Electra says on course to move to AIM as Unbound early in 2022

LONDON (Reuters) - Electra Private Equity said on Thursday it would soon begin the process of moving from Britain's main stock market to the junior AIM market as part of a plan to rebrand itself as digital lifestyle platform Unbound Group.

In November, Electra said it had successfully demerged portfolio company Hostmore, a move which paved the way for Electra to apply to change its listing status and name, something it hopes to complete early in 2022.

Unbound, building on the existing business of Hotter Shoes, will look to sell a range of products and services aimed at people over the age of 55.

At the end of September, Electra said its net asset value was 526 pence a share, of which 107 pence a share was notionally attributable to the impending Unbound side of the business.

Hostmore, which began trading as a separate entity on the London Stock Exchange at the start of November, owns the Fridays U.S.-themed restaurant chain.

Post transition, stripping out various discounts baked into the current NAV, such as execution risk concerns, Electra said the Unbound value was 173.2 pence a share.

(Reporting by Simon Jessop; Editing by Rachel Armstrong)