Barclays PLC activist Sherborne vows to stay the course and restructure the bank

Sherborne Investors (LON:SIGC), the activist fund manager, reiterated its commitment to a restructuring of () and said will continue its dialogue with the bank for as long as it is ‘appropriate’.

Sherborne has a 5.9% stake in Barclays through its funds, making it the largest shareholder.

The bank’s market value has fallen by almost 23% over the past twelve months, which was reflected in a decline in Sherborne’s NAV by 36% over the six months to June to 50.2p per share or £351mln.

Sherborne, led by Edward Bramson, added that addressing the issues it has discussed with Barclays’ board could increase the bank’s’ financial strength and its long-term competitive position, leading to an increase in shareholder value. 

Bramson took an initial stake in March 2018 and has repeatedly called for Barclays to shrink its investment bank and focus on the retail part of its activities