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 (Tel Aviv: ELTR.TA - news) 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 (LSE: BSY.L - news) 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 (Dusseldorf: TOC.DU - news) 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 (Other OTC: LDNXF - news) 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)