27th May 2016 11:53
LONDON (Alliance News) - Electra Private Equity PLC Friday said activist investor Edward Bramson bought shares in the London-listed investment trust after being named interim chief executive on Thursday.
Bramson acquired 42,719 shares through investment vehicle Sherborne Investors at 3,794 pence each on Thursday, valuing the purchase at around GBP1.6 million. The purchase increases his shareholding to 11.4 million shares, or a 28.36% stake.
On Thursday, Bramson tightened his grip on Electra Private Equity being named as unpaid interim chief executive officer and serving notice to investment manager Electra Partners LLP.
Bramson, who controls just over a quarter of London-listed Electra through Sherborne, won a place on the trust's board in November on his second attempt to win the backing of other shareholders.
He then became the chairman of the trust's so-called management engagement committee, which is responsible for reviewing the performance of Electra Partners. The trust subsequently kicked off a review, to be completed by the autumn, of its investment policy and structure.
The stock was down 1.1% at 3,770.00p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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