Activist Bramson's fund up after switching from Barclays to new target
20/08/2021 07:30
LONDON, Aug 20 (Reuters) - Activist investor Edward
Bramson's fund, which ran a long but unsuccessful campaign for
change at Barclays BARC.L , has risen in value by 35% since the
start of the year as it builds up a stake in a new target
company.
Sherborne Investors C said on Friday that its net asset
value stood at 571.3 million pounds ($778.6 million) as of Aug.
17, compared with 421.5 million pounds on Dec. 31, and 557.7
million pounds on June 30.
Sherborne Investors said in May that it had sold its 6%
stake in Barclays after failing in its efforts to unseat the
lender's chief executive Jes Staley and scale back its
investment bank. urn:newsml:reuters.com:*:nL8N2MU1HH
Sherborne said then that it had identified a new target
company but will not name it until its stake crosses the
threshold at which it has to be disclosed. The fund said on
Friday that this was still the case and that a "turnaround of
the new selected target company will increase shareholder value"
in line with its objectives.
Barclays shares fell around 15% between Sherborne disclosing
its stake in the bank and its exit.
($1 = 0.7337 pounds)
(Reporting by Rachel Armstrong; editing by Tom Wilson)
((rachel.armstrong@thomsonreuters.com; +44 207 5423365; Reuters
Messaging: rachel.armstrong.thomsonreuters.com@reuters.net))