3i shares drop as Bramson’s fund bows out

Marion Dakers
ELEVEN months after declaring a stake in private equity group 3i, Edward Bramson has left the company mystified again by selling out for a £50m net profit.

Bramson’s Sherborne Investors, known for forcing strategy changes at F&C, sold and hedged out of its five per cent holding yesterday at 367p per share, up 38 per cent since the firm built its stake in January.

Sherborne remained silent on its reasons for investing, and is thought to have had no contract with 3i’s top team beyond regulatory statements.

Shares in 3i fell 3.19 per cent as the prospect of activist activity from Bramson vanished.

The sale means that Sherborne will pay its investors a dividend of 20p per share – with plenty of cash left over to target another company.

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