Activist investor Edward Bramson issues fresh letter to shareholders over joining the bank’s board

Edward Bramson is pushing the investment bank to undertake a strategic overhaul.

On Monday, in a development that ratchets up the war of words between activist Edward Bramson with Barclays, Bramson made a fresh plea with Barclays’ investors to give him a seat on the bank’s board.

Both sides have begun a courting of shareholders ahead of the bank’s May 2 annual general meeting. Bramson is attempting to muscle in to decision-making at the company and push through his proposal for a strategic overhaul of Barclays investment bank.

Last week, both sides issued statements which laid out their case. NY-based Bramson again wrote to investors on Monday saying, there is nothing Barclays has said that would make him change his mind over what he thinks are necessary changes at the bank.

“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,” said Bramson.

Last week, Barclays had said it plans on sticking to its efforts to improve its performance rather than scale back in size. Barclay’s statement came in the wake of Bramson reiterating his call to join the board.

“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,” said Bramson. “We believe that, given mutual goodwill, and some change in perspective, Barclays offers similar opportunities.”

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