The boardroom cat-fight between Edward Bramson and Electra rumbles on, with yet more letters when Electra released its full year results yesterday.
Electra reported net asset value (NAV) per share return of 25 per cent in the year to September 30, with £259m realised from the portfolio.
NAV per share return (the best measure of performance for funds) was 244 per cent over 10 years, equivalent to a ten-year annualised return of 13 per cent, at the upper end of its long-term target of 10-15 per cent a year.
The final dividend per share was 78p, taking the total dividend for the year to 116p.
Its investment portfolio sits £1.6bn, equivalent to 108 per cent of net assets.
But this didn't seem to please Bramson, who labelled the board “unkind” and “hostile”, and the company's performance “plodding.” His investment fund Sherborne Investors has been gunning for Bramson to be added to Electra's board for months now.
Electra released a statement today saying independent advisory firms Glass Lewis, Institutional Shareholder Services and Pensions and Investment Research Consultants had all recommended Electra shareholders vote against both of Sherborne's resolutions at the extraordinary general meeting to be held on 5 November.
Bramson is pushing to be admitted to Electra's board, along with former chairman of PwC Ian Brindle. Expect fireworks.