Activist investor Edward Bramson turns heat on Electra with bondComments Off on Activist investor Edward Bramson turns heat on Electra with bond
Activist investor Edward Bramson increased his interest in private-equity firm Electra today amid rising speculation he is ready to launch another bid to win a seat on the firm’s board.
Bramson’s Sherborne already has a 29.3% stake in the company but has invested more cash in Electra through a convertible bond.
The bond is an instrument that can be converted into shares. It does not carry voting rights.
Sources said the latest move takes Bramson’s total investment in Electra, which holds stakes in companies including caravan parks operator Park Resorts, to around £370 million.
Bramson has yet to reveal his intentions for Electra.
But he could pull the trigger on a new extraordinary meeting to get onto the board “within a few weeks”, according to City sources.
Any vote is likely to be much closer than in October, when Bramson held a smaller stake and 62% voted against his appointment on an 81% turnout.