(Alliance News) - Sherborne Investors Management LP, the investment vehicle of activist Edward Bramson, on Friday said it has sold its entire 6.0% stake in Barclays PLC.
It ends a three-year battle between Sherborne and the London-based bank, during which the activist tried to force cutbacks and oust Chief Executive Jes Staley. Sherborne had called for Staley to be removed in April 2020 over his links to Jeffrey Epstein.
Shares in Barclays were up 1.9% to 180.48 pence in London. Based on the bank's market capitalisation on Friday, which is at GBP30.70 billion, the stake is worth around GBP1.81 billion.
Barclays on Friday confirmed that Sherborne disposed its stake on Tuesday. Shares have declined about 14% since Sherborne first declared its position on March 19, 2018.
Sherborne has started investing in a new target that offers a better return than Barclays, according to a statement by Sherborne Investors Guernsey C Ltd, a publicly traded investment company managed by Sherborne. It did not identify the new target.
Shares in Sherborne Investors Guernsey C were up 13% to 60.50 pence in London.
By Ivan Edwards; ivanedwards@alliancenews.com
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Barclays (BARC)
Sherborne Inv C (SIGC)