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Horlick threatens hostile bid on Bramdean Alternatives fund

Nicola Horlick has 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 has refused to withdraw the approach, raising questions of a hostile bid.

Bramdean Alternative shareholders are to vote on an approach from Elsina, the investment vehicle headed by Vincent Tchenquiz, on Thursday. Elsina has a 29 per cent stake and has called for the board to be removed and the fund liquidated.

The board has also revealed it is in discussions with 94 per cent of investors over a corporate reconstruction with shareholders being given the option to sell out. The EGM will be voted on this Friday.


Broker banned

The FSA has banned South London mortgage broker Guiliano Chianelli of GCM for claiming he earned 70,000 in a self-cert mortgage application when he only earned around 9,000.

Rescue details

The new regulations allow mutual investors to convert tier-2 subordinated debt into “profit-participating deferred shares”, which will award them with 25 per cent of all future profits. The FSA has deemed these PPDS shares as core tier-1 capital.


Key facts for the FSA

Once again, the action of the FSA has come under scrutiny, following the collapse of Keydata.


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