Edward Bramson’s Sherborne Investors has acquired a 5% stake in Barclays, the UK-based bank.
The surprise move by the so-called “activist investor” was confirmed by Barclays in a statement issued via the London Stock Exchange this morning: “Barclays notes that Sherborne-controlled entities have acquired voting rights over 5.16% of its issued share capital.
“As with all its shareholders, Barclays will continue to engage with Sherborne, and welcomes them as a shareholder.”
The Sherborne stake, a combination of derivatives and shares, is worth £580m. “Sherborne Investors has advised the company that its turnaround assumptions indicate a potential return on the investment in line with Sherborne Investors’ customary return objectives,” a statement from the company read.