Tchenquiz ousts bramdean board
PROPERTY tycoon Vincent Tchenguiz yesterday won his fight to oust the board of Bramdean Alternatives, the investment firm using City superwoman Nicola Horlick as a fund manager.
His candidates, led by chairman Jonathan Carr, are now installed as directors and now have to decide what to do about Horlick, who launched a hostile bid for her own company earlier this week after her approach was rebuffed by the old board.
She is now facing the possibility of the new board asking the Takeover Panel to impose a “put up or shut up” order on her.
Tchenguiz, whose investment vehicle Elsina owns 29 per cent of Bramdean, had wanted to close the fund and return the money to investors.
But the new board has not ruled out talking to Horlick, with Carr saying it would “consider all possible options” to maximise value for shareholders.
It is believed Tchenguiz was backed by hedge fund Man Group and Brit Insurance to ensure he gained 55.59 per cent of the vote.
