Activist Investor Edward Bramson has made a fresh plea for Barclays’ (LON:BARC) shareholders to give him a seat on the bank’s board, Reuters has reported. The move came after the FTSE 100 lender hit back at Bramson last week, insisting that his election to the group’s board was “not what Barclays needs right now,” and his interest in the bank was ‘leveraged’ and ‘time limited,’ meaning he was not aligned with other shareholders.
Barclays’ share price has climbed marginally higher in today’s session, having gained 0.34 percent to 166.52p as of 08:48 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index having slipped into the red and currently standing 0.14 percent lower at 7,426.51 points. The group’s shares have lost about 22 percent of their value over the past year, as compared with about a 2.3-percent gain in the Footsie.
Bramson makes fresh plea
Reuters reported this morning that Edward Bramson, whose investment vehicle Sherborne holds a 5.5-percent stake in Barclays, had again written to investors in the lender, ahead the group’s annual general meeting on May 2.
“In our firm’s professional opinion, the stubbornly low valuation that the market accords to the shares of Barclays will continue until the board finally adopts a strategy that is more realistic and shareholder orientated,” he said, as quoted by the newswire. “Our public investment record shows that we have consistently assisted boards, that were initially reluctant, to deliver major increases in value for all of the shareholders.”
Glass Lewis dismisses bid
In a separate development, The Times reported this morning that shareholder advisory group Glass Lewis had told Barclays’ shareholders to oppose Bramson’s bid for a seat on the bank’s board. The advisory body argued yesterday that his campaign to be elected as a non-executive director of the lender ‘falls short,’ and that shareholders should reject his appointment.