SIGB.L Share News (SIGB)

LONDON (Alliance News) - Electra Private Equity PLC shareholders Monday rejected activist investor Edward Bramson's proposals to make changes to its board and lead a strategic review of the business.

According to the results of a general meeting, which took place at 1100 BST Monday, 61.78% of voting shareholders voted against the appointment of Bramson to Electra's board. Bramson has built up a 20% stake in the private equity investment trust through Sherborne Investors.

Shareholders also rejected the appointment of former Sherborne Investors (Guernsey) B Ltd Non-Executive Chairman Ian Brindle to Electra's board, with 61.78% of votes against the resolution.

The voters also opposed the proposed removal of current board member Geoffrey Cullinan from Electra's board, with 63.24% of the votes opposing the resolution.

About 28.8 million votes were cast in deciding the resolutions regarding the proposed appointments to the board, while 28.7 million were cast the deciding on whether Cullinan should remain on the board.

Sherborne Investors had claimed that its proposals could increase the value of shareholdings in Electra Private Equity by more than GBP1.0 billion with lower risks and less volatility than under the trust's current strategy. It had also accused the trust of underperformance.

The dispute became increasingly heated in the weeks leading up to the vote, with Electra accusing Sherborne of making "unverifiable statements" and "unsubstantiated claims" ahead of the general meeting.

Electra shares were Monday quoted down 2.6% at 2,533.68 pence. Sherborne Investors (Guernsey) B Ltd shares were down 1.3% at 99.00 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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