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Horlick threatens hostile takeover of Bramdean Alternatives
Nicola Horlick's bid for the Bramdean Alternatives investmentment trust has been rejected by its independent board due to significant disapproval from its shareholders.
Horlick was revealed last week (9 June) as the mystery bidder who approached the fund's independent board in March, but her bid for the alternative investment company has been rebuffed.
However, Horlick has refused to withdraw her offer and according to reports has in effect threatened to pursue a hostile takeover.
The Bramdean Alternatives investment trust was established and run by Horlick's company, Bramdean Asset Management.
However, the fund lost around £12m after getting caught up in Bernard Madoff's Ponzi scheme last year and, as such, has seen its share price plummet.
Bramdean's shareholders were against the idea of a manager performing due diligence on their own fund and therefore voted not in favour of the offer made by Horlicks's Petersfield Asset Management.
A spokesman for the board said: "The board has acted today in the interests of all shareholders and will continue to do so.
"It will present alternative arrangements which it believes will be of the greatest benefit for all shareholders in the near future."
Elsewhere, other proposals on the table for the fund include Vincent Tchenguiz's investment vehicle Elsina, which is proposing to have the fund liquidated.