Electra boss lashes back at Bramson

THE private equity owner of TGI Friday’s has accused activist investor Edward Bramson of ‘wilful ignorance’ about the firm and its performance.

The board of Electra yesterday published an open letter responding to Sherborne Investors, the Guernsey-based investment vehicle run by American tycoon Bramson.

Bramson published a letter on October 16 attacking Electra’s poor performance and questioning the independence of its board.

But yesterday, Electra’s chairman Roger Yates fired back, saying: ‘It is deeply disappointing Mr Bramson has shown such wilful ignorance concerning the success of Electra.

‘He has made a series of illjudged, ill-informed and ill-founded claims about the company and its board – we cannot let this stand. It is also high time Mr Bramson spelt out his plans for Electra. Despite being invested for 21 months, he has consistently refused to do so. Shareholders and the public markets deserve better than this.’

Yates urged shareholders to vote against proposals made by Sherborne – Electra’s biggest shareholder with 30pc – at the general meeting on November 5.

Bramson is trying to secure two seats on Electra’s board – one for himself and another for his ally Ian Brindle, the former chairman of Sherborne.

His previous attempt to join the board was rebuffed by Electra’s shareholders last year.

Electra also published its performance figures which it said disproved Bramson’s claims that it had let down investors.