Tchenguiz won't halt crunch Bramdean meet

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Tchenguiz who owns 28% of Bramdean Alternatives wants to kick out the existing board which is chaired by former 3i boss Brian Larcombe and replace it with his own appointments.

They would then look at liquidating the hedge fund and private equity investments made by Horlick.

But Elsina, Tchenguiz's vehicle, said it remained open to alternative proposals including those from Horlick's bid vehicle Petersfield.

Horlick has not yet put a value on her bid and claims she still does not want to go hostile even though the Bramdean board rejected her approach. She gets a management fee for running the fund and could claim an even larger price if her contract were stopped.