* Board says activist yet to justify need for turnaround
* Says election of activist nominees potentially divisive
* Calls on shareholders to reject shake-up at vote
By Simon Jessop
LONDON, Oct 8 (Reuters) - Electra Private Equity onThursday said there was no reason for activist investor EdwardBramson to join its board and called on shareholders to againreject a proposed management shake-up.
The comments follow a move by Bramson and his SherborneInvestors group in September to call a vote onappointing the New York-based activist and Sherborne nominee IanBrindle, former UK chairman of PWC, to Electra's six-memberboard.
The vote is the second time Bramson will have gone toinvestors, citing concerns around performance, governance andits relationship with Electra Partners, the firm contracted tomanage the company's investments.
When he last did so, just 11 percent of investors backedhim.
In a statement to investors ahead of a vote on Bramson'sproposals, Electra said it was continuing to deliver excellentinvestment returns for shareholders and as such as did notrequire a "turnaround" by Sherborne.
"Sherborne has been invested in Electra for 21 months, yethas singularly failed to make a case for changing its proven,highly successful model," Electra Chairman Roger Yates said.
"Despite repeated requests to share his analysis, Mr Bramsonhas declined to explain how he would run the business better,offering merely a void of substance in lieu of a credible plan."
Calling Bramson's presence on the board potentially divisiveand value destructive, Yates said the board urged shareholdersto vote against the Sherborne resolutions.
Electra said it had achieved annualised returns on equityover the 10 years through March of 13 percent, within its targetrange of 10 percent to 15 percent. (Editing by David Holmes)
