Electra to review strategy following Bramson appointment

In a statement released on 25 January, Electra Private Equity said the review would look at all options for "maximising long-term shareholder value". Electra's board expects the review to be completed by Q4 this year, with business continuing as usual until then.

"Together with the outcome of the general meeting on 5 November 2015, 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," interim chair Kate Barker said in a statement. "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."

However, new Electra Partners head Alex Fortescue (pictured) appeared to stress the success of Electra's existing strategy in a separate statement released on 25 January. "Electra Partners has invested £1.2bn over the last five years, has realised more than £1.5bn and generated portfolio returns of 23% per year for the shareholders of Electra Private Equity and Electra Partners' other investors," he said. "These excellent returns have been generated by pursuing Electra's strategy of investing across the private equity capital structure and focusing on substantial operational improvement and transformation in its portfolio companies. Electra Partners has a strong pipeline of new opportunities, a particularly exciting portfolio and will continue to execute this proven strategy for all its investors over the coming months and years."

Electra Private Equity shareholders voted in favour of Edward Bramson and Ian Brindle taking seats on the company's board of directors during a general meeting held on 5 November last year.

Around 53.5% of voters were in favour of the two resolutions introducing the board changes, with 46.5% voting against. More than 85% of the shareholder base took part in the vote.

Electra chairperson Roger Yates, who had been spearheading the firm's criticism of Bramson and his investment vehicle Sherborne, stepped down as chair and resigned from the board with immediate effect. Kate Barker will assume the role of chair until a replacement is appointed.

Electra's long-running feud with Bramson had already led to a review of fees and dividends in 2015. Electra Partners, which manages investments on behalf of the listed entity, removed its 1.5% management fee while Electra Private Equity committed to an annual dividend set at 3% of NAV, among other changes.

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