Sherborne reports disappointing results

Sherborne Investors results for the year ended 31 December 2014 show the fund generating a return of 11.16% on net assets over the year. This is a lot better than the return on the FTSE All-Share Index but Sherborne Investors has just one investment – Electra Private Equity. Electra’s share price rose by 27% over 2014 – 2.4x the return delivered by Sherborne. What’s more, Electra’s asset value rose by 14.7% over 2014 – so Electra’s impressive price return is not just down to Sherborne’s activity.

The results statement makes it clear that Sherborne has no intention of bidding for Electra and has no other targets in mind at the moment. Sherborne’s proposals were overwhelmingly rejected by Electra’s shareholders and Sherborne doesn’t have any new proposals. Nevertheless Sherborne’s shareholders have invested a further £107m into this venture.