Activist investor Bramson ups stake in Barclays
Activist investor Edward Bramson has boosted his stake in Barclays ahead of the banks quarterly results on Thursday.
Bramson has increased his share in the bank from 5.16 per cent to 5.41 per cent via his investment vehicle Sherbourne, according to a stock exchange filing.
The bank is set to release its results for the first quarter on Thursday while its annual general meeting (AGM) is scheduled for 1 May.
Read more: Barclays boss Jes Staley fined for whistleblower scandal
In the next few weeks Bramson is likely to be offered a meeting with Barclays chief executive Jes Staley who typically meets with the banks top investors after its AGM.
He has previously met with the banks investor relations team after the news that he was building a stake in the bank became public.
According to press reports Bramson has been approaching Barclays shareholders in recent weeks in an attempt to gain their backing for big changes at its investment bank.
He reportedly told large investors that he wants the bank to increase its returns from the investment bank and increase payouts to shareholders.
Read more: Activist Ed Bramson reportedly approaches investors over Barclays shake-up
Bramson, who has previously targeted smaller financial firms such as Foreign and Colonial and Electra, bought up a stake of more than five per cent in the bank in March, prompting a wave of speculation across the City as to his intentions.
Barclays has drawn up contingency plans with its corporate brokers to prepare for Bramsons next move, although the media-shy investor has made no public statement of his intentions.
Sherbornes stake in Barclays allows it to call extraordinary general meetings to put motions to shareholders, including over board appointments.
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