The chairman of private equity group Electra today played down fears that corporate raider Ed Bramson was planning to overhaul the group.
Roger Yates said his board had met with Bramson’s Sherborne Investors after the activist investor amassed a 19% stake in the company.
Bramson is best known in the UK for leading a boardroom coup at F&C Asset Management in 2011.
“We met Sherborne a couple of weeks ago and, if it has an agenda, we weren’t made aware of it. As far as we’re concerned, Sherborne has a good long-term investment on its hands.”
Electra enjoyed a strong first six months of the year with its net asset value rising 5% to 2914p per share, a 260% jump over the past 10 years. The group invested £250 million in the period ending March 31 and made a 9% return from its existing portfolio.
