Directors of profitable private equity firm Electra are growing more frustrated at activist investor Edward Bramson’s attempts to join the company’s board.
Bramson’s firm Sherborne Investors, which owns just under 30 per cent of Electra, last week called another general meeting so shareholders could vote on the matter. It follows a failed bid to be appointed to the board of Electra, which he believes has room to improve its performance, last October.
“Our general view is that we prefer an independent board, but had he had some clear and persuasive ideas we would have had a different view – but he didn’t,” board member Dame Kate Barker told City A.M.
Bramson’s second attempt at joining the board in the space of 12 months is causing growing irritation.
“I think its fair to say its gone on longer than we would have liked,” Barker said.
Barker’s comments echo those of chairman Roger Yates who last week said the board was unanimous in opposing Bramson’s appointment.