* Bramson letter renews criticism of Electra's track record
* Electra full-year results show 25 percent NAV rise
* Chairman says PIRC, ISS, Glass Lewis against Bramsonproposals
* Firm prepares for November meeting to vote on resolutions (Recasts with Sherborne statement)
By Freya Berry
LONDON, Oct 26 (Reuters) - Activist investor Edward Bramsonrenewed his attack on British private equity firm Electra on Monday, accusing it of inaccurate and misleadingstatements as he campaigns against its track record and pressesfor board representation.
Responding to Electra's yearly results featuring a 25percent net asset value rise, Bramson's Sherborne vehicle published a letter to Electra's shareholders andreleased a string of documents on its website, includingcorrespondence with Chairman Roger Yates.
Saying Electra executives had refused its latest request fora meeting, Sherborne's letter criticised the relationshipbetween Electra Partners and its main client, Electra PrivateEquity, a listed investment trust, and questioned the way inwhich Electra calculates its asset values.
The latest exchanges come ahead of the Nov. 5 generalmeeting, requisitioned by Sherborne, which is set to vote on itsdemands to appoint Bramson and former Sherborne Chairman IanBrindle to the board. Electra directors have unanimouslyrecommended shareholders vote against both resolutions.
Shares in Electra, which owns restaurant chain TGI Fridaysin Britain, were up almost 2 percent by 0912 GMT, outperforminga 0.2 percent fall in the FTSE 250.
Electra Chairman Roger Yates told Reuters that threeshareholder advisory firms, PIRC, ISS and Glass Lewis, hadrecommended shareholders vote against Bramson's election.
"If someone wants to change what we're doing, they'd betterbe pretty explicit about how they can add value to a greaterextent than we are doing. Sherborne and Bramson have signallyfailed to do that," Yates said.
Sherborne declined comment. PIRC and U.S.-based ISS andGlass Lewis did not immediately respond to requests for comment.
The increasingly bitter dispute goes back more than a year.
Since Sherborne revealed a holding in February 2014 it hasbecome Electra's largest shareholder. On Monday it marginallyraised its stake to 29.83 percent from 29.75 percent, just shortof the level at which it would have to make a full offer underBritish regulations.
In October 2014 shareholders voted against a string ofproposals from Bramson which promised to more than doubleElectra's market value.
Last year Electra said it would conduct a review of thefees, capital structure and distribution policy that had beencriticised by Bramson. It has since slashed management fees andsaid it will return 3 percent of net asset value (NAV) per yearto shareholders via dividends or share buybacks.
It said on Monday it would pay a final dividend of 78 penceper share, taking the total to 116p for the year.
Diluted NAV rose 25 percent to an all-time high of 3,914p ashare, which Electra said was helped by a series of portfoliodivestments. The company said it had invested 188 million pounds($288 million) and sold 259 million worth of assets. ($1 = 0.6530 pounds) (Editing by Susan Fenton and David Holmes)
