Electra Partners on termination notice following Bramson CEO appointment

The termination of Electra is the culmination of a long-running campaign waged by Bramson, through his Sherborne investment vehicle. Bramson has been appointed as unpaid interim CEO as part of the strategic review, having joined EPE's board in November, resulting in the resignation of then-chairperson Roger Yates, who was replaced with non-executive chair Neil Johnson in May.

Electra managing partner Alex Fortescue (pictured) said in a statement: "We are proud of our exceptional performance record. The termination of the contract is a surprise and a disappointment. However we expect Electra Partners to continue to thrive with access to significant capital resources."

EPE said in a statement it had triggered the 12-month notice period for the termination of Electra's contract, though it would continue "to explore a range of options including retaining the services of Electra Partners as investment manager under a mutually acceptable agreement."

The notice period in the management and investment guidelines agreement (MIG) between Electra and EPE implies that the former would continue to provide the same administrative and investment management services for 12 months, although there may be some constraints on the rate of new investments.

In a separate statement, Electra said: "Electra's portfolio is well-placed for further strong performance. Our significant pipeline of new investments includes a number of exciting opportunities at an advanced stage.

"We have established relationships with a number of investors and have received numerous expressions of interest from others. We will work with these investors, and with Electra, to ensure that we convert our pipeline into profitable new investments.

"Over the next 12 months we will continue to seek to drive exceptional returns for Electra shareholders."

As part of the announcement of Electra's termination, EPE also revealed it is searching for a new CFO and has appointed former Aviva Investors CIO David Lis and Paul Goodson, the ex-chair of Great Bear Distribution and former MD of Barclays Private Equity, as non-executive directors.

Further reading

• People

Electra appoints Neil Johnson as chair

• 20 Apr 2016

• GPs

Electra to review strategy following Bramson appointment

• 25 Jan 2016

• UK / Ireland

Electra calls general meeting to vote on Sherborne resolution

• 11 Sep 2014

• GPs

Electra board steps up criticism of activist shareholder Sherborne

• 08 Oct 2015

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