Bramson suffers heavy defeat in Barclays board bid

Posted by Aktis Team on 2 May 2019

Edward Bramson, activist investor has failed to secure a board seat at Barclays plc after 87.21% of shareholders voted against the resolution. According to Bramson, many investors agreed that change was needed at Barclays but wanted to give the incoming chair, Nigel Higgins a chance to improve performance. However, other sources state that Bramson failed to gain support because he had not used his own money to fund his stake in Barclays instead opting for a $1.4bn loan from Bank of America, and then hedging his leveraged position to protect against share price falls. Critics of Bramson suggest that this approach was short-term oriented and destabilising."

The Financial Times, David Crow, May 2nd 2019

The Financial Times, Matthew Vincent, May 2nd 2019

Topics: News Watch, UK