Bramdean � Share Discussion Threads

[alpal2] 05/11/2009 09:25

The next report from Bramdean is due 20-Nov-09. Does anyone have any views on whether this is likely to indicate whether Tchenguiz has any plans to realise the NAV.

The fact that the share price is now dropping tends to indicate that he also hasn't any idea what to do with this

[hindsight] 11/8/2009 17:24

Getting interesting now

[lionheart79] 23/7/2009 08:15

We have a NAV discount of over 30% by my calculations. Price depressed by buyout speculation? Surprised there is not more interest on this thread...

[lionheart79] 08/7/2009 17:42

what is going on here... I'm liking the discount but is it safe to buy shares?

[ianbrewster] 16/6/2009 09:45

Horlick to go hostile after Bramdean Alternative bid talks collapse

By Dylan Lobo | 08:56:48 | 16 June 2009

Nicola Horlick is not expected to give up her fight for the Bramdean Alternative fund after bid talks between her and the investment company she manages collapsed.

In a statement issued on the London Stock Exchange at 5pm last night, the board said it had terminated talks between Petersfield Asset Management, the vehicle Horlick (pictured) made the bid through.

However, Petersfield has indicated that is does not intend to withdraw its approach and therefore the company remains in an offer period under the Takeover Code.

The board said that following its discussions with shareholders owning 94% of the shares it will actively seek to implement a corporate reconstruction which would provide shareholders with a choice of realising their holding and/or continuing their investment.

It said: 'The board believes that such a reconstruction is in the best interests of all shareholders. The detail of this reconstruction will be announced as soon as practicable after the EGM on 18 June and further consultation with shareholders.'

Horlick's bid, which is yet to be priced, had been widely interpreted as a proxy dispute over strategy between Horlick and Vincent Tchenguiz, the largest single shareholder in the trust with 28% of shares.

Following the initial notification of the bid, Tchenguiz called an extraordinary general meeting in order to oust the board and install executives in his pay.

Horlick is not thought to be a significant shareholder in Bramdean Alternative but her asset management company owns the contract to manage the hedge fund and private equity portfolios.

[ianbrewster] 09/6/2009 09:58

Nicola Horlick offers to buy out Bramdean investors

By David Campbell | 10:12:10 | 09 June 2009

Nichola Horlick has been revealed as the mystery bidder seeking to buy out the assets of the Bramdean Alternative fund.

The bid was received from Petersfield Asset Management, owned by Horlick, who also manages the Bramdean fund.

The bid had been widely interpreted as a proxy dispute over strategy between Horlick and Vincent Tchenguiz, the largest single shareholder in the trust with 28% of shares.

Following the initial notification of the bid, Tchenguiz called an extraordinary general meeting in order to oust the board and install executives in his pay.

Horlick is not thought to be a significant shareholder in Bramdean Alternative but her asset management company owns the contract to manage the hedge fund and private equity portfolios.

She has not yet put any price on the offer. Shares recovered sharply from a deep discount following the notice but no alternative bidder has emerged.

Last month the company called for shareholder patience on the proposals by Tchenguiz and promised the reveal the identity of the bidder by 9 June. It also signalled that it would be prepared to consider a return of cash to shareholders.

Shares in the fund were unchanged following the news. The £78.70 million trust is currently trading at a 35.5% discount to net asset value.

[ianbrewster] 11/5/2009 18:55

Chairman becomes first victim in Bramdean battle



The battle between Vincent Tchenguiz and Nicola Horlick for control of the Bramdean Alternative fund has claimed its first casualty with the chairman's exit.

The company said in a statement that Peter Barton, who is also chairman of Bramdean Asset Management, would step down to avoid any accusation of partiality.

Tchenguiz is the largest single shareholder, controlling 28.8% of the fund via holding company Elsina Limited, which is ultimately owned by his family trust.

He called an EGM at the beginning of May in order to oust the board following an initial offer from an unidentified investor for the entire share capital of the troubled multimanager trust.

The board of Bramdean said: 'The board has concluded that given the position of Peter Barton as chairman of the manager it is in the best interests of the company for the board to remain fully independent of the manager.

'As such Peter Barton has offered his resignation as a non executive director of the company which the board has accepted with immediate effect. The board wishes to thank Peter Barton for his contribution to the company.'

Shares in the trust have bounced hard since the initial offer at the end of April with the discount narrowing 10%, although it remains 40% off net asset value at 55.5p.

Barton is also a non-executive director at F&C US Smaller Companies trust and worked as a City lawyer before moving into investment banking for Lehman Brothers and Robert Fleming.

[ianbrewster] 07/5/2009 07:40

Gloves are off in Tchenguiz v Horlick fight

[bfranz] 02/5/2009 00:17

problem is-----can they take it private and screw the small shareholders

[ianbrewster] 01/5/2009 16:10

Looks like there may be some changes here


Tchenguiz calls EGM to eject Bramdean board


Vincent Tchenguiz has called an extraordinary general meeting of shareholders in Bramdean Alternative in attempt to oust the board and install directors in his pay.

The requisition has come just 24 hours after the troubled alternative fund reported that it had received an initial offer for all the assets in the £85.64 million fund.

Tchenguiz, who via a chain of holding companies owns more than 28% of the business, was initially suspected of being behind the bid offer for the company.

Elsina Limited, which is owned by the Tchenguiz Family Trust, has called for Brian Paul Larcombe to be removed from his role as non-exec chairman of the board.

It has also called for Ceasar Anquillare, Malcolm Barton, Nicholas Moss and Michael Buckley to be ejected from their positions.

In their places it has proposed Jonathan Dodgson Carr, David Sydney Copperwaite and Mark Richard Tucker. All three have received payment from Elsina.

A statement issued by Bramdean said: 'The board has, given current circumstances, reservations as to the ability of the new directors proposed by Elsina to be able to independently consider the options available to the company.'