16th Oct 2015 06:51
LONDON (Alliance News) - Activist investor Edward Bramson on Friday had harsh words for Electra Private Equity PLC just shy of three weeks ahead of a crucial vote, at which shareholders will decide whether to appoint the activist and one of his allies to the private equity trust's board.
Electra, which is managed by Electra Partners, has been defending itself against Bramson's efforts, urging shareholders to vote against his proposals. The activist wants to appoint Bramson and his long-time associate Ian Brindle to Electra Private Equity's board, and thinks the trust's opposition to those nominees is unwarranted.
Sherborne holds a 29.75% equity stake in the private equity investment trust, as well as a convertible bond representing an additional 1.17%, and has been a shareholder for almost two years.
"The hostile reactions of the investment manager and the board seem disproportionate to a proposal by a long-term shareholder to nominate a small minority of qualified directors to Electra's board," Bramson said in a statement.
"Electra is a public company and the benefits of public capital come with additional duties and levels of oversight which are currently lacking," Bramson said.
Shareholders are due to vote on November 5.
By Samuel Agini; [email protected]; @samuelagini
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