Electra Private Equity reviews strategy after Edward Bramson's board victory

Electra Private Equity has launched a full review of its investment strategy and policy in the wake of New York activist investor Edward Bramson’s arrival on the board late last year.

Dame Kate Barker, temporarily chairing Electra since predecessor Roger Yates resigned after the shareholder meeting which put Bramson on the board, said nothing would be ruled either in or out.

That could see the £1.4 billion fund, which owns Park Resorts, TGI Friday and the Original Bowling Company among its investments, consider anything from complete liquidation of its assets to no change at all.

Bramson, whose investment vehicle Sherborne holds a 29% stake, was elected to the board with colleague Ian Brindle, giving them two of the six board seats last November after months of bitter campaigning.

He conducted a similar exercise at F&C Asset Management five years ago.

Barker said: “Electra’s strategy and investment policy has remained substantially unchanged for almost 10 years. Together with the outcome of the general meeting on November 5 last year, which indicated that a significant proportion of shareholders wish a review to take place, this has led the board to conclude now is the right time to undertake one.

“We will look at whether the current strategy remains best suited to maximise shareholder value in the future. We remain open to further discussions with all shareholders.”