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Bramson calls for fresh vote on Electra boardroom revamp

Reuters - UK Focus

LONDON, Sept 18 (Reuters) - Activist investor Edward Bramson has launched a fresh bid to shake up the management of Electra Private Equity, the company said on Friday, less than a year after he lost a shareholder vote to join its board.

The board of Electra (Tel Aviv: ELTR.TA - news) said it had received a requisition for a general meeting from Bramson's Sherborne Investors, where a resolution will be proposed seeking the appointment of two new board members.

Bramson, Electra's largest shareholder, has criticised the performance of Electra's management team and "considers a number of its portfolio companies to be undervalued as a result of operational deficiencies", Electra said in the statement.

Electra unanimously oppposes the resolution to appoint Bramson and Ian Brindle and says it remains convinced that the best interests of shareholders are best served by a board that is wholy independent of any shareholder.

(Reporting by Emiliano Mellino, editing by Sinead Cruise)