Activist investor Edward Bramson and a former colleague have been voted onto the board of the Electra Private Equity trust, prompting the resignation of chair Roger Yates.
Sherborne Investors partner Mr Bramson and his former colleague Ian Brindle each received 53.5 per cent of shareholder votes at the trust’s general meeting today (November 5), a year on from their failed initial bid to join the trust’s board.
In response, trust chair Roger Yates has stepped down with immediate effect in order to “draw a line under...disagreements”.
Mr Bramson’s campaign to join the board has seen him criticise the trust’s performance and its strategy. Last month Mr Yates responded by accusing him of “wilful ignorance” of the trust’s workings.
Sherborne, which holds 30 per cent of the trust’s shares, said today it will undertake a strategic review “to consider all options in order to maximise long-term value for shareholders”.
In a letter to other shareholders last month, Sherborne said Mr Brindle and Mr Bramson, whose previous activist successes include a spell as F&C chair, would add skill and expertise to the board.
The letter said: “The board highlights Electra’s share price performance since 12 October 2006. Electra underperformed the FTSE 250 by 14 per cent from then until January 2014 when Sherborne Investors started buying its 30 per cent shareholding.”
