Investor backs Electra proposals
Tuesday 13 April 1999
It is the first investor to come out publicly ahead of today's vote on Electra's pounds 544m reconstruction proposals that will decide the trust's fate.
General Electric Investment manages the pensions contributions of employees with the American engineering giant, but is separate from GE Capital, which has been touted as a white bidder for Electra.
Jim Mara, a senior vice-president of GE Investment, said yesterday: "Electra has a management team we have known for 15 years. At this point, our position is that we are backing the known versus the unknown management teams."
In addition to the direct stake in Electra Investment Trust, GE also has a number of direct investments in Electra-sponsored buyouts, which it is concerned could be upset by a change in ownership.
The big battalions, including Legal & General and Prudential, have so far refused to show their hands, although they are widely believed to have shifted in favour of 3i after the sharp rise in 3i's share price last week.
Electra's proposals to buy back 40 per cent of its capital from shareholders at 786p and wind up the trust within five years need the support of 75 per cent of shareholders.
- 1 This 'woman calls police to order pizza' story isn't going where you're expecting
- 2 Marijuana use by teenagers does not result in a lower IQ or worse exam results, study finds
- 3 Watch what happened when food critics were unknowingly served McDonald's
- 4 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
- 5 NHS staff banned from drinking tea or coffee on the job because it looks like they're not working hard enough
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Kim Jong-un 'purge': Six North Korea officials missing for weeks 'may have been executed'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Thousands with degenerative conditions classified as 'fit to work in future' – despite no possibility of improvement
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
iJobs Money & Business
£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...
120-150k: Accountancy Action: We are looking for an experienced CFO from a min...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...