* Activist investor Edward Bramson seeks board shake-up
* Electra ramps up rhetoric against the move
* Cites 201 pct outperformance against index over 10 years
By Simon Jessop
LONDON, Oct 21 (Reuters) - Electra Private Equity on Wednesday again urged shareholders to reject a bid byactivist investor Edward Bramson to join its board as part of amanagement shake-up.
Bramson, through his Sherborne Investors vehicle,has been agitating for change since last year, arguing the firmhas been held back by weak performance at Electra Partners,which manages the company's investments.
Both sides have been publicly courting investors in recentweeks to try to ensure victory ahead of a shareholders' meetingon Nov. 5, but in responding to an Oct. 16 letter fromSherborne, Electra used some of its strongest language yet.
"It is deeply disappointing that Mr Bramson has shown suchwilful ignorance concerning the success of Electra and how weoperate," said Electra Chairman Roger Yates.
"He has made a series of ill-judged, ill-informed andill-founded claims about the company and its board, we cannotlet this stand."
Yates last wrote to investors on Oct. 8.
Once again citing the "excellent" short- and long-termperformance of Electra Partners, the Electra board said Bramsonneeded to be clear about his intentions.
"Despite being invested for 21 months, he has consistentlyrefused to do so. Shareholders and the public markets deservebetter than this ... we urge investors not to put our successfulformula at risk and to vote against the Sherborne resolutions."
Backing up its claim that performance had been strong,Electra cited a 201 percent outperformance over the last 10years against the Morningstar Private Equity Index, excludingElectra.
As such it was for Bramson to make the case why investorsshould back his call for a board change that would involve himand Ian Brindle, former UK chairman of consultants PWC, beingelected to the board.
In October last year, when he went to Sherborne investors toseek their support to do that, just 11 percent backed him.
For Electra, the bid for board seats was simply an attemptby an activist to get control of the company without paying abid premium. Sherborne currently holds a 29.75 percent stake inElectra, it said.
In addition, it cited a string of "inaccuracies" inSherborne's Oct. 16 letter to investors, which reinforced theview that Bramson was not a suitable board candidate.
"No director has ever joined the board of Electra havingmade so many inaccurate public statements in support of his orher nomination." (Reporting by Simon Jessop; Editing by David Holmes)
