18th Sep 2015 06:22
LONDON (Alliance News) - FTSE 250-listed private equity investor Electra Private Equity PLC on Friday said it has received a requisition to hold a general meeting from activist investor Sherborne Investors, under which the investor is seeking to appoint two people to Electra's board.
Sherborne is seeking to appoint Edward Bramson, the founder of the vehicle, and Ian Brindle, a longtime associate of Bramson and the vehicle's former chairman, to the board of Electra. Sherborne has a stake of just under 30% in the company.
It is the second time Sherborne has sought board representation at Electra, having done so a year ago when it launched a campaign for Electra to make changes to improve its overall performance.
"The board of Electra remains convinced that the interests of all shareholders are best served by the combination of a board that is wholly non-executive and independent of any significant shareholder, together with the continuing management of the portfolio by Electra Partners on an exclusive and wholly discretionary basis," Electra said in a statement.
By Sam Unsted; [email protected]; @SamUAtAlliance
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