Transatlantic power struggle at Electra to resume -Sky News
Sept 17 (Reuters) - Activist investor Edward Bramson of Sherborne Investors plans to request an extraordinary general meeting at Electra Private Equity Plc in his second attempt in less than a year to secure positions on the UK venture capital fund's board, Sky News reported on Thursday.
Shareholders in Electra voted in October of last year to reject Bramson's request to join the board. In the preceding month, the New York-based investor had pitched his reorganisation strategy for Electra.
In a letter to the shareholders of one of London's oldest private equity funds, last September, Bramson said that a reorganisation of the company could create more than 1 billion pounds ($1.56 billion) of shareholder value.
Bramson's proposal for two seats on Electra's board is likely to produce a closer outcome than last October's meeting, Sky said, citing sources. (http://bit.ly/1KTUx80)
Sherborne is Electra's largest investor with its stake growing to 29.3 percent from the 20 percent it had in October, last year, according to Thomson Reuters data.
The report quoted a source close to Electra as saying "nothing had happened to change the board's mind" since last year's campaign by Sherborne. A statement is expected to be made to the London Stock Exchange as soon as Friday, Sky added.
Sherborne declined to comment. Electra could not be reached for comment outside regular UK business hours.
($1 = 0.6414 pounds) (Reporting by Ismail Shakil in Bengaluru; Editing by Andrew Hay)
