Electra's returns reach 25 pct, to convene general meeting on activist shareholder

LONDON, Oct (HKSE: 3366-OL.HK - news) 26 (Reuters) - British private equity firm Electra (Tel Aviv: ELTR.TA - news) announced a 25 percent return in its diluted net asset value (NAV) per share in its full year results on Monday, and will convene a general meeting in November to address its activist shareholder's latest demands.

Electra, owner of restaurant chain TGI Fridays in Britain, said it would pay a final dividend of 78 pence per share, taking the total dividend to 116 pence for the year ending September 2015.

The firm has been embroiled in a battle with activist shareholder Edward Bramson for well over a year. After a series of spats via public announcements, the latest meeting will take place on Nov. 5.

A vote will take place on whether to agree to Sherborne Investors' demands to appoint Edward Bramson and Ian Brindle to the board. The board of directors said it unanimously recommended shareholders vote against both resolutions.

Bramson and his vehicle Sherborne first revealed a holding in February last year and have since become Electra's largest shareholder, with a 29.75 percent stake according to Thomson Reuters data.

Electra's diluted NAV rose to an all-time high of 3,914 pence a share, which it said was helped by a series of portfolio realisations. The company said it had invested 188 million pounds ($288 mln) and sold 259 million pounds' worth of assets. ($1 = 0.6530 pounds) (Reporting By Freya Berry; Editing by Susan Fenton)