Horlick fund posts defence against rebels

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The Independent Online

Bramdean Alternatives Ltd, the investment fund started by Nicola Horlick, said it shouldn't be wound up, as proposed by one of its largest investors.

Elsina Ltd, a British Virgin Island-registered investment company controlled by UK property investor Vincent Tchenguiz's Consensus Business Group, on May 1 said it wants to remove five Bramdean directors and appoint three of its own choices. Elsina, which controls almost 29 percent of Bramdean's dollar-listed shares, said the fund should consider closing.

Bramdean today said it would hold a meeting on June 18 to vote on the proposal, according to a statement. Horlick, 47, one of London's best-known asset managers, set up Bramdean in 2004 to make hedge fund and private equity investments.

"It is our view that if Elsina wishes to obtain control of your company then it should make an offerfor all of the issued share capital of the company. Instead, we believe that Elsina is seeking to obtain control of the company through its nominated board of directors," according to the statement. "The timing of the Elsina proposals is disruptive to your company and it is not the right time to remove your independent board in favor of the nominees of one shareholder."

The Guernsey Island-registered investment manager said on April 30 that it had received a takeover approach and asked Cenkos Securities Plc to conduct a strategic review of the company's options, the firm said in statement.