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.