Electra hits back as Sherborne's Bramson writes to shareholders

Electra Private Equity has urged shareholders to reject a fresh approach from activist investors Edward Bramson after he wrote a critical letter to Electra's shareholders.

Shareholders received a letter from Bramson's firm, Sherborne Investments, last week which Electra's board said contained "unverifiable statements and unsubstantiated claims". The letter said Sherborne could create £1bn of value for shareholders following a strategic review of Electra, and criticised the board's performance record. In a statement released today, Electra's board said: "Sherborne's letter merely serves to highlight a lack of understanding of the Electra business and its fundamental investment proposition and why Sherborne's nominees, Mr. Bramson and Mr. Brindle, should ...