The Electra Private Equity trust has launched a strategic review following activist investor Edward Bramson’s campaign to overhaul the company.
Mr Bramson, who joined the board in November 2015 and whose own firm, Sherborne, holds a 28 per cent stake in Electra, has campaigned over the past year for a shake-up of the trust.
Today (January 25), Electra’s board said it had begun a review of its investment strategy and policy as well as its structure.
The board said the trust’s share price rose by 210 per cent in the ten years to September 2015, compared with a 72 per cent rise for the FTSE All-Share, but noted the calls for a review.
“Electra’s strategy and investment policy has remained substantially unchanged for almost ten years. Together with the outcome of the general meeting on November 5 2015, which indicated that a significant proportion of shareholders wish a review to take place, this has led the board to conclude now is the right time to undertake one,” said interim chair Dame Kate Barker.
“We will look at whether the current strategy remains best suited to maximise shareholder value in the future. We remain open to further discussions with all shareholders.”
Ms Barker took over as chair at the end of last year, predecessor Roger Yates having stepped down following Mr Bramson’s arrival.
The review is scheduled to conclude in the Autumn.
