network. There will be new specialist teams geared to different business activities. 3i may sell some traditional industrial stocks and aims to increase the proportion of technology stocks, which show faster growth. The company may be interested in offers from predators seeking to acquire stakes to use for launching bids.

Management

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Lowly enterprise trust faces shake-up

Article Abstract:

Colin McLean is seeking to gain control of Enterprise Capital, an investment trust managed by Ivory and Sime. Enterprise is a venture capital fund with a discount of some 10% and is scheduled for winding up in 2000. The board of Enterprise is likely to hold a meeting on Nov 7 1997. McLean aims to prevent an extension of the trust's life. Meanwhile, Scottish Value trust, a McLean investment vehicle, has increased its holding in another trust called Thompson Clive.

Enterprise Capital Corp., Scottish Value Trust

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