Electra saga condemned as 'sad episode in investment trust history'

Analysts have hit out at last week's decision by the board of the £1.7bn Electra Private Equity investment company to terminate its contract with investment manager Electra Partners after four decades, warning the announcement has exacerbated an already uncertain situation.

The move is the latest shake-up for the company, which has come under renewed attack in recent months from activist investor Edward Bramson (pictured).   He has now been made interim unpaid CEO just six months after 53% of shareholders voted to elect him onto the board, after several failed attempts over the past two years. Bramson's company Sherborne Investors has been steadily building up its stake in Electra, which currently stands at around 30%. At the time of his appointment to the board, Bramson argued Electra's value could be substantially enhanced during the next five years th...