Bramdean Alternatives board is ousted

19 June 2009 11:58 am

Tchenguiz’s, who owns 28.8 per cent of the fund through Elsina Limited, won a narrow majority with 56 per cent of votes at yesterday’s EGM and is now expected to call for the fund to be liquidated.

As a result directors Brian Larcombe, Ceasar Anquillare, Michael Buckley and Nicholas Moss stood down and are expected to be replaced by new directors who will push for a corporate restructure.

Following the EGM, Jonathan Carr was appointed as a non-executive director and chairman, while David Copperwaite and Mark Tucker have been appointed as non-executive directors.

Carr says: “I would like to thank the outgoing directors for their service to the company. I would also like to thank the shareholders for the support that they have shown in appointing the new board to consider the best course of action for their company to take.’

’The new independent board of Bramdean Alternatives has significant experience in finance and investment and it is our intention to work swiftly to assess the current state of the Company’s investments and to consider all possible options to maximise value for shareholders.

“As independent directors we will report back to shareholders as quickly as possible on the avenues open to us. We take up our appointments with open minds and welcome all advice and suggestions from stakeholders as to how maximum value can be achieved.”

Earlier this week Nicola Horlick threatened a hostile takeover of the Bramdean Alternatives fund after her company’s bid was rejected by the board.

Horlick, who manages the fund, was revealed as the mystery bidder to approach the independent board in March. Despite the rejection, Horlick’s Petersfield Asset Management refused to withdraw the approach, raising questions of a hostile bid.

If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing