Private equity firm Electra has rebuffed activist investor Edward Bramson's attempt to become a director.
The former F&C chairman had requested the appointment of new directors, followed by a strategic review. However, Electra maintained the current strategy has "delivered long-term returns for all shareholders", and there is no reason to deviate from it.
Bramson (pictured), who met Yates earlier this year, holds a 19% stake in Electra via his Sherborne Investors Management vehicle. On 24 July, he met chairman Roger Yates and requested three new directors, himself and two unidentified people nominated by him.
Subsequent to any appointment, Bramson asked for the mandate to lead a strategic review into the company.
But the Electra board said "no specific proposals were presented". It added: "The board of Electra has a long-standing policy of being comprised wholly of independent non-executive directors.
"Mr Bramson, representing a c.19% shareholder in the company, would not be independent. The company’s consistently superior performance over the long term provides clear evidence to support this policy of complete independence."
